• We represented a major, New York-based, national real estate development and investment company in acquiring and restructuring more than $250 million in senior, construction, and mezzanine financing involving a co-lending arrangement with an existing institutional lender. The financing is secured by three in-progress luxury branded condominium projects in the greater New York City area.
  • We represented a large pension fund in a joint venture in the $194 million financing of a mixed-use development project in New York City. The complex project included co-op apartments, rental apartments, and retail space, and community facilities. The New York City Housing Development Corporation (NYCHDC) and Citibank provided financing, which included low-income housing tax credits.
  • We represented a client in the recapitalization and restructuring of a major mixed-use project in Queens, New York, that includes approximately 346 apartment units, 19,000 square feet of community facilities space, 53,000 square feet of retail space, and underground parking. The project is financed by an equity investment from our client, bonds issued by the NYCHDC (and credit-enhanced by Citibank), and NYCHDC subsidy loans. It includes low-income housing units and is eligible for low-income housing tax credits.
  • We represented a private equity fund in acquiring and restructuring $370 million in senior and mezzanine loans secured by three luxury high-rise condominium projects in New York. Our work included: structuring and negotiation of participation and management agreements with the existing developer/sponsor; negotiation of amendments to existing franchise agreements with two international luxury hotel/condominium brand franchisors; and origination of $10 million in new construction financing to complete the projects.
  • We represented a national finance company in the origination of a $78 million mortgage loan secured by a multifamily rental project in Long Island City, New York, structured with a senior A note and subordinate B note, with our client holding the subordinate B note. The representation included drafting and negotiation of an A/B participation agreement and mortgage loan servicing agreement. The origination occurred mid-construction and, as a result, the transaction involved complicated loan structuring necessary to protect the lenders under New York’s mechanics' lien law.
  • We represented the lead lender in a $78 million first mortgage construction loan for the development of a 276-unit, class A, multifamily project in Long Island City, New York. The loan was structured as a tranched senior/subordinate (A/B) loan with the lead lender holding the subordinate loan tranche. We handled all aspects of structuring, negotiation, and closing of the first mortgage loan transaction, including matters pertaining to the senior/subordinate tranche nature of the loan. In addition, we represented the lead lender in negotiating a co-lender agreement reflecting the senior/subordinate nature of the transaction, including various matters pertaining to control rights and change-in-control events.
  • We represented the real estate lending division of PNC Bank in a $70 million construction loan to a joint-venture borrower, the designated redeveloper for a major downtown renewal project just outside New York City, for a multifamily rental project. Our team assisted in structuring the transaction and then drafted and negotiated all necessary loan and related documentation, including a multi-party completion guaranty. We advised the client on (and, as appropriate, commented on, drafted, and/or negotiated) crucial agreements involving our client, the redeveloper, and the municipality. These included a new redevelopment agreement to supplement a longstanding one, as well as a related municipal resolution and financial agreement and special assessment agreements. The redevelopment plan calls for transformation of 21 acres, including the aging downtown and a mostly defunct former manufacturing area, into retail shops, housing, parking, and streetscape improvements. The residential component includes more than 300 rental apartments in a historic dilapidated factory that will be restored under the plan. A second phase of the project will include 230 townhouses and additional retail space.