Richard Fries represents financial institutions, investment banks and private equity firms in complex commercial real estate financings and restructurings.
Richard is a fellow of the American College of Real Estate Lawyers and is recognized by Chambers USA as preeminent in his field. He structures, negotiates and closes acquisition, construction, permanent, bridge and mezzanine loans and syndications nationwide. He also has developed a market-leading practice and national reputation in loan workouts, foreclosure and other enforcement remedies involving high-profile distressed real estate assets.
Richard’s practice spans the full life cycle of commercial real estate debt, from origination and syndication to enforcement and disposition. Loan originations involve office buildings, multifamily and condominium projects, hotels and resorts, retail shopping centers, mixed-use developments, ground-up construction, industrial warehouses, senior living facilities, vacant land, automobile dealerships and franchise assets. He has a unique specialty at the cross-section of real estate, finance and remedies, using litigation tools to restructure loans and right-size real estate projects. His experience and reputation in loan workouts and enforcement has been described by Chambers as “legendary.”
Richard is well-known for his expertise in large real estate loan syndications, participations and construction finance, spread across an array of asset classes. He also represents lending institutions and private credit funds in the purchase, sale and loan-on-loan financing of performing and underperforming loan portfolios and real estate assets. For banks, he has implemented national standard loan and workout documentation for real estate, asset-backed and other commercial loan products.
He also has extensive experience representing private equity investors, property owners and developers in real estate joint ventures, commercial real estate litigation, construction, hospitality, partnership disputes, asset disposition, loan portfolio sales and project development.
Richard has led the financing of transformative projects. These include a senior living facility in Hudson Yards, the TWA Flight Center Hotel at JFK Airport, Pacific Park, Brooklyn Point and Domino Sugar Factory in Brooklyn, the Verizon Building in Manhattan, the Ritz Carlton Club and Residences in Kapalua Bay, Maui, Hawaii, office and residential towers, film and television studios, boutique, landmarked hotels and other hospitality assets, and regional shopping and entertainment malls.
Richard counsels private equity investors and global financial institutions on distressed debt enforcement strategies in any cycle in any market. These include contested foreclosures, guaranty enforcement, receivership, lender liability defense, loan sales and the recapitalization of real estate loans and loan portfolios.
