NEW YORK CITY-It has been a busy month for the real estate group at Manhattan-based law firm Morrison & Foerster. In the last four weeks, the firm has closed $1.6 billion worth of deals, including a New York 80/20 bond-backed multifamily construction loan, a mortgage loan for a Washington DC office portfolio and an unsecured line of credit for a major public homebuilder.
The firm represented Wells Fargo in the closing of a $188 million construction loan for the financing of an apartment complex under development by the Related Cos. and the Kalimian Family near the Hudson Yards development site. The 32-story tower will include 385 rental apartments, retail space and a parking garage situated at 30th Street and 10th Avenue.
The financing for the Far West Side tower consists of proceeds of bonds that are part of the New York State Housing Finance Agency’s 80/20 program. The bonds, which are enhanced with a letter of credit issued by Wells Fargo, are backed 50% by JPMorgan Chase. MoFo’s Mark Edelstein and John McCarthy led the transaction.
In addition, the firm represented Bank of America in the closing of a $125 million mortgage loan on a portfolio of six office properties in Rosslyn, Virginia; repped JPMorgan Chase in the negotiation and documentation of a three-year unsecured revolving credit facility with a maximum aggregate commitment of $525 million for public homebuilder Lennar Corp.; and assisted Eurohypo AG in the disposition of a $740 million portfolio of mortgage loans to US Bancorp, Wells Fargo & Co. and the Blackstone Group.
Edelstein—who recently worked on financing transactions for Extell Development Co.’s One57 tower and Minskoff’s 51 Astor Place—says the deals showcase the range of the firm’s financing expertise. “Our practice is operating on all cylinder and we’re fortunate to be working with the world’s leading lenders in marquee financings in New York and elsewhere,” he says in a statement.
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