{"id":1004033911,"date":"2011-11-04T03:18:29","date_gmt":"2011-11-04T11:18:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004033911"},"modified":"2022-12-08T21:50:53","modified_gmt":"2022-12-09T05:50:53","slug":"one-week-nearly-one-billion-in-deals-for-morrison-foerster","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\/","title":{"rendered":"One Week, Nearly One Billion in Deals for Morrison & Foerster"},"content":{"rendered":"

November 4, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

The One57 Development<\/p><\/div><\/p>\n

It\u2019s been the busiest of busy weeks for Morrison & Foerster, as the law firm\u2019s real estate group has completed some huge deals in New York City. Monday saw the firm represent Bank of America in a $700 million syndicated construction loan to Extell Development Co. \u2013 in what sources are calling \u201cthe largest single-property construction financing in the U.S. in 2011\u201d \u2013 for the development of the 90-story Park Hyatt Hotel and residential condominium tower on West 57th Street in Manhattan.<\/p>\n

Additionally, the firm helped Bank of America in its $160 million financing to Edward J. Minksoff for the development of 51 Astor Place, a trophy 400,000 square foot office building in New York, as well as CIBC in a $110 million mortgage refi for the 30-story Sofitel on West 44th Street, a building co-owned by Gem Realty and Whitehall Capital.<\/p>\n

Mark Edelstein, chair of the firm\u2019s global real estate finance group, told Commercial Property Executive <\/em>that Manhattan is \u201cbucking the trend\u201d when it comes to the city\u2019s attractiveness to investors. \u201cNew York,\u201d he said, \u201cand a few other cities such as [Washington] D.C., Chicago and San Francisco, seem different from many, if not most other areas of the U.S., which are still feeling depressed. Manhattan remains the financial capital of the world.\u201d<\/p>\n

While Bank of America is lead lender on the One57 project on West 57th, a consortium of other domestic and foreign investors are involved as well, including Capital One, Banco Santander, Abu Dhabi International Bank and Bank of Nova Scotia.<\/p>\n

\u201cDespite the softness in many sectors of the national real estate market, some key geographies remain vibrant and we are fortunate to be right in the middle of the busiest corridors, working alongside the leading lenders, developers and investors,\u201d \u00a0Marc Young, a partner in Morrison & Foerster\u2019s Los Angeles office, said. \u201cClearly, the transactions we\u2019ve handled in recent\u00a0months demonstrate that substantial financing remains available for the right projects and sponsors. And the pipeline looks promising for more deals ahead, including a number of international financings.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Morrison & Foerster’s real estate group this week alone has represented three deals to the tune of nearly $1 billion and its chairman says Manhattan continues “bucking the trend” in CRE. <\/p>\n","protected":false},"author":1201,"featured_media":1004033912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21751,21783,21742,10,21747],"tags":[],"class_list":["post-1004033911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-hotel","category-investment","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nOne Week, Nearly One Billion in Deals for Morrison & Foerster - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One Week, Nearly One Billion in Deals for Morrison & Foerster\" \/>\n<meta property=\"og:description\" content=\"Morrison & Foerster's real estate group this week alone has represented three deals to the tune of nearly $1 billion and its chairman says Manhattan continues "bucking the trend" in CRE.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-04T11:18:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:50:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/110411-One57-Development-NYC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"650\" \/>\n\t<meta property=\"og:image:height\" content=\"413\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"One Week, Nearly One Billion in Deals for Morrison & Foerster\",\"datePublished\":\"2011-11-04T11:18:29+00:00\",\"dateModified\":\"2022-12-09T05:50:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/\"},\"wordCount\":369,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2011\\\/11\\\/110411-One57-Development-NYC.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"Featured\",\"Hotel\",\"Investment\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/one-week-nearly-one-billion-in-deals-for-morrison-foerster\\\/\",\"name\":\"One Week, Nearly One Billion in Deals for Morrison & Foerster - 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