Greenberg Traurig, LLP recently closed on the $1.75 billion refinancing of San Francisco’s Parkmerced on behalf of owner Maximus Real Estate Partners.
The financing included a $1.5 billion mortgage loan from Barclays Capital Real Estate Inc. and Citigroup Global Markets Realty Corp. and a $275,000,000 mezzanine loan from AIMCO.
Parkmerced, at 152 acres and 3,221 units is the largest private residential property in Northern California. The refinancing clears the way for financing the first phase of a long-term revitalization and development that will bring 5,600 new units to Parkmerced. The fully developed property will include nearly 10,000 homes; 80,000 square feet of office; 230,000 square feet of retail; a new elementary school; and 64,000 square feet of amenities. The re-envisioned Parkmerced is set to feature a cutting-edge design, improved mass transportation, and an emphasis on sustainability, making it the only carbon-neutral neighborhood in the world.
Maximus Real Estate Partners is the fastest-growing real estate investment and development company in the San Francisco Bay Area.
Greenberg Traurig team was led by Stephen L. Rabinowitz (Picture), and included Shareholders Kristen J. Lonergan (Real Estate), Josh Farrell (Real Estate), Adam Goldstein (Real Estate), Bradley R. Marsh(Tax), Steve Mastbaum (Tax), Charles Birenbaum (Labor & Employment), Brian L. Colborn(Corporate) and Randall C. Single (Real Estate), and; Associates Karen L. Geringer (Real Estate), Janel Pellegrino (Real Estate), Alice Y. Chu (Real Estate) and Julian Henry (Real Estate); and Paralegal Tana Brkani.
Involved fees earner: Charles Birenbaum – Greenberg Traurig; Alice Chu – Greenberg Traurig; Brian Colborn – Greenberg Traurig; Josh Farrell – Greenberg Traurig; Karen Geringer – Greenberg Traurig; Adam Goldstein – Greenberg Traurig; Kristen Lonergan – Greenberg Traurig; Bradley R. Marsh – Greenberg Traurig; Steve Mastbaum – Greenberg Traurig; Janel Pellegrino – Greenberg Traurig; Stephen Rabinowitz – Greenberg Traurig; Randall Single – Greenberg Traurig;
Law Firms: Greenberg Traurig;
Clients: Maximus Real Estate Partners;