Simpson Represents Borrowers in $613 Million Construction Loan to Develop Two Luxury Residential Buildings
07.03.08
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Simpson Thacher represented The Carlyle Group, Extell Development Company and RREEF in obtaining a $613 million construction loan for the development of two luxury residential buildings at Riverside South on Manhattan's Upper West Side. Deutsche Bank led the syndicate of nine banks providing the financing, which is the largest construction loan secured in the U.S. in 2008.
The Firm previously represented a joint venture between Carlyle and Extell in the 2005 acquisition of the Riverside South project for $1.76 billion and in connection with the recapitalization of the project involving RREEF in 2006.
The Simpson Thacher team who worked on the transaction includes: Scott Kobak, Steve Stickler, Amy Rowland, Irina Petrova, Alison Fagen and Aaron Yowell (Real Estate), Nancy Mehlman (Tax) and Susan Kaufman (ERISA).