NEW YORK CITY-In a whirlwind amount of deals, law firm Morrison & Foerster completed three significant real estate transactions in Manhattan this week, representing almost $1 billion in total financings. Two of the transactions closed on Monday, including a $700 million syndicated construction loan for Extell Development’s 90-story One57 project and a $110 million mortgage refinancing for the Sofitel Hotel on West 44th Street. On Wednesday, the firm closed on a $160 million construction loan for Edward J. Minskoff’s trophy 51 Astor Place.
The three financings comes on the heels of several high-profile deals the firm has handled in recent weeks, including Rudin Management Cos. acquisition and development of St. Vincent’s Hospital campus in the West Village, the sale of a $1.2 billion loan portfolio for a major Irish bank, as well as nearly $1 billion in additional construction financings, the firm announced. “Each reflects continued strength in the New York market,” says Mark Edelstein, New York-based chair of Morrison & Foerster’s Global Real Estate Finance Group, in a statement following the transactions. “To close on over $1 billion in deals one on top of the other is a testament to the kind of year we’ve had and how hard our group has been working.”
On the One57 deal, Morrison & Foerster represented Bank of America as lead lender in a group that also includes Capital One, Banco Santander, Abu Dhabi International Bank and Bank of Nova Scotia. On the Sofitel deal, the firm represented CIBC.
Earlier in the year, Morrison & Foerster signed a 180,000-square-foot lease to anchor Boston Properties’ new 40-story office tower under construction at 250 West 55th Street, which will open in 2013.
Be sure to check GlobeSt.com for a detailed follow-up within the coming days.
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