Michael Moriarty, David Glanz and Team Represent International Lender in $126 mil. Refinancing on Pennsylvania Avenue
Michael Moriarty and David Glanz (both Partners, New York) representing one of the largest European banks, have completed the refinancing of an existing $126 million mortgage loan on a Class A, architecturally noted office building on Pennsylvania Avenue in Washington, DC. The deal team also included:
- Tom Banahan (Counsel, New York),
- Julian Buchbinder, Gary Finiguerra and Julianne Befeler (all Associates, New York),
- Alan Landzberg (Counsel, New York) for international tax issues, and
- Robert Wilk (Associate, New York) for certain enforcement provisions.
In 2008, when the building was originally acquired (with financing from our client), the purchase price set a record in Washington, DC on a per square foot basis. The original borrower has now sold the building, and the loan has been assumed by the purchaser and modified and restated to reflect new financial and operating terms.
Windels Marx coordinated the U.S. closing with the restructuring of a second loan in Europe between our client and affiliates of the original borrower.
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