Introduction
Ruben Ravago, a partner in Nixon Peabody’s Real Estate and Community Development practice group, focuses on representing developers, investors, nonprofits, and government agencies who finance and develop for-sale housing. Ruben also represents lenders to owners and operators of stabilized properties, development projects, and seniors housing and assisted living facilities throughout the U.S.
My focus
I work with developers and commercial property owners in the acquisition, financing, disposition, development, leasing, and management of mixed-use properties, with an emphasis on for-sale residential projects.
I also help developers establish or invest in cooperative and condominium projects, particularly for-profit for-sale projects, and not-for-sale affordable multifamily housing developments.
Having a background in traditional real estate and real estate finance, with added specialties in coop/condo structures and seniors housing and care, means that I also do a lot of peer review for lenders and investors looking to invest in complex condominium or cooperative projects and am well situated to provide strategic structuring advice and negotiate sophisticated joint venture (JV) investment arrangements.
I also assist nonprofits in the creation of leasehold condominiums, which enables them to get the benefit of an exemption from real estate taxes. Doing so results in a “win-win” situation, where the nonprofit landlord gets a financially stronger long-term tenant, and the nonprofit gets more resources to dedicate to its mission.
With any type of transaction, giving good strategic advice requires understanding both the applicable legal and regulatory backdrop, as well as the particular history and circumstances that give rise to a particular transaction or issue. Appreciating the whole picture helps maximize value for clients and identify a framework for successful negotiations.
Looking ahead
While I think we will continue to see deal volume driven by interest rates and views on the market cycle, I believe there will also continue to be a focus on affordable housing initiatives. Getting viable projects off the ground in the current macro environment will require flexibility and innovation in sourcing, planning, and financing. Our clients have been quick to act when the right opportunities arise, and when they do, we also have to act quickly and effectively. I also look forward to helping both nonprofit and for-profit developers with new for-sale projects, including those focused on affordable and middle-market projects, which are necessary to grow viable and vibrant communities.
/Insights
- “Fundamentals of Underwriting Seniors Housing and Care,” NIC Academy Certificate Program, Fall 2023 (instructor)
- “The Condominium in Affordable Housing Transactions,” NYSAFAH's 2022 Annual New York State Affordable Housing Conference, May 18, 2022 (panelist)
- “Leasehold Condominiums for Nonprofits – A Primer,” Nixon Peabody and Lawyers Alliance for New York Co-Hosted Webinar, April 26, 2022 (speaker)
In the news
- Law360
New York City real estate week in review
Aug 5, 2024This article highlights firms that guided the largest recent New York City real estate deals in public records. New York City Affordable Housing & Real Estate partner Ruben Ravago is mentioned for guiding the buy side in a roughly $26.3 million deal, which included a venture of Cloth Pillars I Housing Development Fund Corp. and Monad Pillars I LLC who sold 111-115 and 148 W. 141st St. to a venture that includes Wave 141st Street LLC. The NP deal team also included AHRE partner Susanna Mitchell of Washington, DC and associate Avery Ryou of New York City.
- Affordable Housing Finance
People on the move
Feb 26, 2024This roundup of moves across the affordable housing industry includes the promotions of Affordable Housing and Real Estate partners Ruben Ravago of New York City and Dana Stanton of Albany, and Community Development Finance partner Sumeet Sharma of Washington, DC. The article also includes the promotions of Affordable Housing and Real Estate counsel Kelly Behr of Washington, DC, Ninteretse Jean Pierre of Rochester, and Emily Schwebke of Chicago, and Community Development Finance counsel Nicole Hixon of Boston.
- New York Law Journal
Attorneys on the move
Dec 13, 2023This roundup article highlighting legal industry moves across New York State includes the appointment of Long Island partner Lindsay Maleson as Healthcare practice leader. The article also mentions Healthcare counsel Jéna Grady, Affordable Housing & Real Estate counsel Ruben Ravago, and Global Finance associate Vincent Cesare, all of New York City; and AHRE counsel and Environmental team co-leader Dana Stanton of Albany for being promoted to partner effective February 1, 2024.
- The Cooperator
From Mitchell-Lama Rental, to HDFC Co-op, and Now to Free-Market
This feature article on New York City’s first-ever Housing Development Fund Corporation cooperative dissolution and reconstitution to free-market status quotes Cooperatives & Condominiums practice team leader Erica Buckley and mentions Affordable Housing & Real Estate counsel Ruben Ravago, both of New York City, for advising West Village Houses.June 16, 2020 - Habitat Magazine - June 2020
West Village Houses Co-op Transitions From HDFC to Market Rate
June 8, 2020This feature article on New York City’s first-ever Housing Development Fund Corporation cooperative dissolution and reconstitution to free-market status quotes Cooperatives & Condominiums practice team leader Erica Buckley and mentions Affordable Housing & Real Estate counsel Ruben Ravago, both of New York City, for advising West Village Houses.
- Habitat Magazine -March 2020
Caution required if co-op and condo boards enlist volunteers
New York City Affordable Housing and Real Estate partner Erica Buckley and counsel Ruben Ravago co-wrote this contributed article, based on their NP client alert, about the key issues condo boards and co-ops must consider before enlisting the assistance of volunteers during a pandemic.March 26, 2020
Admitted to practice
New York
Education
Georgetown University Law Center, J.D.
Occidental College, B.A.
Languages
Spanish
Insights And Happenings
View AllProfessionals in the Practice Area
View AllChristopher R. Froeb
Partner / Practice Group Leader, Real Estate & Affordable Housing- Boston
- Office:+1 617.345.1137
- cfroeb@nixonpeabody.com
-
Ian T. O'Banion
Partner / AIA / LEED®AP- San Francisco
- Office:+1 415.984.8313
- iobanion@nixonpeabody.com
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