We advised First Mile on its acquisition of an office complex and the related equity joint venture and mortgage financing

Davis Polk advised First Mile Properties LLC, an affiliate of the New York real estate developer Crown Acquisitions Inc., on its $84 million acquisition from Mack-Cali Realty Corporation of an office complex located in Red Bank, New Jersey, its related joint ventures with affiliates of Paramount Realty Services, Inc. and other limited partners and related mortgage financing provided by Prime Finance Short Duration Holding Company VII, LLC, an affiliate of Prime Finance. The property is a 640,000-square-foot suburban office complex composed of six buildings in Red Bank, New Jersey.

Crown Acquisitions is a real estate investment firm focused on retail redevelopment projects in Manhattan. Its portfolio includes the acquisitions and repositioning of the retail condominium at 666 Fifth Avenue, the re-tenanting of Herald Center, the acquisitions and repositioning of the retail condominium at 717 Fifth Avenue and the acquisition and re-tenanting of 600 Broadway. Mack-Cali Realty Corporation is a publicly traded real estate investment trust. Paramount Realty is a full-service real estate firm specializing in leasing and property management. Prime Finance specializes in real estate financing through mortgage and mezzanine loans.

The Davis Polk real estate team included partners Brian S. Lichter and Michael J. Rishty and associates Jaclyn Katz and Lindsay P. Talve. Partner Po Sit and associate Daniel L. Jose provided tax advice. Counsel Charles Shi provided ERISA advice. All members of the Davis Polk team are based in the New York office.