Matters

Arts Foundation – Joint Venture

Represented The European Fine Arts Foundation (TEFAF) in the creation of a joint venture entity with Spring Show NYC LLC. The joint venture will own and operate a Fall and Spring art fair to be held annually at the Park Avenue Armory. TEFAF currently owns and operates the premier art fair in Europe (TEFAF Maastricht) and will be rebranded under the TEFAF brand through a license arrangement we also negotiated. This is a significant matter in the art fair/collector world as TEFAF is the gold standard among art fairs and plans to hold numerous large-scale events in New York in the future.

$20 Million Credit Facility

Represented a major commercial bank, as sole lender, in a $20 million secured line of credit to a trust beneficially owned by a high-net-worth individual, and a related company. The facility is secured by marketable securities and restricted stock.

$100 Million Secured Credit Facility Financing

Represented an alternative lender in a $100 million secured facility to a newly formed provider of personal and small business loans.

TEFAF – Form Agreements

Represented The European Fine Arts Foundation (TEFAF) in the creation of form agreements, application materials and terms and conditions used in TEFAF's New York Fall 2016 Art Fair.

Geneva Art Loan

Represented the Geneva division of a major U.S. bank in a $100 million secured revolving credit facility. The loans are secured by a first lien on a portfolio of artworks owned by a Cayman Islands trust.

Loan Agreement and Purchase of Artwork

Represented a U.S. collector on a significant loan of art to a major U.S. museum as well as the purchase and sale of various works of art.

Hylan Credit Facility

Represented a U.S. commercial bank, as lender, in a secured credit facility consisting of a term loan and a revolving loan to Hylan, a fiber optic data communications contractor, to finance a recapitalization resulting in the sale of 50% of the company to a private equity firm. The loans are secured by a first lien on all present and future assets of the borrower.

Art Gallery – Asset-Based Loan Facility

Represented the private wealth management group of one of the nation's largest financial institutions in an asset-based loan facility with an art gallery secured by several pieces of artwork collateral. The transaction involved an agreement among other lenders with respect to non-shared artwork collateral.

Private Bank – Credit Facility for Real Estate Family

Represented a major private bank in a $200 million revolving credit loan and letter of credit facility for an entity owned by members of a prominent New York real estate family. The facility is secured by pledges of equity and economic interests with respect to nine major Manhattan office buildings, as well as a collectively assigned note and mortgage with respect to one of the properties.

Commercial Bank – Workout and Forbearance

Represented a major U.S. commercial bank in a workout of a multi-million dollar loan facility to a group of companies involved in direct sales fashion for women.

Asset-Based Revolving Credit Facility

Represented a U.S. commercial bank, as agent, in an $80 million secured asset-based revolving loan facility to an apparel manufacturer. This involved the transfer of the agency role to the bank and continues to have various amendments to the loan documents, including negotiating new factoring arrangements, intercreditor agreements and third party waivers.

$110 Million Secured Loan

Represented a private bank in a $110 million loan secured by art works and Manhattan real estate.

Art Collector – Syndicated Term Loan

Represented a group of affiliated entities in a $150 million syndicated term loan credit facility from three private bank lenders collateralized by an extensive art collection located in museums, galleries and other third-party warehouse facilities throughout the world.

$75 Million Revolving Credit Facility

Represented a major U.S. commercial bank, as agent, in a $75 million revolving credit facility to a bank holding company.

Asset-Based Loan Facility

Represented a U.S. commercial bank, as a participant, in an asset-based loan facility to a luxury home furnishings manufacturer and in the resolution of asset eligibility issues arising from extended term receivables.

$200 Million Bank Syndicated Club Credit Facility

Represented a major U.S. commercial bank, as lender, in a $200 million bank syndicated club credit facility to one of the major professional sports leagues, the proceeds of which are for working capital and other general corporate purposes.

NHL Franchise Syndicated Credit Facility

Represented a major U.S. commercial bank, as a lender, in a senior secured credit facility to the parent company of an NHL franchise. The credit facility consisted of a $55 million revolver and $30 million delayed draw term loan, the proceeds of which were used to acquire the remaining ownership interest in the NHL franchise and for working capital purposes.

Syndicated Loan Facility

Represented a major financial institution, as administrative agent and lender, in providing a $51 million senior secured credit facility - consisting of a term loan facility and a revolving facility with a sublimit for letters of credit - to IntegraMed America, Inc. (a Delaware corporation that provides services and products to medical practices specializing in infertility and vein disorders). We negotiated limited security agreements with a large number of medical practices to use certain accounts receivable payable to the practices to secure the loan.

Secured Term Loan

Represented a major financial institution in a term loan to a New York art gallery. The loan was secured by all the gallery's assets, as well as artworks from the gallery owner's personal collection.

Loan Workout

Represented a U.S. bank in a workout negotiation with a not-for-profit assisted living facility, involving a $20 million letter of credit issued by the bank as a credit enhancement for a tax exempt bond issue.

Major Financial Institution – Distressed Loan

Represented a major financial institution in a distressed loan on a shopping center located in New Jersey.

Loan Restructuring

Represented a U.S. commercial bank in restructuring several loan and intercreditor agreements involving a fashion company, as borrower, and two major banks as lenders.

Private Banking Transaction

Represented a major bank in a private banking transaction in which the bank made two $25 million loans to an individual and certain entities he controls. The first was secured by a pledge of membership interest in three entities that own properties in Brooklyn. The second was secured by mortgages on certain real property

Creative Jewelry Financing

Represented a major U.S. commercial bank as agent in a $30 million syndicated senior secured asset based loan for an international jeweler and its subsidiaries. The loan was to an affiliated group of U.S. companies involved in the wholesaling of diamonds and other precious stones, and was guaranteed by several foreign affiliates. The loan facility also included a $10 million accordion feature.

Credit Facility Restructuring

Represented a U.S. commercial bank in restructuring a $20 million credit facility for a prominent restaurant chain.

$425 Million Credit Facilities

Represented a private bank, as letter of credit issuer and administrative agent, in a $100 million letter of credit facility; and as lender in a $325 million revolving credit facility, each to a trust, the proceeds of which are for working capital purposes. The facilities are cross-collateralized and secured by a combination of public company stock, diversified liquid assets and cash.

Specialty Finance Company – Art Lending

Represented a startup specialty lending company to make loans against artwork as collateral, including producing form documentation and discussions concerning credit policy and procedures.

Commercial Bank – Real Estate Holding Company

Represented a major U.S. commercial bank in a $150 million revolving loan facility to a real estate holding company supported by a guaranty from its parent, a religious corporation.

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.

Private Bank – $100 Million Credit Facility

Represented a private bank as a facility agent in a $100 million credit facility to an Israeli company that owns interests in financial institutions, real estate and infrastructures, sustainable investments, technology and industrial activity. The company used the proceeds to finance outstanding loans and for working capital purposes. The transaction was structured to minimize withholding taxes required under Israeli law and to allow for additional lenders.

Commercial Bank – Credit Facility

Represented a leading commercial bank, as sole lender, in a senior secured term credit facility to an investment manager of three real estate opportunity funds. The transaction required amending a previous facility to coordinate the payments, conditions and covenants of the two facilities.

$225 Million Credit Facility for MLB Owner

Represented two agent banks in a $225 million facility for the owner of a leading Major League Baseball franchise. The facility is secured by a pledge of 99% of the equity interest in the franchise holder. We later represented the agent banks in granting the required consent for the financing of a new stadium for the team.