$600 Million Financing to Durst Affiliates

Represented Citibank, as agent, in a $600 million term loan to certain affiliates of the Durst Organization secured by a blanket mortgage on six office buildings located in Manhattan. The term loan refinanced approximately $300 million of existing mortgage debt on three of the properties (including approximately $120 million outstanding to Citibank). The bank group also financed a $400 million revolving credit facility to the Durst Organization. The revolving credit facility is secured by pledges of economic and equity interests in the six mortgage borrowers and in two additional Durst affiliates, which affiliates own other office properties in Manhattan.

9 Bruckner Boulevard Acquisition and Financing

Represented an affiliate of Somerset Partners in the $7.5 million acquisition and financing of 9 Bruckner Boulevard in the South Bronx.  The industrial site will be converted into a 30,000 square-foot food hall, to be known as Bruckner Market.  The property is situated opposite of Somerset’s planned residential development project along the South Bronx waterfront.

Term Loan Facility

Represented a U.S. private bank in a $17 million term loan facility secured by a Delaware trust’s equity interests in residential properties and economic interests in several investment funds.

$33 Million Restructuring of Credit and Loan Facilities

Represented a major U.S. commercial bank, as lender and agent, in a $33 million restructuring of several revolving credit and term loan facilities secured by 11 real properties located in New York.

Syndicated Mortgage Loan

Represented a U.S. commercial bank, as agent and lender, in a syndicated mortgage loan and amendment to an asset-based credit facility to increase the commitment to $100 million, admit new lenders and reallocate outstanding loans among lenders.

Non-U.S. Bank – Acquisition and Construction

Represented a major non-U.S. commercial bank in a $65 million acquisition and construction financing for a retail/residential condominium development in lower Manhattan.

Sale of Interest in Syndicated Mortgage Loan

Represented a major U.S. commercial bank in its acquisition and subsequent sale of a $200 million interest in a syndicated mortgage loan secured by a major New York City office building and its substitution as agent for the lenders.

$200 Million Revolving Credit Facility

Represented a major U.S. private bank in the refinancing of a $200 million revolving credit facility secured by the equity interests of a prominent real estate family in nine New York City office buildings.

Resort Financings

Represented an institutional lender in a $65 million acquisition and pre-development loan for the construction of a residential golf community and luxury hotel development in Mexico and in a development loan in Bermuda.

Institutional Lender – Not-For-Profit School Financing

Represented an institutional lender in term, construction and revolving credit facilities to a not-for-profit school for the arts. The facilities are secured by prime and collateral mortgages on properties in California and New York.

$60 Million Manhattan Retail Acquisition and Leasehold Financing

Represented a developer in forming and capitalizing a purchaser, and in the $60 million acquisition and leasehold financing of a master lease of the retail space at 1657 Broadway, Manhattan.

Mezzanine Lenders – $25 Million Facility

Represented mezzanine lenders in a $25 million secured agented mezzanine facility to a Texas developer. Proceeds of the loans were applied to acquire and develop land in Horseshoe Bay, Lano, and Burnet, Texas.