We advised RXR Realty in connection with the preferred equity investment

Davis Polk advised RXR Realty as a preferred equity investor in a joint venture with affiliates of Charney Companies, Tavros and Inoco Capital. The joint venture simultaneously entered into a $600 million mortgage and mezzanine financing from affiliates of Apollo Global Management, Inc. and Affinius Capital.  The proceeds of the preferred equity investment, mortgage loan and mezzanine loan will be used in connection with the construction of an approximately 1,070-unit development at 175 Third Street in the Gowanus neighborhood of Brooklyn, New York. Davis Polk also represented RXR in connection with the capitalization of its investment.

RXR is one of the largest owners, managers and developers in the New York tri-state area. Its operating platform manages 108 commercial real estate properties and investments, comprising approximately 30.9 million square feet with an aggregate gross asset value of approximately $16.4 billion. It has a multi-family residential portfolio of approximately 9,400 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for-sale units.

The Davis Polk real estate team included partner Brian S. Lichter and associates David Beizer and Benjamin Montgomery. Partner Ethan R. Goldman and associates Bradford Sherman and Summer Elbardissy provided tax advice. All members of the Davis Polk team are based in the New York office.

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