Shearman & Sterling represented an affiliate of Solow Realty & Development Company in connection with its $625 million refinance of a securities-backed debt tied to 9 West 57th Street, often touted as one of the most prestigious buildings in Manhattan.
The $625 million deal is reported to be the largest single asset securitization loan since the economic downturn. The 1.5 million square foot, 50-story building is located just west of Fifth Avenue. The loan refinances $400 million of debt set to mature this month that Solow borrowed at the height of the real estate bubble in 2007. Working opposite a team at Skadden, Arps and closing in a remarkable 30 days, the Shearman & Sterling team successfully obtained detailed estoppels from building tenants, worked out solutions for affiliate transactions, and created a significant rollover account to fund brokerage commissions and tenant improvement costs going forward.
The team included counsel Peter Strauss (New York-Real Estate) andJeffrey Salinger (New York-Real Estate/Environmental), associates Robert Sein (New York-Real Estate), Noah Stacy (New York-Real Estate), Kristopher Ferranti (New York-Real Estate), and Laura Mulry (New York-Real Estate/Environmental), with partner Chris Smith (New York-Real Estate).
