Davis Polk advised affiliates of RXR Realty LLC in connection with a $1.345 billion refinancing of 5 Times Square in Manhattan. The refinancing is comprised of a mortgage and two mezzanine loans provided by Morgan Stanley and one junior mezzanine loan provided by affiliates of SL Green Realty Corp. The proceeds will be used to refinance the existing loans with respect to RXR’s joint venture interest with David Werner and partners at 5 Times Square, an ultra-modern Class-A office building located in the core of Midtown Manhattan consisting of 39 stories and 1.16 million total square feet.
RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 75 commercial real estate properties and investments (including 450 Lexington, New York, New York) comprising approximately 25.5 million square feet with an aggregate gross asset value of approximately $20.5 billion and a residential development pipeline of approximately 6,100 units under operation or development.
The Davis Polk real estate team included partner Brian S. Lichter and associates Jaclyn Katz, Rachel M. Feldstein and Edward Peck. Counsel Will Schisa and associates Joseph Kniaz and Mark Chalmers provided financial institutions advice. Partner Po Sit provided tax advice. Associate J. Taylor Arabian provided 1940 Act advice. Counsel Gregory D. Hughes provided ERISA advice. Members of the Davis Polk team are based in the New York, Washington DC, Northern California and London offices.