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Commercial Real Estate Financing 2016

Author(s): Steven R. Davidson, Everett S. Ward, Joshua Stein
Practice Area: Banking, Real Estate
Published: Apr 2016
PLI Item #: 149203
CHB Spine #: N641

Joshua Stein is the sole principal of Joshua Stein PLLC, a boutique commercial real estate law firm that he formed in Midtown Manhattan in 2010 after 20+ years as a partner at a leading global law firm. His practice focuses on acquisitions, development, financing, hotels, leasing (particularly ground leases), and loans. He acts regularly as an expert witness and an arbitrator. He is a member of the American College of Real Estate Lawyers, the Anglo American Real Property Institute, and the American College of Mortgage Attorneys. Since 1997, he has chaired the Practising Law Institute’s annual two-day seminar on commercial real estate financing. He chaired the New York State Bar Association Real Property Law Section for the year ending in May 2006. He has written five books and 200+ articles on commercial real estate law and practice, many available at His name regularly appears in published lists of leading lawyers, such as the Chambers guides. For several years, International Who’s Who of Business Lawyers has named him to their annual list of the ten “Most Highly Regarded” individual real estate lawyers in the world, and Super Lawyers magazine has identified him as one of the 10 leading attorneys in the New York Metro Area, across all practice areas. He received his undergraduate degree from UC Berkeley and his law degree from Columbia, where he was a Harlan Fiske Stone Scholar and a managing editor of Columbia Law Review.

Everett S. Ward, a partner in Quarles & Brady LLP’s, Chicago, Illinois office, has significant experience across a wide range of real estate transactions.  He represents corporate, commercial, and not-for-profit clients in the acquisition, disposition, development, financing, and leasing of commercial, industrial, and residential real property, including hotels, industrial properties, mixed-use properties, manufactured housing developments, multi-family developments, office buildings, and shopping centers.  Mr. Ward also represents clients in the formation and financing of real estate joint ventures.  Mr. Ward is a member of the American Bar Association’s Section of Real Property, Trust & Estate Law and is a past Chair of that Section’s Real Estate Investment Trust Committee.  He is a Fellow of both the American College of Real Estate Lawyers (ACREL) and the American College of Mortgage Attorneys (ACMA).  He is a graduate of Princeton University (1983) and Harvard Law School (1986).

Steven R. Davidson is a partner in the firm of Dentons US LLP and is a member of Dentons’ Real Estate group, with a practice concentrated in the financing area.  He has handled both construction and term loans secured by virtually every type of real estate collateral, including office buildings, hotels, apartment complexes, retail centers, mixed-use projects and vacant land.  In addition to conventional loans, he frequently represents agent banks in connection with syndicated credit facilities. Steve has experience handling credit enhancement transactions, such as those in which a letter of credit is issued to provide credit enhancement for revenue bonds.  He has also handled numerous mezzanine loans for institutional clients.  In addition to real estate secured financing transactions, Steve has represented lenders in numerous credit facilities secured by other types of collateral, including subscription obligations, investment securities and ownership interests in investment funds.  He has also handled numerous unsecured credit facilities, including many loans to real estate investment trusts.  Steve's practice also includes the representation of both institutional lenders and borrowers in real estate loan workouts.  He has lectured on a variety of topics—including workouts, deed in lieu of foreclosure agreements mezzanine financing and intercreditor arrangements—for organizations such as the Practicing Law Institute, the American Bar Association, the American College of Real Estate Lawyers, the Illinois Institute for Continuing Legal Education and the Chicago Mortgage Attorneys Association.  He is a fellow of the American College of Real Estate Lawyers and the American College of Mortgage Attorneys.  He is a past president and current member of the Chicago Mortgage Attorneys Association and a past chair of the Real Property Finance Subcommittee of the Chicago Bar Association.  Most recently, Steve was ranked by Chambers USA:  America's Leading Lawyers for Business; and selected for inclusion in the 2016 edition of The Best Lawyers in America in the practice area of Real Estate.  Steve is a 1974 graduate of the University of Michigan (A.B. with high honors, Economics) and received his J.D. degree (cum laude, 1977) from Harvard Law School.  He can be reached at (312) 876-8238 or at