Principal, Housing and Healthcare Finance
Richard Lerner is a Principal at Housing and Healthcare Finance, one of the nation’s leading financiers of Senior Housing through the FHA. Prior to joining HHC Rich was a Managing Director at Credit Suisse, where he was responsible for all the company’s healthcare and affordable multifamily housing loans. During his tenure, Credit Suisse originated mortgage loans against healthcare related real estate totaling over $6 Billion. He pioneered the business of lending to healthcare properties as bridge loans to the Department of Housing and Urban Development, (HUD) highlighted by a $480m loan to Life Care Centers of America in 2000. He was instrumental in creating HUD’s large loan program as the take out for the same deal. He structured the first Prop Co / Op Co structure for a skilled healthcare company as a means of going private and reducing PL / GL costs. That structure was used in the privatization of 4 of the country’s 5 largest skilled nursing chains.
Prior to joining Credit Suisse, Mr. Lerner was a Managing Director at Donaldson, Lufkin and Jenrette where he ran the firm’s CMBS trading desk until the firm was purchased by Credit Suisse. He also spent 3 years running the CMBS Trading desk at Daiwa Securities, America and spent 10 years before that in the mortgage trading business for Credit Suisse First Boston.