About

David Gardner is a partner in the Real Estate Practice at Adler & Stachenfeld LLP, specializing in structured real estate transactions nationally. His expertise encompasses joint venture arrangements (both money-side and sponsor-side), co-GP relationships, financings, preferred equity investments, programmatic relationships, co-lending JVs, and comprehensive real estate acquisitions, sales, and operations.

His client portfolio ranges from emerging sponsors and developers to sovereign wealth funds and major global institutions. He maintains particular focus on supporting new market entrants through their initial real estate ventures. After 15 years in New York City, he relocated to Philadelphia in 2025 with his family, now dividing his professional time between both cities.

David has managed distressed real estate debt workouts for both borrowers and lenders, resolved joint venture partner disputes, and pioneered early C-PACE (Commercial Property Assessed Clean Energy) loan origination as one of the first commercial real estate attorneys specializing in this product.

At the firm level, he maintains active roles in partner and associate affairs, leads business development and associate training initiatives, and spearheaded exploration of artificial intelligence integration within the practice.

Beyond legal work, David serves as an Adjunct Professor at the University of Pennsylvania Carey Law School.

He joined Adler & Stachenfeld in 2013 from Cooley LLP’s real estate department. He resides in Bryn Mawr, PA with his wife Jill and three children, enjoying beach time, Philadelphia Eagles fandom, and youth sports spectatorship.

Notable Representative Transactions

  • Developer representation in staged acquisitions of $150M multifamily development site near Dallas, including joint venture negotiations, preferred equity investments, mortgage financing, and 1031 structuring
  • Publicly-traded national homebuilder representation in joint venture and construction financing for luxury New Jersey condominium project
  • Developer counsel for historic Tax Credit master lease in Pittsburgh with joint venture, syndication, and financing documentation
  • Private equity firm representation in joint venture negotiation, diligence, acquisition, and construction financing for industrial “forward commitment” project in South Carolina, including eventual post-completion sale
  • Co-lending joint venture formation counsel for $160M+ construction loan secured by New York City mixed-use ground lease; subsequent representation through ground lease collapse, condominium conversion, tax compliance oversight, and borrower workout negotiations
  • Investor counsel for multi-phase Philadelphia development including preferred equity investment in stabilized multifamily building, direct common equity in adjacent land parcel, separate mortgage financing, and cross-easements/REAs
  • Private equity firm representation in origination of “equity converter” loan for Fort Lauderdale ground-up condominium development, loan-to-equity conversion, and resulting joint venture and construction financing
  • C-PACE provider counsel for approximately $20M C-PACE loan secured by Utah hospitality asset serving pandemic-era rescue capital function

Notable Recognitions

Professional Affiliations & Memberships

  • Urban Land Institute, Philadelphia: Member, Neighborhood Planning & Development Council; Member, Forecast and Capital Markets Committee