News & Knowledge
Troutman Sanders’ Multifamily Housing Finance Practice Represents Berkadia in $268M Refinancing of New York City Landmark
RICHMOND, Va. – Troutman Sanders’ Multifamily Housing Finance practice recently served as lender’s counsel for Berkadia Commercial Mortgage LLC on its origination of a $268.7 million loan through Freddie Mac on behalf of DTH Partners LLC and broker Ackman-Ziff Real Estate Capital Advisors. Closed on January 9, the loan was used to refinance the existing debt for 20 Exchange Place, a 767-unit luxury apartment building in New York City. Currently the tallest structure south of Wall Street, the 86-year-old property was originally built to house the headquarters of City Bank-Farmer Trust, the predecessor of Citibank.
Richmond partners Mark Shiembob and Jeremy McLean led the Troutman Sanders team. “This was a complex, time-sensitive transaction that required top legal acuity and seamless interaction with other counsel,” said Mark Shiembob, Troutman Sanders’ senior partner in its Multifamily Housing Finance practice and firm executive committee member.
With 31 full-time, dedicated lawyers in the multifamily practice, Troutman Sanders has handled some of the industry’s most significant transactions, including eight of the largest multifamily-apartment portfolio financings since 2012, each of which had an aggregate loan amount in excess of $1 billion. During that same time period, the practice handled more than 9,100 loan and servicing transactions—in every US state, with a volume in excess of $133 billion.
Troutman Sanders’ Multifamily Housing Finance practice is the premier nationwide practice representing lenders in the multifamily and senior housing finance industry. The practice focuses on counseling mortgage banking clients in origination, sale and servicing of loan transactions sold to secondary market investors — primarily Fannie Mae and Freddie Mac — and other financial institutions and securitization program participants.
About Troutman Sanders:
Troutman Sanders LLP is an international law firm with more than 650 lawyers in 16 offices located throughout North America and Asia. Founded in 1897, the firm’s lawyers provide counsel and advice in practically every aspect of civil and commercial law related to the firm’s core practice areas: Corporate, Energy and Industry Regulation, Finance, Litigation and Real Estate. Firm clients range from multinational corporations to individual entrepreneurs, federal and state agencies to foreign governments, and non-profit organizations to businesses representing virtually every sector and industry. See troutmansanders.com for more information.