Steven L. Chudnow
Steven Chudnow represents decision-makers in sophisticated real estate financings, joint ventures and transactions across all property types. He regularly represents lenders and borrowers in complex mortgage, mezzanine, preferred equity, permanent, bridge, and construction loans. Steven routinely negotiates inter-creditor agreements for both senior and junior lenders. Moreover, Steven has extensive experience with the formation and operation of insurance company separate accounts for ERISA investors and has also represented a nationally recognized insurance company in connection with the regular securitization of its loan portfolios. Owners, developers and private equity funds rely on him to guide them on the choice of suitable investment vehicles ranging from LLCs to real estate investment trusts (REITs).
Steven is well-respected by peers for his creative and pragmatic advice, tempered by his significant experience handling many debt restructurings and extensions from the institutional side during the credit crisis of 2008. Before joining Wachtel Missry, Steven spent 12 years as in-house counsel to the real estate investment management division of a Fortune 100 financial services company, cultivating a client-first perspective and a thorough understanding of his clients’ business demands. Prior to his time as in-house counsel, Steven was a real estate partner in the New York office of an AmLaw 100 law firm.
Steven also dedicates pro-bono time to Advocates for Children, a nonprofit, in defending the interests of at-risk children before the New York City Department of Education.
New York Bar Association (member of the Commercial Real Estate Finance Committee)
Florida Bar Association (member of the Real Property Section)
Member of NAREIM (National Association of Real Estate Investment Managers) Law and Compliance Committee
Select Speaking Engagements
2017 Moderator and Panelist on General Solicitation and VCOC (venture capital operating company) compliance issues at client training session
2016 Lead Panelist on (1) “Side Letter Negotiations” panel; and (2) “Global Marketing Issues” panel at NAREIM Law Conference
2016 Panelist on “The Role of the In House Law Department” at New Hire Training for financial institution client
2015 Panelist on “Firearms and Marijuana for Commercial Real Estate Owners” at NAREIM Law Conference
Mezzanine loan secured by a transitional mixed-use office/residential building in Philadelphia, PA, including negotiation of an intercreditor agreement with a large, institutional bank
Mezzanine loan secured by hotel portfolio in Manhattan, New York, including negotiation of an intercreditor agreement with a large investment bank
Mortgage loan secured by a grocery anchored retail center in Boynton, Florida
Six figure preferred equity investment in retail mall portfolio company with assets across the U.S.
Restructuring of a mezzanine loan secured by a Chicago, Illinois office portfolio into a preferred equity investment
Structuring, forming, marketing to and onboarding investors for a $350M private, open end, US debt fund (utilizing a limited partnership vehicle with a subsidiary REIT, an insurance company separate account “feeder” for ERISA plans, a series LLC, a subscription secured credit facility and a mortgage repurchase facility)
Mortgage loan secured by multifamily portfolio in suburban Chicago
Mortgage loan secured by a retail center in San Francisco
Mortgage loan secured by multifamily portfolio in Brooklyn, New York
Six figure portfolio-level line of credit for flagship fund of large financial institution
Representing Equity Owners
Acquisition of a shopping center in Queens, New York
Disposition of a hotel in Manhattan, New York
Structuring, forming, marketing to and onboarding investors for a $750M private, open end, daily valued, daily liquidity, equity real estate “fund of funds” (utilizing an insurance company separate account structure for defined contribution plans and requiring 50-state approval of the group insurance variable annuity contracts used for the separate account)