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Richard S. Novak

Partner
Boston
+1.617.261.3241
Fax +1..617.261.3175

Primary Practice

Secondary Practices

Education

  • J.D., Boston University School of Law, (cum laude; Member and Editor, Boston University Law Review)
  • B.A., Middlebury College, (cum laude)

Admissions

  • Bar of Massachusetts
  • Biography Overview
  • Additional Background
  • Representative Work
Mr. Novak, a partner in K&L Gates’ Boston office, concentrates his practice on institutional real estate investments for major banks, insurers, special servicers, and investors, adaptive reuse development projects, portfolio and single asset restructurings, acquisitions and dispositions, hotel and office complex restructurings, and both build to suit leasing and ground lease development projects.

Mr. Novak is a member of K&L Gates' Distressed Real Estate Task Force.

Professional Background

Prior to joining K&L Gates, Mr. Novak was a partner in the Boston office of a regional law firm, where he served as Real Estate Department Chair and Building Committee Chair and his practice centered on commercial real estate matters.

Achievements

  • Named a "Massachusetts Super Lawyer" in Real Estate, 2004-2011

Professional/Civic Activities

  • NAIOP
  • Real Estate Finance Association (President, 2001)
  • Greater Boston Real Estate Board (Director, 2000-2001)
  • Real Estate Bar Association for Massachusetts
  • Boston Bar Association
  • Town of Sherborn Planning Board (Chair and Member, 1992-1998)

Speaking Engagements

  • "Real Estate: Loan Workouts & Disposition of OREO," Massachusetts Bankers Association, October 6, 2009
Distressed Real Estate Matters
  • Representation of lead lender in loan modification, extension, and substantial pay down of $120+ million loan for multi-family urban renewal project
  • Representation of lead lender in dual track note sale/sale of Final Judgment of Foreclosure for $25+ million Southeastern midrise condominium project
  • Representation of lead lender in receivership and deed in lieu of foreclosure for $50+ million Southeastern high rise condominium project
  • Representation of lender in dual track note sale and foreclosure process for $40+ million loan secured by seven New England properties, yielding full recovery of all principal, interest, costs and expenses
  • Representation of lender in loan modification, substantial pay down, and loan extension for $50+ million Midwestern regional shopping center
  • Representation of lender in $25+ million deed in lieu of foreclosure on Midatlantic retail development
  • Representation of lender in cross collateralization and security arrangement acquiring mezzanine pledges of interests and distributions among 12 related loan facilities
  • Representation of lead REO owner in disposition of $11+ million multi use development project
  • Representation of foreign bank regulatory body in connection with structuring and realization strategies for $50+ million in USA real estate interests
  • Representation of special servicer in administration and foreclosure of CMBS loans
  • Representation of lead lender in distressed $65+ million loan for multi use project with hotel, retail and residential components
  • Representation of lead venturer in non bankruptcy restructuring and refinancing of defaulted $300 million retail project
  • Representation of owner partnerships in successful high profile $700 million bankruptcy restructuring and recapitalization of Boston’s largest office complex
  • $300 million disposition of a major insurer’s largest real estate investment through complex minimum return assurances, retained interests and trailing indemnities

Representative Real Estate Matters
  • Representation of owner of $200,000+ S.F. regional shopping center in recapitalization and repositioning joint venture including key lease termination and replacement
  • Representation of data center operator in ongoing co-tenant and subtenant issues
  • Representation of ground lessor/co-venturer in creation of ground leasehold commercial condominium units to facilitate advantageous sale of 200+ plus key hotel unit
  • Complete rehabilitation of 19th century headquarters/mill building into first-class hotel/conference center anchored by a complex federal lease and financed with $90 million in bond proceeds
  • Ongoing representation of leading Cambridge, MA Educational institution for ground leased 100 acre office/R&D complex
  • Redevelopment of office building fronting historic Boston Public Garden into first-class luxury condominiums
  • Representation of national entertainment conglomerate in connection with operations of Massachusetts facilities
  • Development and financing of 500,000 square feet of building to suit space at former military base
  • Advising the foreign parent of a domestic insurer in connection with the REMIC securitization of a real estate loan portfolio with a value in excess of $1.6 billion
  • Supervision of a life insurer’s entire real estate portfolio during receivership including the design, negotiation and complete resolution of a complex series of intercompany real estate claims exceeding $100 million
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