The U.S. Department of Housing and Urban Development (HUD) has announced a $621 million deal to refinance a previous mortgage at Co-op City, a large cooperative housing community that is home to more than 57,000 residents in the Bronx, New York. As announced by HUD Secretary Shaun Donovan, HUD and Wells Fargo Bank N.A. closed on the loan that will preserve long-term affordable housing for these families and significantly lower annual interest payments for the building’s owner over the next 35 years. The new mortgage is backed by the Federal Housing Administration’s (FHA) General Insurance and Special Risk Insurance (GI/SRI) Fund. Nixon Peabody LLP provided legal counsel to Wells Fargo Bank N.A.

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The Firm is representing Forest City Ratner Companies (FCRC) in connection with its formation of a joint venture with Skanska USA related to the construction of residential towers in the Atlantic Yards development project in Brooklyn, New York. FCRC is the developer of the $4.9 Billion Atlantic Yards project, which is a mixed-use commercial and residential development project and includes the recently opened Barclays Center. The first of the residential towers to be constructed as part of the Atlantic Yards project are designed to be erected using modular construction technology, and the new company created by the joint venture will be responsible for building the towers’ modular components. FCRC expects to break ground shortly on the first 32-story tower, which is expected to become the tallest modular building in the U.S. upon completion.

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The Firm recently represented Sealed Air Corporation (“Sealed Air”) in its offering of $425 million aggregate principal amount of 6.50% Senior Notes due 2020. Sealed Air is using the net proceeds from the offering, along with cash on hand, to repurchase and redeem all of its outstanding 5.625% Senior Notes due 2013. The notes are guaranteed by certain of Sealed Air’s wholly-owned domestic subsidiaries. The offering was conducted in reliance on Rule 144A and Regulation S.

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