David R. Augustin concentrates his practice in the area of real estate law, with particular emphasis on financing and workouts, foreclosures, commercial leasing, acquisitions and sales, retail projects, hotels, tax-deferred exchanges, real estate development and project finance.
Mr. Augustin has represented buyers and sellers of complex commercial projects, including portfolio and multi-state transactions and equity interest transfers. Additionally, he works with lenders in documenting real estate loans and has closed numerous multistate transactions. He has also assisted lenders in restructuring troubled real estate loans and taking back properties by foreclosure or deed in lieu of foreclosure. In addition, to representing lenders, he frequently works with borrowers in acquisition loans, leasehold financings, and construction loans. Mr. Augustin has worked on purchases and sales of hotels and resorts and on loans secured by hotels (both as lender's and borrower's counsel). He has represented landlords and tenants in office, retail and other commercial leases. He has worked on numerous ground leases for landlords, tenants and lenders. He has worked on the development and financing of wind farms and solar projects.
Admitted to practice in Pennsylvania and New Jersey, he is a member of the Real Property Section of the Philadelphia Bar Association.
Mr. Augustin is a frequent speaker at seminars on a variety of topics and has also written a number of articles. He is a 1988 summa cum laude graduate of Villanova University School of Law and a cum laude graduate of Princeton University (A.B. 1985).
- Represented a large CMBS special servicer in closing on the lender's taking back six shuttered department stores in three different states by deed in lieu of foreclosure.
- Represented a Pennsylvania-based real estate fund manager in its sale of an 11-story, 193,998 square-foot, Class-A suburban Texas office building to a commercial real estate manager; the property is mixed-use with retail and office space and an adjacent parking garage.
- Represented Stonemor Partners (NYSE: STON), a leading owner/operator of cemeteries and funeral homes in multiple states and Puerto Rico, in its $447.5 million recapitalization transaction, consisting of a $385 million private placement of 9.875% Senior Secured PIK Toggle Notes to various noteholders and concurrent private placement of $62.5 million of liquidation value of Series A Convertible Preferred Units of the Partnership to Axar Capital Management.
- Represented the seller in the $37.35 million sale of an office building located on 45th Street in New York City.
- Represented an affiliate of Deerfield Management Company, L.P. in a $540 million acquisition financing for the purchase of an office building at 345 Park Avenue South, New York, New York and for the redevelopment of the building as office building with lab space; financing included three mortgage loans and a mezzanine loan.
- Represented a substance abuse and mental health treatment company in a $231 million debt and equity financing in an effort to move forward with a multi-state rehabilitation center business.
- Represented the purchaser of a twenty-three-property portfolio in Lakewood, Colorado for a purchase price of $104 million. The properties consisted of twenty-one office buildings and two development parcels. In conjunction with the purchase, represented the purchaser in the closing of a $79.5 million purchase money mortgage loan from AXA Equitable Life Insurance Company.
- Represented Sancoa International Company and TubeDec, LLC, family owned affiliated companies that manufacture and supply products to Home & Personal Care customers in North America, in their $71 million sale to CCL Industries, a Canadian public company.
- Represented the developer in a complex recapitalization involving a discounted purchase of a mortgage loan, a new equity investor and new financings from private and public lenders.
- Represented the agent in a syndicated loan for the development of a casino in Pennsylvania.
- Represented the borrower in a refinancing of a portfolio of warehouse and flex buildings involving both a mortgage loan and a mezzanine loan.
- Represented the owners of two "trophy" office towers in center city Philadelphia in leasing matters.
- Represented the lender in a consensual foreclosure of a mixed-use condominium project that included a hotel, requiring the negotiation of a new franchise agreement with an international hotel franchisor for the flag under which the hotel will be operated.
- Represented one of the secured lenders in the General Growth Properties bankruptcy in the modification of loans totaling in excess of $365 million secured by six shopping centers.
- Represented the borrower in a $125 million syndicated credit facility secured by 187 service stations in four states.
- Represented a national bank in the financing to a suburban New Jersey hospital for the hospital's acquisition and construction of a new hospital campus. The project financing involved two lenders which required an intercreditor agreement to address disbursements, payments and lien priority issues between the lenders.
- Represented the purchaser in the acquisition and financing of an $80 million, 18-story office building.
- Represents a private real estate company in the acquisition, disposition and leasing of regional shopping centers in several states.
- Represented the seller in a $300 million portfolio sale of its properties, consisting of 23 properties and the ownership interests in 2 other entities.
- Represents a private real estate company in office and warehouse leasing in projects throughout the eastern United States.
- Represented the lender in restructuring a $167 million loan involving mortgages on 43 nursing homes in 12 states.
- Represented the lender in the foreclosure of a resort hotel and time-share development in St. John, U.S. Virgin Islands and in the lender's subsequent disposition of the properties to a world-wide hotel operator.
- Represented the purchaser of equity interests in an $82 million project in Alexandria, Virginia.
- Represented the owner of commercial shopping centers in northern New Jersey in leasing matters.
- Represented developer of a wind farm in western Pennsylvania that, when constructed, was the largest wind project east of the Mississippi River.
- As firm real estate counsel, negotiates all of the offices leases for Duane Morris nationally and internationally.
- New Jersey
- Supreme Court of Pennsylvania
- Supreme Court of New Jersey
- U.S. District Court for the Eastern District of Pennsylvania
- U.S. District Court for the District of New Jersey
- Villanova University School of Law, J.D., 1988
- Princeton University, A.B., 1985
- Duane Morris LLP
- Partner, 1998-present
- Associate, 1990-1997
- Philadelphia Bar Association
- Real Property Section
- American Bar Association
- Real Property, Probate and Trust Law Section
Honors and Awards
Listed in Chambers USA: America's Leading Lawyers for Business, 2010-2019
Pennsylvania Super Lawyers, 2006-2008 and 2012-2019
- Listed in Philadelphia SmartCEO Legal Elite, 2012
- Listed in Super Lawyers Corporate Counsel Edition, May 2009
- AV Preeminent® Peer Review Rated by Martindale-Hubbell®
- Co-author, "Use of E-Signatures, E-Notarizations and Remote Notarizations to Close Transactions Amid the COVID-19 Outbreak," Duane Morris Alert, March 20, 2020
- Author, "New Jersey Prepayment Law Does Not Apply to Individual Guarantors of a Commercial Loan," Duane Morris Alert, June 27, 2014
- Co-author, "Philadelphia Creates Land Bank for City to Sell and Purchase Vacant Property," Duane Morris Alert, January 16, 2014
- Co-author, "Pennsylvania Supreme Court Weighs in on Amendments to Pa. Oil and Gas Act," Duane Morris Alert, December 23, 2013
- Co-author, "N.J. Superior Court Finds That Condemning Authority Is Not Required to Negotiate with Mortgagee Prior to Initiation of Eminent Domain Action," Duane Morris Alert, February 21, 2013
- Co-author, "Revised Common Level Ratio for Philadelphia May Entitle Certain Taxpayers to a Refund," Duane Morris Alert, February 20, 2013
- Author, "When Your Retail Tenant Wants a Rent Reduction," New Jersey Lawyer Magazine, December 2009/No. 261
- Author, "Seventh Circuit Upholds Yield Maintenance Prepayment Premium," Shopping Center Legal Update, Vol. 27, Issue 3, Fall/Winter 2007
- Co-Author, "Tenants Rights of First Refusal Might Not Be As Simplistic As They Appear," Commercial Real Estate Quarterly, a supplement to The Legal Intelligencer, April 2000
- Co-Author, "Lenders: Beware the Hidden Liability of Loans," Commercial Real Estate Quarterly, a supplement to The Legal Intelligencer, March 2000
- Author, "IRS Announces Safe Harbors for 'Reverse' Section 1031 Exchanges"
- Co-author, "Landlords Advised Against Self-Help to Recover Possession," The Legal Intelligencer, March 26, 1990
Selected Speaking Engagements
- Roundtable Leader, "Strategies for Buying and Selling Distressed Real Estate and Other Assets," Duane Morris Event, Philadelphia, April 22, 2009
- "The Fundamentals of Real Estate Law in Pennsylvania," seminar presented by Lorman Education Services, Philadelphia, Pennsylvania, January 21, 2004
- "Title Insurance: The Basics and Beyond," Commercial Lending Requirements and Loan Documentation in Pennsylvania, seminar presented by Lorman Education Services, Philadelphia, Pennsylvania, October 23, 2003
- "Lender Issues in Office and Retail Leasing" and "Tenant Defaults and Landlord Remedies," National Business Institute seminar titled The Essentials of Office and Retail Leases in Pennsylvania, Philadelphia, Pennsylvania, April 4, 2001, King of Prussia, Pennsylvania, April 5, 2000, Philadelphia, Pennsylvania, April 6, 1999
- "Perfection of Security Interests in Non-Real Property Collateral in a Real Estate Loan Transaction," CLE International's Advanced Real Estate Finance Conference, Philadelphia, Pennsylvania, June 20-21, 1996, June 12-13, 1997, June 11-12, 1998 and October 12-13, 2000