Deals of the Year :: Finance
AvalonBay, Millenium Get
Historic CA Bond Allocation
With the help of Goodwin
Procter’s Tuan A. Pham, Phillip
H. Eling and Lewis G. Feldman,
AvalonBay Communities Inc. was
able to acquire funding through
a bond allocation considered
to be one of the largest of its
kind in California history. In
July, the developer was issued
$135 million in mostly tax-exempt multifamily housing
revenue bonds to construct
the residential portion of its $400-million, mixed-use project,
Avalon Walnut Creek at Contra Costa Centre in Contra Costa,
CA. GP also helped obtain a $135-million letter of credit to
provide credit enhancements and liquidity support for the
bonds, plus structured the joint venture partnership between
AvalonBay and Millennium Partners.
For more: http://www.reforum.com/dealsoftheyear/finance/4.html
JV Lands $613M Loan to Erect Residential Towers
Touted as one of the largest construction financings
of last year, the Carlyle Group, Extell Development Co.
and Rreef obtained a $613-million credit in July for two
residential developments in Manhattan. Deutsche Bank led a
consortium of nine banks that provided the financing, which
was assembled by Holiday Fenoglio Fowler LP.
Slated for completion in the first half of 2010, the two
buildings, totaling 880,000 square feet, are currently under
way. The 38-story tower will have for sale and rental units,
while the 23-story building will solely contain rentals. The
developments are located within Riverside South, a 13-acre
tract of land on the Upper West Side purchased by Carlyle
and Extell for $1.8 billion in 2005.
The community will include more than 10,000 new homes,
retail plazas, restaurants, additional parking and roads as
well as 27.5 rezoned acres dedicated to Riverside Park South.
The development is part of the Carlyle Realty Partners IV,
a $950-million opportunistic real estate investment fund
launched in 2004.
For more: http://www.reforum.com/dealsoftheyear/finance/5.html
A portfolio of 13 residential assets, totaling 3,857 units, backs a $500-million loan obtained by Equity Residential
last March. Wachovia Multifamily Capital Inc. originated the paper, which carries an interest rate of 5.48% and was
purchased by Freddie Mac.
For more: http://www.reforum.com/dealsoftheyear/finance/6.html
On behalf of Connecticut & K Associates LLC, Cassidy & Pinkard Colliers closed a $194-million, 54-month construction
loan in November. The paper will help build 1000 Connecticut Ave., a 12-story, 383,392-square-foot office building
in Washington, DC.
For more: http://www.reforum.com/dealsoftheyear/finance/7.html
In March, Holliday Fenoglio Fowler LLP helped Prime Group Inc. obtain $271.6 million in construction financing
for 208 South LaSalle, an office building under redevelopment in Chicago. Union Labor Life Insurance Co., Private
Bancorp Inc. and a confidential second lien lender all contributed to the deal.
For more: http://www.reforum.com/dealsoftheyear/finance/8.html
Grandbridge Real Estate Capital LLC funded a $318.5-million senior housing credit facility for HCP Inc. in September.
The facility, which may be expanded to $350 million, is comprised of 16 cross-collateralized first mortgage loans with
cross-default provisions. The fixed-rate debt facility was sold to Fannie Mae.
For more: http://www.reforum.com/dealsoftheyear/finance/9.html
MetLife and MDM received $254 million in construction financing for Met 11, an office building in Miami,
thanks to Mel Roth of International Mortgage & Equity Advisors Inc. In October, the financial firm secured the
three-year funding at 65% LTV through Bank of America and Wachovia, as well as RBC, HSBC and RBS.
For more: http://www.reforum.com/dealsoftheyear/finance/10.html
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