$391m GE deal caps strong year for finance group.General Electric Capital Corporation closed a $391 million real estate secured loan to affiliates of Tarragon tarragon (târ`əgŏn), perennial aromatic Old World herb (Artemisia dracunculus) of the family Asteraceae (aster family), of the same genus as wormwood and sagebrush. Corporation with attorneys from the international law firm of Morrison & Foerster LLP LLP - Lower Layer Protocol representing GECC GECC General Education Core Curriculum GECC General Electric Credit Corporation GECC Group Enabled Cluster Compiler GECC Geelong Ethnic Communities Council GECC Glen Ellyn Children's Chorus (Glen Ellyn, Illinois) . The law firm is credited with providing a swift closing of the loan with the whole transaction concluding in just over three weeks. The loan to Tarragon, a leading publicly-traded homebuilder with operations concentrated in the Northeast, Florida, Texas and Tennessee, is secured by 23 multi-family properties in seven states, as well as pledges of equity in the borrowers. The loan, which was set up to allow for syndication, consists of A, B, and C tranches, and includes provisions for additional advances and mezzanine debt. The transaction team was led by Morrison & Foerster partners Mark Edelstein and Marc Young. Real estate attorneys and other professionals also working on the deal include Scott Kohanowski, Tom McGovern, Susannah Cupp, and Alethea Jones. Additional assistance was provided by Angela Garcia, Jeannette Harris, Robin Riley, Nina Gamrasni-Ahlen and Justine Martin. "The closing of this loan represents a significant accomplishment for GECC and Tarragon, as well as Morrison & Foerster," said Mr. Edelstein, Morrison & Foerster real estate finance practice chair. "A complex transaction involving a large portfolio of properties in seven states that needs to close in a short amount of time always presents a challenge to the closing attorneys. This transaction typifies the level of service that our group routinely provides. It is akin to the deal earlier this year where we purchased the 69-multi-family "Walden" property portfolio for our client, the Dubai Investment Group The Dubai Investment Group (DIG) is a subsidiary and member company of Dubai Holding. The company was originally called The Investment Office but was re-named in May 2005 to better reflect its ties to Dubai. ." Morrison & Foerster's real estate finance practice has been especially busy in 2005 on a large number of high profile transactions. The group represented JP Morgan in the $2.4 billion opportunity fund financing of Lone Star Opportunity Funds V, the $1.7 billion financing of Morgan Stanley's MSREF MSREF Morgan Stanley Real Estate Funds V International Fund, and the soon to be $!.4 billion financing of Lehman Brothers Real Estate Fund II and Lehman Brothers Real Estate Mezzanine Fund. The group also represented Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. on the construction financing of the $1.3 billion One Bryant Park in midtown Manhattan--the deal was notable as the first New York commercial financing based on the sale of post 9/11 Liberty Bonds. It also represented Gramercy Capital Corp. in connection with a joint venture with SL Green Realty Corp. to acquire and manage the South Building at One Madison Avenue in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. headquarters building. Additionally, the group also recently represented the Dubai Investment Group in its acquisition of the renowned Essex House Hotel on Central Park South, which is being converted into a super-luxury hotel and condominium residence. Morrison & Foerster's real estate finance group is also near completion of another almost $500 million bond financing arrangement for a large mixed-use project in lower Manhattan developed by the Minskoff Organization. That deal is scheduled to close next week. |
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