We advised an affiliate of Blackstone Real Estate Services on the loan and investment

Davis Polk advised an affiliate of Blackstone Real Estate Services L.L.C in connection with its (i) $79.5 million mortgage loan to the property owning subsidiary of a joint venture between an affiliate of Korman Communities and an affiliate of RXR Realty LLC secured by a luxury multifamily apartment building located in Blue Bell, Pennsylvania and (ii) $16 million preferred equity investment to an affiliate of RXR, which in turn allocated and contributed those funds to the joint venture. Korman is responsible for the management and operation of the Property.

Blackstone is one of the largest real estate private equity and investment management firms in the world with over $230 billion of investor capital under management and a $411 billion global real estate portfolio.

RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 74 commercial real estate properties and investments (including 450 Lexington, New York, New York) comprising approximately 26.5 million square feet with an aggregate gross asset value of approximately $20.8 billion and a residential development pipeline of approximately 7,100 units under operation or development.

Korman is a fully integrated, multi-dimensional real estate company that handles investment management as a general partner to generate reliable cash flow and returns.

The Davis Polk real estate team included partner Brian S. Lichter and associates Lindsay P. Talve, Gregory D. Crane and Paulina Gordon. Partner Ethan R. Goldman provided tax advice. Counsel James M. Millerman and Erika D. White provided restructuring advice. All members of the Davis Polk team are based in the New York office.