Miles & Stockbridge, an Am Law 200 firm with offices in Maryland, Washington, D.C., Virginia and New York, announced today that it is continuing its strategic East Coast expansion by combining with Krooth & Altman, a preeminent real estate finance law firm in Washington.
All 30 lawyers and the entire staff from Krooth & Altman will join Miles & Stockbridge and the firm’s Finance and Real Estate practice at the end of the year. Miles & Stockbridge currently has more than 50 lawyers who advise financial institutions, property owners, commercial developers and national corporate tenants in a wide range of real estate transactions. The lawyers from Krooth & Altman will continue to practice in their current office at 1850 M St. NW in Washington. In total, the combined firm will have more than 200 lawyers, offering clients robust regional and national finance and real estate resources and services.
The Miles & Stockbridge board of directors has approved the strategic combination. In addition, the principals of Miles & Stockbridge and partners of Krooth & Altman voted separately to close the transaction by December 31.
Miles & Stockbridge will welcome 22 principals, including Krooth & Altman’s management committee of Melissa A. Johnson, Sameer Upadhya, Jon I. Opert and David A. Barsky, and eight associates. In addition, 21 paralegals and administrative staff members will join the firm for a total of 51 new hires at Miles & Stockbridge.
“We are thrilled by the prospect of this combination, and through this process, have already built strong relationships with their leadership team and lawyers,” said Nancy W. Greene, chairman, president and CEO of Miles & Stockbridge. “We have a great deal of respect for the legal capabilities of Krooth & Altman and we are exceptionally well matched in firm culture, a core finance and real estate practice and client base. Krooth & Altman’s national real estate finance practice specializes in financings involving HUD-insured loans and loans originated through programs of the government-sponsored enterprises Fannie Mae and Freddie Mac. This highly specialized area completes Miles & Stockbridge’s real estate finance offerings. Our goal with this combination is to be better together, expanding the resources and services we offer to clients and providing a stronger platform for our lawyers at both firms to succeed and as we continue to grow strategically.”
“There is a great deal of mutual respect between our firms,” said Melissa A. Johnson, partner and management committee member with Krooth & Altman. “Our clients and our colleagues will greatly benefit from the scope of sophisticated finance and real estate representation we will offer as a combined firm, as well as access to additional support practices and resources in tax, environmental, health care, litigation and bankruptcy. This is a win-win for everyone.”
The announcement follows on the heels of Miles & Stockbridge’s May expansion into New York with the opening of a Midtown Manhattan office and 2023 growth news in Richmond, Virginia, including an office expansion—moving into an 11,000-square-foot space in downtown Richmond that more than doubled the firm’s previous office footprint.
“This combination is an important and exciting step toward the creation of a midsize powerhouse law firm that provides an environment where our professionals thrive, our local communities benefit and our clients are delighted with our thoughtful approach, relationships and results,” said Greene. “Both firms are experiencing strong financial results and bring outstanding lawyers, staff colleagues, clients and— most importantly—collaborative cultures to the table.”
Following the transaction’s closing, the combined Finance and Real Estate practice will have more than 80 lawyers, who cover the full scope of sophisticated real estate representation needed by financial institutions, property owners, commercial developers and national corporate tenants.
The Krooth & Altman GSE and HUD Team at Miles & Stockbridge
As part of this combination, Miles & Stockbridge is also announcing the launch of The Krooth & Altman GSE and HUD Team at Miles & Stockbridge. This national real estate finance team will continue to specialize in financings involving loans originated through programs of the government-sponsored enterprises (GSE), such as Fannie Mae and Freddie Mac and federal agencies such as the United States Department of Housing and Urban Development (HUD). Miles & Stockbridge will now be able to offer real estate clients this niche experience while the Krooth & Altman team will have access to related practices and resources often needed by their clients, including tax, environmental, health care, litigation and bankruptcy. In addition, Krooth & Altman’s construction loan and bridge loan lender representation will be greatly enhanced by Miles & Stockbridge’s core competency in these areas.
About Miles & Stockbridge
Miles & Stockbridge is an Am Law 200 law firm that, following the closing of the transaction, will have more than 200 lawyers and seven offices across Maryland, Virginia and New York and two offices in Washington, D.C. The firm’s lawyers help global, national, local and emerging business clients preserve and create value by helping them solve their most challenging problems. The firm, with a highly diversified client base, boasts 12 Chambers-ranked practices including Real Estate, Healthcare and REITs. For more information, please visit our website and follow Miles & Stockbridge on LinkedIn, Facebook and X.
About Krooth & Altman
Founded in 1947 by David Krooth and Norman Altman, Krooth & Altman was one of the first law firms in the country specializing in legal services relating to the then newly-enacted federal programs for supporting housing nationwide. Krooth & Altman’s highly-regarded national real estate finance practice focuses on multifamily housing GSE and HUD-approved lender representation with many notable niche areas of expertise, including health care financing and skilled nursing care facilities, affordable housing, taxable and tax-exempt financings, student housing, manufactured housing and DST transactions. The firm also regularly represents clients on multifamily construction loans and bridge loans. Krooth & Altman is widely recognized as a “go to” firm by a wide array of prominent banks, mortgage bankers, developers and investors in real estate and mortgage finance activities. For more information, please visit www.krooth.com.
