Richard J. Crouch

Richard’s business and commercial transactions practice includes commercial real estate acquisitions, dispositions, leasing, development, and finance. He regularly works with real estate acquisition firms, developers, property management groups, commercial tenants and lenders in the structuring and closing of commercial transactions.

• Acted as lead Borrower’s counsel in connection with the modifications by tenant-in-common borrowers to a (i) mortgage loan in the amount of $26 million and (ii) mezzanine loan in the amount of $7 million. The mortgage loan is secured by a 4-building office portfolio located in the Raleigh –Durham, North Carolina region.
• Acted as Borrower’s counsel in connection with a loan in the collective amount of $16 million, secured by an office building located in Richmond, Virginia. The loan involved an assignment of existing loan documents and modification to loan, saving the Borrower over $50,000 in mortgage taxes.
• Acted as Purchaser’s Virginia counsel in connection with two UPREIT transactions that were closed on September 30, 2019, which included two buildings in Norfolk, VA that totaled 106,621 square feet of office space with a total value of $18.9 million. The acquisitions were financed through both new debt and an assumption of existing debt.
• Acted as Seller’s counsel in connection with the sale of an office building in Charlotte, NC, consisting of a purchase price of $38,250,000.00 and related loan modification and release of collateral.
• Acted as Purchaser’s Virginia counsel in connection with the acquisition of a retail outparcel in Norfolk, Virginia, subject to a Ground Lease with McDonald’s Corporation for a Purchase Price of $3.26 million.
• Acted as Purchaser’s counsel for an office complex in Tampa, Florida, consisting of a purchase price of $6,800,000 and acquisition financing of $4,700,000, and 5 tenant-in-common borrowing entities.
• Acted as Purchaser’s Virginia counsel in connection with a definitive UPREIT agreement to acquire a 35,000-square-foot, single-tenant office building in Norfolk, Virginia, for total consideration of $7.1 million.
• Acted as Purchaser’s counsel in connection with the acquisition of an office building for $4,155,000, located in Virginia Beach, Virginia, consisting of acquisition financing in the amount of $2,421,053 and construction financing in the amount of $1,936,842.
• Acted as Purchaser’s counsel in joint venture, involving three (3) tenant-in-common borrowers, in a portfolio acquisition of three (3) office buildings in Tampa, Florida, consisting of a purchase price of $53,313,000, financing of $44,900,000, and 1031 implications.
• Handled documentation of a joint venture for the capital restructuring and refinancing of a portfolio of office properties in Tampa, Florida, consisting of an equity fund of $16 million and financing of $41.7 million.
• Handled a portfolio acquisition of three (3) office buildings in Greenville, South Carolina, consisting of a purchase price of $22 million and financing of $16.1 million.
• Acted as Purchaser’s counsel in the acquisition of an industrial building located in Moncks Corner, South Carolina, consisting of a purchase price of $9,000,000.00 and financing of $6,035,250.00.
• Acted as Borrower’s counsel in the refinance of a 5-building office portfolio located in the Raleigh–Durham, North Carolina region, consisting of a mortgage loan of $29,800,000 and mezzanine loan of $7,000,000.
• Handled a $58.5 million portfolio acquisition, mortgage financing, and mezzanine financing of five (5) office buildings in Nashville, Tennessee, with financing exceeding $49 million.
• Handled a $37.3 million portfolio acquisition, mortgage financing, and mezzanine financing of four (4) office buildings in Raleigh and Durham, North Carolina, with 1031 exchange implications and financing exceeding $28 million.
• Handled refinance and credit facility loan with two (2) lenders and four (4) borrowers for financing exceeding $71 million, including an assignment of mortgage prior to refinancing, resulting in approximately $160,000 in immediate savings to the client due to reduced mortgage taxes.
• Handled a $25.5 million portfolio acquisition, mortgage financing, and mezzanine financing of industrial buildings in Reading, Pennsylvania, with financing exceeding $19.5 million.
• Handled a $12 million portfolio disposition of thirteen (13) shopping centers located in seven (7) cities in Hampton Roads, Virginia, in a simultaneous closing involving five (5) seller entities, thirteen (13) purchaser entities, and five (5) lenders.
• Handled a $46.5 million portfolio acquisition, mortgage financing, and mezzanine financing of office buildings in Charlotte, North Carolina, with financing exceeding $27 million.
• Handled $31 million in refinances for four (4) income-producing properties, including a strategic loan structuring that saved the client over $40,000 in mortgage taxes.
• Handled a $30 million shopping center loan in Virginia Beach, VA, including an assignment of mortgage prior to the refinance, resulting in approximately $70,000 in immediate savings to the client due to reduced mortgage taxes.
• Handled a portfolio acquisition for five (5) shopping centers involving ten (10) buyers in a simultaneous closing in South Carolina with 1031 exchange implications and financing exceeding $14 million.
• Handled a $29 million sale of membership interests of a property owner limited liability company, whereby the client saved $108,000 in grantor’s tax.
• Handled a $23.2 million office building acquisition and mortgage financing in Jacksonville, Florida, with financing exceeding $17.75 million.
• Handled the acquisition of a portfolio located in Nashville, Tennessee, consisting of five (5) office buildings involving a purchase price of $41,200,000.00 and the assumption of an existing loan in the original principal amount of $28,700,000.
• Handled a loan modification, as Borrower’s counsel, increasing the loan amount to $4,345,163 for the completion of a self-storage facility located in Norfolk, Virginia.

Recognition

Education

University of Richmond School of Law, J.D., cum laude

University of Richmond, B.S., B.A., cum laude

Admissions

Virginia

North Carolina

• American Bar Association
• Dollar Bank Advisory Board
• E.V. Williams Advisory Board
• Greater Norfolk Corporation Board
• Hampton Roads Association of Commercial Realtors

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