Recent Transaction Archive 2021
Charlotte, North Carolina: Rosenberg & Estis, P.C. represented a purchaser in the approximately $58M purchase and related Freddie Mac financing for two adjacent multi-family communities including nearly 285 units in Charlotte, North Carolina.
Closed: December 22, 2021
R&E Team: Larry R. Mergentime, Zachary M. Rockoff and Matthew E. LoBello
Atlanta, Georgia: Rosenberg & Estis, P.C. represented a seller in the $30+M sale of 144-unit multifamily community in Atlanta, Georgia.
Closed: December 17, 2021
R&E Team: Larry R. Mergentime, Zachary M. Rockoff and Matthew E. LoBello
Nashville, Tennessee: Rosenberg & Estis, P.C. represented a seller in the $30+M sale of an approximately 200-unit multifamily community in Nashville, Tennessee.
Closed: December 16, 2021
R&E Team: Larry R. Mergentime, Zachary M. Rockoff and Matthew E. LoBello
Durham, North Carolina: Rosenberg & Estis, P.C. represented a seller in the sale of a 108-unit multifamily community in Durham, North Carolina for approximately 17M.
Closed: December 15, 2021
R&E Team: Larry R. Mergentime, Zachary M. Rockoff and Matthew E. LoBello
Phoenix, Arizona: Rosenberg & Estis, P.C. represented Trevian Capital Holdings LLC as lender in the making of a $39,975,000.00 loan for a multifamily property located in Phoenix, Arizona.
Closed: November 9, 2021
R&E Team: Eric S. Orenstein and David Fries
Manhattan, New York: Rosenberg & Estis, P.C. served as legal counsel to The Durst Organization in deals to relocate WMBC and WKOB to the 90th-floor broadcast facilities at One World Trade Center in Lower Manhattan. The deals, which allow WMBC and WKOB to broadcast their signals from the 408-foot spire that caps the 1,776-foot tower, underscore One World Trade Center’s unique stature among telecommunications companies in recent years, from TV stations to phone providers. R&E previously served as legal counsel to the Durst Organization in deals to similarly relocate CBS, WNBC, WNJU, PBS, FOX and ION Media to One World Trade Center.
Broadcast Telecommunications License Agreements Signed: November 2021
R&E Team: Robert M. Kessler and Jean S. Tom
Manhattan, New York: Rosenberg & Estis, P.C. represented (i) 677-679 Madison Propco LLC, (ii) 759-771 Madison Propco LLC and (iii) 828-850 Madison Retail LLC (each a Purchaser, and collectively, as the Purchaser) in connection with the acquisition of those certain premises located at (i) 677-679 Madison Avenue, New York, NY, (ii) Commercial Unit located at 40 East 66th Street, New York, NY, and (iii) Commercial Unit located at 15 East 69th Street, New York, NY, for the aggregate purchase price of $100,000,000.00.
Closed: September 24, 2021
R&E Team: Eric Orenstein
Brooklyn, New York: Rosenberg & Estis, P.C. represented an affiliate of TF Cornerstone Inc., as borrower in connection with a $385,000,000.00 construction loan made by Wells Fargo, National Association, as Administrative Agent and Lender, with respect to the premises known as Pacific Park Sites B12 and B13 located at 595 Dean Street, Brooklyn, New York. Rosenberg & Estis has been integrally involved in the legal work in connection with the development and financing of other sites in the Pacific Park Project for other clients as well, and has previously closed on two major construction loans for which construction is nearing completion.
Closed: June 25, 2021
R&E Team: Richard L. Sussman
Manhattan, New York: Rosenberg & Estis, P.C. facilitated an $89 million NYC Accelerator Commercial Property Assessed Clean Energy (C-PACE) loan to help Nightingale Properties and Wafra Capital Partners retrofit 111 Wall Street to be energy efficient. It’s the largest C-PACE funding transaction in U.S. history and the first in New York City since the state Legislature established the funding structure in New York in 2009. The loan, which will fund energy efficiency and renewable energy improvements for more than 900,000 square feet of offices at the former Citibank building, will be repaid via an annual property tax assessment. The funding will help the building comply with the stringent carbon-cutting requirements in New York City’s Local Law 97, one of 10 bills in the city’s sweeping 2019 Climate Mobilization Act. LL97 requires over 50,000 of the city’s largest buildings to reduce carbon emissions by 40 percent by 2030 (and by 80 percent by 2050). New York’s Climate Leadership and Community Protection Act, also passed in 2019, adds its own energy efficiency benchmarks. The improvements at 111 Wall Street are expected to save $2.5 million in annual energy costs and help the building’s owners avoid $750,000 per year in LL97 fines alone, beginning in 2030, according to New York City Mayor Bill de Blasio’s office.
Closed: June 10, 2021
R&E Team: Michael E. Lefkowitz
West Palm Beach, Florida: Rosenberg & Estis, P.C. served as legal counsel to Mactaggart Family & Partners Ltd. as investor member in a joint venture to acquire and develop property in West Palm Beach, Florida.
Closed: May 7, 2021
R&E Team: Arielle Frost
Atlanta, Georgia: Rosenberg & Estis, P.C. represented Saratoga Capital Partners as purchaser in the acquisition of Magnolia Gardens and Commons at Briarwood (455 apartments) for $67.795 million and as borrower in connection with a loan in the aggregate amount of $57 million made by Arbor Realty SR, Inc.
Closed: April 15, 2021
R&E Team: Michael Lefkowitz and Larry Mergentime
Manhattan, New York: Rosenberg & Estis, P.C. represented Lycee Francais de New York in its acquisition of the property at 1414 York Avenue, New York, NY.
Closed: March 4, 2021
R&E Team: Richard L. Sussman
Long Island City, New York: Rosenberg & Estis, P.C. served as legal counsel to The Durst Organization in a $50 million note on note financing relating to property in Long Island City.
Closed: March 4, 2021
R&E Team: Arielle Frost and Zachary Rockoff
Manhattan, New York: Rosenberg & Estis, P.C. represented Atlas Capital Group in the $140 million acquisition of 15 Park Row, a 31-story, 330-unit rental apartment building located across from City Hall Park in Lower Manhattan. The property was acquired from Joe and Rachelle Friedman, former owners of the now-closed J&R Music World, a renowned retail destination at the base of 15 Park Row that became associated with the property. A Beaux Arts landmark, 15 Park Row was constructed in 1899. It and rises 391 feet and was the world’s tallest building. The building was landmarked in 1999 and added to the National Register of Historic Places in 2005. 15 Park Row was recently repositioned into luxury rental residences featuring 11-foot ceilings, high-end fittings and abundant amenities, including a fitness center, lounge, concierge, 24/7 doorman and laundry services. The property is located in close proximity to all major subway lines at the City Hall station, Fulton Street station World Trade Center.
Closed: January 21, 2021
R&E Team: Larry R. Mergentime and Deborah Riegel
Iowa: Rosenberg & Estis, P.C. represented Black Hawk Healthcare LLC, in the acquisition of ten nursing home facilities in the State of Iowa from a group of related Seller entities. The acquisition and nursing home operations were financed through a term loan and revolving line with NBH Bank.
Closed: May 15, 2021
R&E Team: Michael E. Lefkowitz and Arielle Frost
Manhattan, New York: Rosenberg & Estis, P.C. represented Emerald Creek Capital 3, LLC, as lender, in connection with the making of a loan in the aggregate amount of $55,000,000.00, consisting of an initial advance at closing in the amount of $43,000,000.00 and a future funding facility in the amount of $12,000,000.00, to Reading Tammany Owner LLC and US Development, LLC, collectively as borrower.
Closed: May 7, 2021
R&E Team: Michael Lefkowitz, Casey Delaney and David Fries
Brooklyn, New York: Rosenberg & Estis, P.C. represented 230 Classon Development LLC, as borrower, in connection with a leasehold mortgage construction loan made by CIT Bank, N.A. in the amount of $35,706,632.00 and Classon Holding Company, LLC, as borrower in connection with a mezzanine loan made by Hines Realty Income Fund LLC in the amount of $12,250,000.00. Rosenberg & Estis had previously represented ownership in connection with the creation of the ground lease and various pre-development activities and equity infusions.
Closed: April 29, 2021
R&E Team: Richard L. Sussman
Huntersville, North Carolina: Rosenberg & Estis, P.C. represented Sentinel Security Life Insurance Company, Ability Insurance Company, Haymarket Insurance Company, Atlantic Coast Life Insurance Company, Southern Atlantic Re, Inc., and Jazz Reinsurance Company, collectively as Lender in the making of a $54,000,000 loan to Caldwell Station NC, LLC, as Borrower.
Closed: April 28, 2021
R&E Team: Eric S. Orenstein and David Fries
Manhattan, New York: Rosenberg & Estis, P.C. served as legal counsel to The Durst Organization in a complex $1.5 billion debt refinancing that involved multiple office towers in New York City, including 1133 Avenue of the Americas and 114 West 47th Street. The three originating CMBS lenders, Bank of America, Citibank and Wells Fargo, made a 10-year, fixed-rate securitized loan for $1.1 billion covering the 1.1-million-square-foot 1133 Avenue of the Americas (“1133”), and the 600,000-square-foot 114 West 47th Street, (“114”). The new securitized loan refinanced a loan held by TIAA with a principal balance of approximately $200 million covering 1133 Avenue of the Americas. Simultaneously with the closing of the new CMBS loan, a Citibank-led Facility, previously provided to The Durst Organization LP, (“DOLP”), in the amount of $1 billion, was re-financed at $400 million, consisting of a $300 million mortgage loan covering three Durst-owned office buildings on the East Side of Manhattan and a $100 million revolving loan covering interests in two other Durst properties; the two Durst buildings now mortgaged under the CMBS financing, (1133 and 114), and another Durst building at 825 Third Avenue, currently under substantial renovation subsequent to the termination in 2019 of a 25-year net lease, were all released from the prior Citi / DOLP Facility.
Closed: April 20, 2021
R&E Team: Gary M. Rosenberg, Dennis I. Hellman, Eric S. Orenstein, David B. Horn, Casey E. Delaney and Zachary M. Rockoff
West Odessa, Texas: Rosenberg & Estis, P.C. represented JM Owner LLC, as seller, in connection with the sale of 3429 South County Road, West Odessa, Texas 79765 to DFA, LLC, as purchaser, for a total purchase price of $2,750,000.
Closed: March 11, 2021
R&E Team: Michael T. Carr