Raymond C. Estes

Raymond C. Estes
Boston and Burlington Offices
617-880-3456 fax

Ray is a member of the firm's commercial real estate group maintaining a broad transactional practice that includes acquisitions, dispositions, leasing, financing, permitting and development. Prior to joining Riemer & Braunstein, Ray practiced in both Boston and New York representing a variety of local, regional and national clients in all capacities working with office, retail, industrial and hospitality properties throughout the United States. He has substantial experience representing borrowers and lenders in CMBS and traditional portfolio loans as well as multi-million-dollar credit facilities, §1031 exchanges and defeasance transactions. Ray's practice has also included the representation of buyers and sellers of high-end residential real estate and the resolution of complex title issues across the Commonwealth.

Ray is actively engaged in his home community of Hingham, working to support and improve its educational and athletic programs and facilities. To that end, Ray served six years as an elected member of the School Committee, including two years as its chairman, as well as six years as chairman of Hingham's School Building Committee. During that period, he oversaw the construction of a $56 million middle school under the MSBA model school program and a $5.5 million redevelopment of Hingham High School's outdoor athletic facilities. Ray currently serves as vice chairman of a successor school building committee. Over the years, Ray has coached a number of youth sports, including baseball, basketball, football, and soccer, and has worked to create affordable housing opportunities for U.S. Veterans. Ray formerly served as a Trustee, corporate officer and counsel for Puppet Showplace, Inc., a long-standing performing arts and education organization in Brookline.

Representative Transactions

  • Represented leading national affordable housing asset management company in multi-family property dispositions via both partner interest assignment and land conveyances involving LIHTC documentation and defeasance of existing debt
  • Handled multi-million dollar sales of mixed use and multi-family real estate assets held by firm trusts and estates clients
  • Represented regional developer in acquisition and financing of former mill building with existing commercial tenant base and future development opportunities
  • Represented regional real estate investment company in $53 million acquisition of 188-unit apartment complex and associated 40B regulatory agreement and financing with Fannie Mae
  • Represented national REIT in negotiation of new long-term ground lease for signature multi-use commercial property in Boston with significant public transportation component and related infrastructure
  • Represented Fortune 10 company in its national retail development program
  • Represented national wholesale grocery company closing acquisitions and sale/leaseback transactions totaling over $200 million
  • Represented national retail supermarket company in land acquisition and sale, leasing and development transactions
  • Represented regional developers and landlords in acquisition and leasing of over 1.5 million square feet of office and laboratory space with retail and parking components in Greater Boston
  • Represented owner in securing settlement of environmental claim against international oil conglomerate including financial compensation and remediation work
  • Served as counsel to national financial services company as tenant in leasing of office/retail locations across the United States
  • Represented national fitness/health club organization in zoning and permitting analysis relative to expansion into new markets

Speaking Engagements

Boston Bar Association, Legislative and Public Policy Committee

  • December 2011 seminar, panelist – "Understanding State and Local Issues Concerning Land-Based Wind Facilities"
  • September 2010 seminar, panelist – "Chapter 40B in the Spotlight: Current Status, the Repeal 40B Petition, and Possible Implications"
  • November 2009 seminar, panelist – "State Transportation Reform and the Future of Air Rights Development in Massachusetts"

Massachusetts Continuing Legal Education, October 2007 and 2006 seminars, panelist – "Tenants-in-Common Structures (TICs) and Section 1031 Like-Kind Exchanges"


Boston Bar Association; Public Interest Leadership Program, 2009-2010
Massachusetts Bar Association
Real Estate Bar Association for Massachusetts


Commonwealth of Massachusetts
U.S. District Court, District of Massachusetts
State of New York


Suffolk University Law School, J.D., 2004
Saint John's University, B.A., 1995