RXR Realty $75 million construction loan for mixed-use tower in the Bronx
Davis Polk advised affiliates of RXR Realty LLC in obtaining approximately $75 million in mortgage loan construction financing provided by Bank of America, National Association. The proceeds will be used to finance a mixed-use project at 2413 Third Avenue, Bronx, New York, including a 27-story tower consisting of approximately 200 apartment units, approximately 21,639 square feet of a combination of indoor and outdoor amenity space, approximately 846 square feet of retail space and approximately 81 structured parking spaces.
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.
The Davis Polk real estate team included partner Brian S. Lichter and associates Elizabeth A. Case, Gregory D. Crane and Ben Somogyi. Partner Po Sit and associate Ben Levenback provided tax advice. Counsel Charles Shi provided executive compensation and ERISA advice. Counsel David A. Zilberberg provided environmental advice. Counsel Sarah E. Kim provided 40 Act advice. Counsel Daniel E. Newman and associate Justin Levine provided financial institutions advice. All members of the Davis Polk team are based in the New York office.