New York Real Estate

Financing, Grants, and Tax Credits Venable’s Real Estate Group represents borrowers in the full range of debt and equity investment matters related to the development and operation of real property located around the world. Our experience encompasses all types of loans, including mortgage financing, permanent, bridge, and construction loans, and mezzanine financing. Working with the firm’s Corporate Group, we represent clients in obtaining new markets tax credits and historic tax credits. We also arrange tax credit financing transactions, which involve a nonprofit partnering with a bank or other for-profit entity that can benefit from the tax credits, thereby reducing the nonprofit entity’s capital requirements. Our team has experience in the negotiation of New York City capital grants and funding agreements (with NYC Economic Development Corporation, Department of Cultural Affairs, and Department of Design and Construction), New York State capital grants, and federal funding programs, including the Transportation Investment Generating Economic Recovery (TIGER), Railroad Rehabilitation and Improvement Financing (RRIF), and Transportation Infrastructure Finance and Innovation Act (TIFIA) programs. We work with Venable’s finance attorneys on the issuance of taxable and tax-exempt bonds. Our finance team is proficient in all significant financing forms, including general obligation bonds and revenue bonds, competitive and negotiated offerings, public offerings and private placements, fixed- and variable-rate debt, special tax district financings, lease financings, and new money and refunding issues. On the public side, the bond team has participated in the financing and refinancing of a number of large public projects. Venable / 11 10 / Venable Acquisitions and Dispositions Venable’s Real Estate Group routinely advises owners, developers, and corporate users in acquisitions and dispositions of office, residential, industrial, and utility properties, as well as cultural, educational, and healthcare properties. We serve a broad range of domestic and international clients on issues ranging from complex, multifaceted single-asset projects to sophisticated acquisitions of portfolios of properties. In collaboration with the Tax Group, we assist domestic and international clients in structuring transactions that allow for tax-efficient investment and disposition of assets. For nonprofit institutions, the team advises clients regarding the requirements of the New York Not-For-Profit Corporation Law relating to dispositions and other real estate transactions and assists clients in obtaining New York State Attorney General approval of such transactions, as required. Our team’s experience includes representation of the following clients: • A privately held company in the financing of three London properties in the amount of £320 million with Met Life Insurance Company. • The borrower in the $67 million financing for the acquisition of an office building in midtown Manhattan. • A New York City cultural institution in the proposed leasing, financing, and operation of a new theater facility in Manhattan. This project also involved the negotiation of charitable pledges and a City funding agreement with the NYC Department of Cultural Affairs. • The Studio Museum in Harlem in a new markets tax credit financing and bridge loan for the development of a new museum building. • Madison Square Boys & Girls Club in the financing of a new building project in Harlem, which included new markets tax credits and the use of charitable pledges as collateral. • Jazz at Lincoln Center in the construction financing of its performance and education facility, a condominium unit in the Time Warner Center in New York City. The loan was secured by a mortgage and charitable pledges and was structured to comply with the terms of major grants. • A privately held company in the refinancing of a £250 million multi-property loan, with properties in London. • A multi-million-dollar credit line facility for a development in Spain, financed by Banco Santander. • U.S. banks in the sale of mortgage loans in the secondary market ranging from $5 million to $90 million. Our team’s experience includes representation of the following clients: • The seller of an 80+-acre multi-building, multifamily complex in Manhattan for a sale price in excess of $5 billion, widely reported as the largest single-asset sale transaction in history. • The master tenant of a 35,000+ square foot Manhattan office building in the exercise of an option to purchase the property and immediate sale thereof to a third party. • A nonprofit organization in the proposed purchase of a condominium unit in a building to be constructed in downtown Brooklyn, New York; the project involves the sale of development rights by the nonprofit to the developer. • A majority owner in the sale of the Terminal Stores Building, comprising an entire city block in Manhattan, to a joint venture for a sale price in excess of $850 million. This was one of the largest New York City real estate transactions in 2018. • The purchaser of a residential subdivision under construction in Long Island, New York. • The owner of a commercial condominium unit in Manhattan in connection with the build-out and sale of the unit. • An Italian investor in connection with the acquisition of the largest ownership stake in fee and leasehold interests in a landmark office building in New York City. • A utility in the sale of properties, including a former power plant comprising an entire city block in Manhattan, to a developer group for a sale price in excess of $850 million. • An Italian investor in the acquisition, renovation, and financing of historic loft buildings in New York City and the Fine Arts Building in Los Angeles. • A Middle Eastern investor in the acquisition of a $1 billion office building portfolio. • A privately held company in the development of luxury residential properties in Marbella, Spain.