NEW YORK – Dec. 6, 2019 – The global Real Estate Practice at law firm Greenberg Traurig, LLP recently closed on the $1.75 billion refinancing of San Francisco’s Parkmerced on behalf of owner Maximus Real Estate Partners. The financing included a $1.5 billion mortgage loan from Barclays Capital Real Estate Inc. and Citigroup Global Markets Realty Corp. and a $275,000,000 mezzanine loan from AIMCO.
“We were pleased to advise and assist our long-time client Maximus on this refinancing. Parkmerced is an iconic development and we are excited to be part of a project that is key to the local community and that will serve the global aim of developing sustainable urban living,” said Stephen L. Rabinowitz, managing shareholder of the law firm’s New York office and chair of the office’s Real Estate Practice, who led the Greenberg Traurig team. “Our work on this wide-ranging transaction involved a national team of Greenberg Traurig lawyers from multiple disciplines, including Real Estate, Tax, Labor & Employment, and Corporate, and is a prime example of how our national platform can be mobilized to serve clients and complete transactions anywhere in the United States.”
Greenberg Traurig and Rabinowitz have represented the owners of Parkmerced since 2005. Parkmerced, at 152 acres and 3,221 units is the largest private residential property in Northern California. The refinancing clears the way for financing the first phase of a long-term revitalization and development that will bring 5,600 new units to Parkmerced. The fully developed property will include nearly 10,000 homes; 80,000 square feet of office; 230,000 square feet of retail; a new elementary school; and 64,000 square feet of amenities. The re-envisioned Parkmerced is set to feature a cutting-edge design, improved mass transportation, and an emphasis on sustainability, making it the only carbon-neutral neighborhood in the world.
In addition to Rabinowitz, Greenberg Traurig’s deal team included Shareholders Kristen J. Lonergan (Real Estate), Josh Farrell (Real Estate), Adam Goldstein (Real Estate), Bradley R. Marsh (Tax), Steve Mastbaum (Tax), Charles Birenbaum (Labor & Employment), Brian L. Colborn (Corporate) and Randall C. Single (Real Estate), and; Associates Karen L. Geringer (Real Estate), Janel Pellegrino (Real Estate), Alice Y. Chu (Real Estate) and Julian Henry (Real Estate); and Paralegal Tana Brkani.
About Greenberg Traurig's Real Estate Practice: The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 400 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, Latin America, and Asia. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has approximately 2,100 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.