$3.8 billion in capitalization for 50 Hudson Yards

Kramer Levin represented Mitsui Fudosan America, Inc. (MFA) in the closing of $3.8 billion in capitalization for 50 Hudson Yards, the development’s park-front, flagship office tower.

Led by Real Estate partner Andrew Charles (Picture), the Kramer Levin team negotiated a joint venture agreement pursuant to which MFA entered into a 90%/10% partnership with developers Related Companies and Oxford Properties Group, following which the partnership closed a construction loan of $1.5 billion provided by a bank syndicate led by Wells Fargo and four other lead banks, including Sumitomo Mitsui Banking Corporation, Deutsche Bank, HSBC and Bank of China. The 58-story property is expected to be the fourth-largest commercial office tower in New York City. The LEED Gold-designed building will span an entire city block and stand at 985 feet tall and is expected to be completed in 2022. This is not the first time Mr. Charles represented MFA in a Hudson Yards transaction. In 2014 he represented MFA when they entered into their first venture with the Related Companies and Oxford Properties Group in connection with the development of 55 Hudson Yards, which is expected to open in 2018.

In addition to Mr. Charles, the Kramer Levin team consisted of Tax partners Howard J. Rothman and Pamela M. Capps, and Real Estate associates Seth R. Niedermayer and Jacqueline Ryu.

 

Involved fees earner: Andrew Charles – Kramer Levin Naftalis & Frankel LLP; Jacqueline Ryu – Kramer Levin Naftalis & Frankel LLP; Howard Rothman – Kramer Levin Naftalis & Frankel LLP; Pamela Capps – Kramer Levin Naftalis & Frankel LLP;

Law Firms: Kramer Levin Naftalis & Frankel LLP;

Clients: Mitsui Fudosan America, Inc.;

 

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Author: Ambrogio Visconti