Elizabeth A. Case

We advised RXR on the refinancing and related joint ventures
Davis Polk advised affiliates of RXR Realty LLC in connection with a $1.29 billion refinancing of 5 Times Square in Manhattan and significant additional equity investments in the building through related joint ventures with various investors, including SL Green Realty Corp., a preexisting mezzanine lender that converted its debt to equity. The proceeds will be used to refinance the existing loans 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, and to provide capital for leasing and building capital expenditures.
RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 83 commercial real estate properties and investments (including 450 Lexington, New York, New York) comprising approximately 30.2 million square feet with an aggregate gross asset value of approximately $22.4 billion and a residential development pipeline of approximately 7,300 units under operation or development.
The Davis Polk real estate team included partner Brian S. Lichter and associates Elizabeth A. Case, Rachel M. Feldstein, Edward Peck, Paulina P. Lerner, Omar Ashmawy and Jack Goldbrenner. Partner Po Sit and associates Bradford Sherman and Constance Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.

We advised Related and Oxford on the sale
Davis Polk advised The Related Companies, L.P. and its joint venture partner Oxford Properties Group in connection with the sale of the Edge, an observation deck located at 30 Hudson Yards in New York City. At 1,131 feet, the Edge is the tallest outdoor observation deck in the western hemisphere. The $565 million purchase price included the assumption of an existing $375 million mortgage loan from Carlyle Group and several other institutional lenders. The Edge was purchased by a Kohlberg Kravis Roberts & Co. L.P. controlled joint venture with affiliates of Related, Oxford, Carlyle and other members of the lender group. Related / Oxford will continue to manage the Edge.
Related is one of the nation’s most innovative and prolific real estate development firms. Headquartered in New York City, Related’s existing operating portfolio of real estate assets is valued at more than $60 billion.
Oxford is the real estate investment arm of OMERS, one of Canada’s largest pension plans. Oxford’s real estate portfolio consists of approximately 150 million square feet of commercial space, 3,000 hotels rooms and 10,000 residential units located primarily across Canada, Western Europe and select U.S. markets.
KKR is a global investment firm with $429 billion of assets under management. KKR manages multiple alternative asset classes, including private equity, credit and real estate assets.
Carlyle is a global investment firm with $276 billion of assets under management across 415 investment vehicles.
The Davis Polk real estate team included partner Brian D. Hirsch and associates Elizabeth A. Case, Lindsay P. Talve and Rachel M. Feldstein. The intellectual property and technology transactions team included partner Frank J. Azzopardi. Partner Eli J. Vonnegut provided restructuring advice. Partner Paul Spagnoletti provided litigation advice. The tax team included partner Ethan R. Goldman. All members of the Davis Polk team are based in the New York office.

We advised an affiliate of Blackstone Real Estate Services on the investment
Davis Polk advised an affiliate of Blackstone Real Estate Services L.L.C. in connection with its $90.75 million preferred equity investment to affiliates of RXR Realty LLC, which in turn allocated and contributed those funds to six different joint ventures with affiliates of Korman Communities, that together own a portfolio consisting of six properties located in New Jersey and Pennsylvania offering luxury apartments and flexible-stay furnished apartments for extended stays. Korman is responsible for the management and operation of the properties. M&T Realty Corporation originated the senior mortgage loan financing for each property, which will be sold to the Federal Home Loan Mortgage Corporation (“Freddie Mac”).
Blackstone is one of the largest real estate private equity and investment management firms in the world with over $208 billion of investor capital under management and a $378 billion global real estate portfolio.
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.
Korman Communities is a fully integrated, multi-dimensional real estate company that handles investment management as a general partner to generate reliable cash flow and returns.
Freddie Mac is a public government-sponsored enterprise that operates the U.S. secondary mortgage market by buying loans from lenders to allow them to provide more loans to qualified borrowers and keep capital flowing into the housing market. Freddie Mac then pools the mortgages it buys into securities, which is then sold to investors worldwide.
The Davis Polk real estate team included partner Brian S. Lichter and associates Elizabeth A. Case, Lindsay P. Talve, Gregory D. Crane and Paulina Gordon. Partner Ethan R. Goldman and associates Lex L. Varga and Benjamin Helfgott provided tax advice. All members of the Davis Polk team are based in the New York office.

We advised RXR on the construction loan
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.