David H. Holmberg

David has a significant capital markets and structured finance practice. He advises issuers, arrangers, underwriters, collateral managers, originators, sponsors, lenders and investors on the U.S. federal income tax aspects of securitizations, structured credit and debt capital markets transactions across traditional and esoteric asset classes. His experience includes CLOs and CRE-CLOs, CMBS and other mortgage-backed and asset-backed securities, REMICs, warehouse and other structured lending facilities, private and broadly syndicated credit structures, repurchase facilities, forward-flow and portfolio transactions, and other public and private securitizations. He also advises on private placements and other debt offerings, derivatives and structured financial products, debt exchanges and modifications, liability-management transactions and distressed investments.

David’s investment management practice includes private credit, hedge, distressed debt, real estate and other private investment funds; separately managed and bespoke investment structures; joint ventures; rated and other financing structures involving investment funds; and fund finance arrangements, including subscription-line and NAV facilities. He regularly advises sponsors, asset managers and investors on partnership tax, fund structuring and the tax consequences of investments in credit and other financial assets.

In the real estate area, David advises public and private REITs, real estate funds, institutional investors and developers on REIT formations and transactions, UPREITs and DownREITs, joint ventures, Section 1031 exchanges, sale-leasebacks and other lease structures, preferred equity, debt and equity offerings, acquisitions and dispositions, restructurings and workouts, and investments by non-U.S. investors, including matters involving FIRPTA.

David also has a significant renewable energy and energy-transition practice. He advises developers, manufacturers, investors, lenders and tax credit purchasers on investment and production tax credits, Section 6418 tax credit transfers, tax equity and other credit-monetization structures, domestic-content requirements, foreign-entity restrictions and related project financings. His work spans solar, energy storage, advanced manufacturing and other tax-incentivized businesses.

David frequently advises on transactions that cross traditional practice-area boundaries, including restructurings and bankruptcies, distressed debt and credit investments, complex partnership arrangements and transactions involving novel financial products or ownership structures. He regularly works with Reed Smith’s finance, capital markets, restructuring, investment management, real estate, corporate and energy lawyers to design structures that achieve the client’s commercial objectives while addressing the relevant tax constraints.