Citibank $115 million sale of distressed mortgages to Jefferson River Capital
Davis Polk advised Citibank, N.A. in connection with its $115 million sale of three distressed commercial real estate mortgage loans made to affiliates of MacAndrews & Forbes, Inc. and Ronald O. Perelman, which are secured by townhouses located at 27-41 East 62nd Street, New York, New York and presently used for offices, a residence and a synagogue.
Jefferson River Capital is one of two family offices financed by Hamilton (Tony) James, vice chairman for the Blackstone Group LP.
MacAndrews & Forbes Incorporated owns and operates a diverse array of businesses, tapping into the broad expertise of its management team to support the delivery of best in class products and services to end users and consumers all over the world. Wholly owned by Chairman and Chief Executive Officer Ronald O. Perelman, MacAndrews & Forbes’ primary objective is to build, run and grow great businesses, including Revlon.
The Davis Polk real estate team included partner Brian S. Lichter and associate Nick Soilleux. The litigation team includes partner Lara Samet Buchwald and associates Matthew R. Brock and Tess Liegeois. The finance team included partner J.W. Perry, counsel Andrei Takhteyev and associate Matt Diaz. Partner Timothy Graulich and associate Erik Jerrard provided restructuring advice. All members of the Davis Polk team are based in the New York office.