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Building Relationships: New York Real Estate Highlights Building Relationships: New York Real Estate Highlights Hunton & Williams LLP is an AmLaw 100 firm with more than 800 lawyers practicing from 19 offices across the United States, Europe and Asia. Founded in 1901 by four lawyers in Richmond, Virginia, our current size and global reach has been achieved through organic growth as well as strategic mergers and lateral partner acquisitions. We blend significant experience in all the major legal disciplines with a broad, forward-looking perspective on current and emerging business issues to provide our clients with valuable, effective legal and regulatory advice. Table of Contents Building New York 2 Building Our Business Beyond New York 5 Building Our Practice in Washington, DC, and Los Angeles 6 New to the Firm 7 Focus on Funds and Spotlight on REITs 8 Straight Talk Q&A With New York Real Estate Lending Partner Peter Mignone 9 Building Relationships 10 Exciting! That’s what comes to mind when we look back at the immense growth of our real estate practice and ahead at its enormous potential. With the addition of two highly regarded lateral groups in New York – a team of traditional development lawyers from Herrick, Feinstein LLP and real estate finance partners originally from Thacher Proffitt & Wood – we’ve bolstered the practice by 15 associates, two senior attorneys and two counsel, expanding our team to 29 lawyers in New York alone. Joining our Big Apple ranks are lawyers and professionals across the country who have been working to create an impressive global footprint. Combined with the firm’s real estate capital markets, tax, and structured finance and securitization practices, this enables us to offer clients the benefits of an international, multidisciplinary powerhouse. Last year, we celebrated the induction of Howard E. Schreiber and Carl F. Schwartz as co-heads of our group. Schreiber leads the practice in Dallas, and Schwartz serves at the helm in New York. Photo Credit: Steve Friedman 2014 Friedman Credit: Steve Photo Carl F. Schwartz Howard E. Schreiber Co-chair, Real Estate Practice Co-chair, Real Estate Practice www.hunton.com 1 Building New York Our real estate development team has • EBNB 70 Pine Owner LLC, a represented these and other clients on joint venture among affiliates of major transactions such as the following: Eastbridge Sarl, Rose Associates • DTH Capital Inc. in connection with and AG Insurance NV/SA, whom we a $240 million construction loan advised regarding a $300 million with respect to New York City’s 20 construction loan with respect Exchange Place, a landmark Art to 70 Pine Street, the former Deco building constructed in 1931 as headquarters of AIG. headquarters for firms that ultimately • Savanna Partners in the acquisition became Citigroup. Many of the tower from The Witkoff Group and floors had been previously converted Morgan Stanley Real Estate of a to apartments following construction 20,676-square-foot retail condo at 10 financing obtained in 2006. The Madison Square West (also known loan proceeds will be used, in part, as 1107 Broadway). Located on the to convert the remaining floors to northwest corner of West 24th Street residential apartments, significantly and Broadway, 1107 Broadway is upgrade the residential amenities situated in one of Manhattan’s most and build out commercial space desirable and rapidly expanding on the mezzanine and subcellar retail corridors. The retail space, part floors. The transaction also included of a 16-story building that The Witkoff the redemption of New York City Group and Morgan Stanley Real Housing Development Liberty Estate are currently redeveloping Bonds in order to repay the existing into 125 luxury residential condos, financing, and the transition to a includes approximately 12,000 new management and development square feet of prime corner ground team. floor space and 4,800 square feet of • The Worldwide Group, which basement selling space. recently closed on a $450 million • Chatham Lodging Trust, in two construction loan from Starwood separate transactions in connection Property Trust Inc. earmarked for with the acquisition of a 51-hotel, the building of a 65-story residential 6,848-room portfolio from a joint tower at 252 East 57th Street venture, for a combined total in New York City. The tower will purchase price of $1.3 billion. contain 93 luxury condos, 173 rental apartments and 33,000 square feet of residential space. 2 Building Relationships: New York Real Estate Highlights Building New York (continued) • Savanna Fund II REIT, whom we • The Worldwide Group, whom advised in the $104 million sale of 5 we advised in connection with Hanover Square to the CIM Group. its approximately $110 million The 25-story building, located on construction financing of a real the north side of Hanover Square estate project located at 41-42 24th between Pearl and Beaver Streets Street, between 41st Avenue and in Manhattan’s Financial District, 42nd Road in Long Island City, contains approximately 330,000 Queens, New York. The project will square feet, including approximately be developed and constructed into a We have over 7,500 square feet of retail space on high-rise building with 421 residential 75 lawyers the ground floor. rental units, approximately 8,700 working on • A joint venture of Pebblebrook rentable square feet of retail space Hotel Trust and Denihan Hospitality and a parking garage. real estate Group, which owns six upscale Our commercial real estate lending matters hotels in New York, whom we team has closed billions of dollars in advised in connection with its $410 loans for these and other clients in from offices million interest-only, non-recourse transactions such as the following: around the secured loan. The loan has a term • Two national insurance of five years and is secured by companies in connection with a country. a first mortgage on theAffinia $507 million refinancing involving a Manhattan, Affinia Shelburne, funded loan and future funding loan Affinia 50, Affinia Gardens and secured by a Class A office building The Benjamin, comprising a total of located in New York City’s Times 1,491 guest rooms. Square. • New York-based luxury residential • A major commercial bank in development firm Sumaida + connection with a $142 million Khurana in the recently closed fixed-rate CMBS mortgage loan acquisition of a site at 152 Elizabeth secured by a newly renovated Class Street in New York City. Sumaida A office building located near the + Khurana have announced Barclays Center in Brooklyn, plans to develop the site into an New York. The transaction included approximately 32,000-square- various complexities ranging from foot, iconic, ultra-luxury condo, preferred equity to the negotiation to be designed by internationally of an intercreditor agreement with renowned Japanese architect Tadao a commercial bank that held a Ando, past winner of The Pritzker tenant improvement loan secured Architecture Prize. by a dedicated rent stream from the building’s largest tenant. www.hunton.com 3 Building New York (continued) • A major insurance company in • A commercial bank in connection connection with the origination of a with a $58.15 million construction $210 million fixed-rate mortgage loan secured by real estate located loan secured by fee and leasehold in New York City. The proceeds of interests in four multi-family the loan will be used to develop a properties located in New York luxury condominium building with City and a $140 million fixed-rate residential and commercial units, mezzanine loan secured by a pledge along with a community facility. of the ownership interests in the • A leading financial institution mortgage borrower. in the origination and subsequent • Multiple financial institutions syndication of a $175 million in connection with more than 15 floating-rate loan secured by the CMBS financings structured to leasehold interest in a prominent accommodate Shariah-compliant Class A office building located in investors. The transactions included downtown New York City. The office buildings as well as shopping transaction included a significant centers. future funding component for major • A major insurance company in capital improvement work at the connection with the upsizing of property. a $177 million preferred equity interest in a large luxury hotel located in New York City’s Times Square. Our real estate practice is nationally ranked in The Legal 500 USA and consistently ranked in Chambers USA. 4 Building Relationships: New York Real Estate Highlights www.hunton.com 5 Building Our Business Beyond New York Washington: California: Northern Virginia: North Carolina, New Mexico Represented a major Advised a national Advised NA Dulles Real and Massachusetts: financial institution in bank in connection Estate Investor LLC on Represented tax credit investors the origination of a $141 with the origination of a the closing of a $36 million and independent power million mortgage loan syndicated construction Virginia Transportation producers in the acquisition, secured by a Class A mortgage loan for the Infrastructure Bank loan, development, financing of and office campus located $140 million acquisition which will fund a critical investment in solar projects in Seattle. and construction of regional transportation link around the country valued at two Class A office in Northern Virginia. over $51 million. buildings and a parking complex. California: Represented a major commercial bank in Washington, DC: connection Within the past with the year, represented origination clients in four
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