Rab N. Nalavala is a deputy chair of the firm’s Real Estate Department and a member of the Real Estate Special Opportunities, and Construction Departments.

Experience

Rab’s practice is national in scope and encompasses all aspects of general commercial real estate, with a particular emphasis on development and finance matters. With over 20 years of experience, he is a trusted business and legal advisor to major investment banks, private equity companies, opportunity/hedge funds, sovereign wealth funds, REITs, family-owned businesses and various joint venture entities in the acquisition, disposition, development, financing, management and leasing of commercial, retail, industrial and residential properties. Rab represents both lenders and borrowers in connection with real estate finance transactions, including construction lending, bond financing, mezzanine lending, loan workouts, restructures and deed-in-lieu transactions.

Rab began his career at the Securities & Exchange Commission (SEC), Division of Corporation Finance – Real Estate and Construction. Upon leaving the SEC, he expanded his practice to all aspects of corporate and real estate transactions – including advising public and private developers, sponsors and REITs on developing retail, office, residential/multi-family and mixed-use projects. In particular, he specializes in the acquisition, development construction and development of domestic and international projects in the hospitality, leisure and gaming industries, including resorts, casinos, sports complexes and golf courses.

Representative Matters

Rab has structured, negotiated and closed a full range of real estate transactions. His representations include:

• A national lender, in several financing transactions including:
  • $42 million construction loan for ground-up office condominium development in Astoria, Queens
  • $26.5 million construction loan for a mixed-use development project in Austin, Texas
  • $14.25 million refinance and construction loan for a 59-unit condominium project in Austin, Texas
• Cove Property Group, in a joint venture with The Baupost Group, in the sale of property known as “Hudson Commons” located in the Hudson Yards neighborhood of New York City. Rab’s work for Cove included several real estate transactions that anchored and then funded their ambitious plans for the property. Our representation on this project spanned over five years and included the initial acquisition, financing for redevelopment, a second round of financing, and ultimately the $1 billion plus sale of the property.
• A construction lender, in several financing transactions including:
  • $92 million loan to refinance existing debt and fund pre-development costs with respect to a 526,118 square-foot, mixed-use property in Brooklyn, New York. The complex transaction involved senior and mezzanine pre-development loans with multiple pre-closing development hurdles.
  • $120 million loan facility, structured as a $105 million mortgage loan consisting of senior, building, and project loans to refinance the existing debt and to fund the construction of a to-be-developed, 14- unit, for-sale ultra-luxury condominium building. The facility also included a $15 million mezzanine loan.
• A leading, top-tier international sports brand as leasing counsel on an ongoing basis, including the negotiation of a 1,041,600 square-foot warehouse lease in eastern, Pennsylvania. This location will serve as a distribution center for the client’s northeast operations.
• Birch Group in their acquisition of two Long Island office buildings located at 1 and 2 Jericho Plaza. The 665,592 square foot buildings were purchased for $212 million. This deal has been touted by media outlets and real estate commentators as one of Long Island’s biggest office deals of the past decade.
• Two private equity funds in a joint venture to purchase ownership interests in a 4,760,000-square foot retail development project in Northern New Jersey and on the joint venture’s related $1.1 billion construction financing.
• A public REIT in a $335 million acquisition and related senior and mezzanine loan financing for a premier office building in midtown Manhattan.
• An investment bank’s real estate group in lending on a $252 million construction loan for the development of a 242-room, 118 luxury residence, five-star resort, spa and golf course in Palm Springs, California.
• A New York developer in a discounted payoff settlement agreement and related $41 million refinancing for a multi-family residential building in midtown Manhattan.
• A prominent European bank in the management of $1.35 billion US-based construction loan portfolio – transactions included the complete restructuring of loans, workouts, deed-in-lieu agreements and foreclosures.
• A publicly listed pharmaceutical services provider in the $190 million sale of 560,000-square foot Class A office building in midtown Manhattan.
• A premium, global beverages company in a long-term ground lease in St. Croix, USVI for a rum distillery and on their related $250 million bond financing.
• An investment bank’s gaming and leisure group, in cooperation with an American Indian tribe, in a $305 million senior notes offering for the development, construction and operation of a casino and resort facility in Michigan.
• An investment bank’s securities group, in cooperation with an American Indian Tribe, in a $330 million senior notes offering for the development, construction and operation of a casino and entertainment facility near Seattle, Washington.

Community Engagement & Belonging

Rab is a co-chair of the firm’s Community Engagement & Belonging Committee.  He is passionate about creating and maintaining a law firm that educates, advocates and reinforces principles and practices related to community & belonging.

Networks & Affiliations

Rab is also an adjunct professor at the NYU – Schack Institute of Real Estate, where he teaches business-related courses on development and finance.