We advised Yellowstone on the financing

Davis Polk advised an affiliate of Yellowstone Real Estate Investments in connection with a $480 million construction financing for 1740 Broadway, a 26-story office building located between 55th and 56th Streets in Manhattan. The financing was provided by Madison Realty Capital and will be used to convert the building into for-sale residential condominiums, with a rental component.

Yellowstone is a private equity firm focusing on opportunistic and value-added real estate transactions across the United States. It invests in equity and debt across the capital structure, applying rigorous investment criteria focused on generating superior risk-adjusted returns.

The Davis Polk real estate team included partner Michael J. Rishty and associates David Beizer, Maria J Budis and Mathew L. DeMestrio. The Davis Polk tax team included counsel Liang Zhang and associates Bradford Sherman and Sophia Kwende. All members of the Davis Polk team are based in the New York office.

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