Devan Popat

Devan Popat

Partner
Los Angeles
About

Devan Popat represents clients on a broad range of real estate transactions. Devan advises investors and sponsors in the formation of real estate joint ventures. He guides developers and investors in all stages of complex development from acquisition, entitlement, equity and debt financing, and construction through stabilization. He represents lenders, including debt funds and insurance companies, in all types of real estate finance transactions, including mortgage, construction, and mezzanine loans, secured and unsecured corporate credit facilities, preferred equity, and other structured financings, as well as co-lending arrangements, participations, workouts, loan sales, and mezzanine foreclosures.

Devan has worked on a wide variety of real estate assets, including office buildings, multifamily properties, industrial facilities, mixed-use development, retail centers, hotels and resorts, senior housing and healthcare facilities, student housing, co-living, self-storage, parking facilities, airports, timberland, and vacant land.

Devan's clients include funds, real estate investment trusts (REITs), operators, developers, high net worth individuals, family offices, and insurance companies. Devan also represents community, education, and philanthropic organizations in real estate and corporate pro bono matters.

Areas of FocusReal EstateReal Estate Investment Sales and Joint VenturesReal Estate FinanceCorporatePrivate EquityInvestment Management and FundsReal Estate Capital Markets
Bar AdmissionsCaliforniaIllinois

EXPERIENCE

  • Represented an institutional investor in forming a US$400 million programmatic joint venture to acquire properties in multiple states
  • Represented an investment management firm in connection with the formation of a programmatic joint venture with a hotel investment firm to make debt investments secured by hotels
  • Represented an investment management firm on establishing a preferred equity investment platform
  • Represented a US real estate investment firm in connection with an approximately US$250 million joint venture with a South Korean investment management firm to acquire student housing properties in the US
  • Represented an investment firm in connection with the formation of a private REIT and the contribution of more than 10 properties across the US in an umbrella partnership real estate investment trust (UPREIT) transaction
  • Represented a real estate debt fund in connection with origination of A/B loans and mezzanine loans, including negotiation co-lending agreements and intercreditor agreements
  • Represented a real estate development company in forming a programmatic joint venture with a state pension fund to own and develop multifamily properties throughout the country. Also represented the client in acquiring, developing, and financing a multifamily development in Boston
  • Represented a real estate development company in forming a joint venture with a foreign investor to acquire, develop and finance a luxury multifamily residential building in Chicago
  • Represented a real estate private equity fund in making preferred equity investments for the acquisition and construction of two multifamily residential developments in New Jersey
  • Represented a private investment firm in multiple transactions involving the acquisition, development, financing, and leasing of more than 10 industrial properties
  • Represented a private equity fund in real estate matters for its portfolio operating companies, including sale/leaseback transactions, acquisitions, dispositions, financings, and leasing
  • Represented a real estate private equity fund with the joint venture, acquisition, third-party hotel management, franchise, and financing of more than ten branded select-service hotels in multiple states, utilizing a taxable REIT subsidiary structure
  • Represented a publicly traded REIT in the acquisition of more than ten retail shopping centers in Arizona and five retail shopping centers in Texas
  • Represented a life insurance company in providing mortgage financing secured by shopping malls in multiple states
  • Represented the joint venture of senior living community investors and operators in the disposition of a portfolio of licensed and regulated senior living communities across several states
  • Represented a publicly traded REIT in restructuring several joint ventures for the ownership of medical office buildings and healthcare facilities in multiple states and in financing medical office buildings in several states
  • Represented a national hospital system in the sale/leaseback of a portfolio of hospitals in multiple states and in forming a joint venture with a university to own and operate a hospital and research center
  • Represented a real estate private equity fund in forming a joint venture for the ownership of parking facilities in multiple states, negotiating parking management agreements, and the sale of parking facilities in multiple states
  • Represented a real estate private equity fund in forming a programmatic joint venture and acquiring, developing, and financing four self-storage facilities in Arizona managed by a national brand
  • Represented a lender in the origination, workout, and deed-in-lieu of foreclosure of mortgage loans secured by manufactured housing communities in multiple states
Education
  • J.D., Loyola University Chicago School of Law
  • B.A., Kalamazoo College

Seminars

  • Moderator, "Deploying Capital in Private Real Estate: Investment Models & Deal Flow," 21st Annual Winter Forum on Real Estate Opportunity and Private Fund Investing, January 22, 2025
  • Moderator, "Pulse Check on Foreign Capital & International Fundraising," 19th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing, January 18, 2023

Prior Experience

Prior to joining DLA Piper, Devan was a partner in the Real Estate practice at a major Am Law 100 international law firm in Los Angeles and Chicago.

My latest insights

News
Los Angeles

DLA Piper continues the expansion of its Real Estate practice with the addition of Devan...

28 July 2025 .3 minute read

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Phone

+1 310 595 3220
(Work, Los Angeles)