Kaye Scholer recently represented Bank of America, N.A., as administrative agent, and J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, in an unsecured revolving credit facility of $2.5 billion and an unsecured term loan facility of $750 million for ERP Operating Limited Partnership, the multifamily residential property business of Equity Residential. Equity Residential focuses on the acquisition, development and management of premium apartment properties in growing North American markets. These facilities will help Equity Residential position itself for the closing of the Archstone acquisition in the first quarter of 2013.
The Kaye Scholer team was led by Partners Ed Gabbay and Sheryl Gittlitz, with additional assistance from Partner Willys Schneider. For further information, see Equity Residential’s press release here.
Kaye Scholer has represented Bank of America, N.A. in several other high-profile syndicated finance transactions over the past twelve months. These include the closing of a $250 million senior secured revolving credit facility provided to certain affiliates of Starwood Property Trust, Inc., the closing of a $235 million 5-year floating rate loan to affiliates of The Blackstone Group LP, and the closing of $625 million of unsecured credit facilities extended to W.P. Carey & Co. LLC.
