Law Firm Serves as Legal Counsel in refinancing of CMBS and Liberty Bond Loans at 2.35-MSF, Mixed-Use Building on New York’s Bryant Park
For Immediate Release
Shea Communications, LLC
George Shea, Mark Faris (212) 627-5766
Rosenberg & Estis, P.C. served as legal counsel to a joint venture between The Durst Organization and Bank of America in the $1.6 billion financing of One Bryant Park in Manhattan, which included a $950-million refinancing CMBS loan and the $650 million-dollar refinancing of the publicly assisted loan with the required defeasances of the previous CMBS and publicly assisted loans.
The total loan of $1.6 billion is secured by a mortgage on One Bryant Park, a 51-story with approximately 2,350,000 rentable square feet of office, restaurant and retail space, in which Bank of America is the largest tenant.
Dennis Hellman and Eric Orenstein, members, Kamilla Bogdanov and Zachary Rockoff, associates, all with Rosenberg & Estis, represented Durst in the refinancing transactions. Bank of America led the securitization and underwriting of both loans. Orrick, Herrington & Sutcliffe served as co-counsel on the $650 million-dollar Liberty Bond Loan, and Chatham Financial served as financial advisor. Ira Marx, chief financial officer, with assistance from Lucas Durst, financial associate, led the Durst Organization’s team.
“Rosenberg & Estis is gratified to have continued its longstanding role as primary legal counsel to The Durst Organization in connection with this extraordinary project, which stands out as a leading element of the Manhattan skyline,” Hellman said.
Orenstein added that the Firm’s involvement in this project started approximately twenty years ago and has involved legal work on the land assemblage, ground lease and subway easement, joint venture with Bank of America and all the previous financings.
The refinanced interest-only mortgage loans, which closed on August 21, contain borrower-favorable interest rates during their 10-year terms. The $950 million CMBS loan included an increase of $300 million in excess of the previous CMBS loan. An amendment and restatement of the existing $400-million loan from Bank of America to a Durst member of the joint venture closed simultaneously with the refinancing of the mortgage loans on One Bryant Park.