We advised the property owner and joint venture in connection with the financing package

Davis Polk advised affiliates of RXR Realty LLC in connection with a $269 million financing package originated by affiliates of Blackstone Group L.P. and affiliates of Canyon Capital Advisors, LLC. The proceeds of the financing will be used to refinance the existing construction financing relating to the Hamilton Green Project at 5 Cottage Place and 25 Cottage Place, White Plains, New York, which was used to develop the property.Hamilton Green replaced the shuttered White Plains mall with new mixed-income multifamily buildings, composed of market rate and affordable rental units, live/work units and accessible open space, as well as a variety of dining, retail and commercial spaces. Exclusive amenities for all residents include 24-hour concierge services, resident lounges, co-working spaces, a pool, game rooms, fitness studios, expansive outdoor terraces and a shared public plaza.

RXR is one of the largest owners, managers and developers in the New York tri-state area, with an operating platform managing 108 commercial real estate properties and investments, comprising approximately 30.5 million square feet with an aggregate gross asset value of approximately $16.4 billion, and a residential development pipeline of approximately 9,400 units under operation or development.

The Davis Polk real estate team included partner Brian S. Lichter and associates Omar Ashmawy, Eli Feuerman and Matthew L. DeMestrio. Partner Patrick E. Sigmon and associate Bradford Sherman provided tax advice. All members of the Davis Polk team are based in the New York office.

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