Edelstein of Morrison & Foerster advises CIBC in $280 million refinancing of 180 Maiden Lane; Financing agented by Bank of China

The real estate finance group at law firm Morrison & Foerster LLP represented CIBC Inc. as sole co-lender in a $280 million refinancing of existing mortgage and mezzanine debt on 180 Maiden Ln., a 1.1 million s/f office building. Upon closing, SL Green Realty Corp. acquired a 49.9% ownership stake in the property, a 40-story green-glass tower overlooking the East River built in 1983 by the Rockefeller Group. Majority ownership will be maintained by Joseph Moinian, a real estate developer with holdings in New York and other cities. The financing was agented by the New York branch of Bank of China, lead lender in the facility The transaction team at Morrison & Foerster was led by partner Mark Edelstein, who chairs the firm's Real Estate Finance Group in New York, along with of counsel Soo Lim and associate Christopher Callegari. Law firms Greenberg Traurig LLP and Fried Frank, Harris Shriver & Jacobson LLP represented the borrower, a joint venture between Monian and SL Green; Bank of China was represented by Troutman Sanders. The Maiden Ln. refinancing represents just the latest high-profile project for Morrison & Foerster's real estate group. In recent weeks, the firm has completed several billion dollars in financings - including representing Bank of America as lead lender in a $700 million construction loan to Extell Development's One57 in midtown Manhatttan, the largest single property construction financing in the U.S. in 2011. "We're thrilled to be at the center of yet another major financing for a trophy New York project. 180 Maiden Lane is one of the true anchors of the city's financial district," Edelstein said. "The New York market has been among the most active in the U.S. this year for large-scale development and financing and our group has advised leading lenders for some of the city's most important projects, including the Rudin family's new St. Vincent development in Greenwich Village, Extell's One57 hotel and residential tower across from Carnegie Hall on West 57th St., and the Minskoff Organization's new 51 Astor Place office complex currently under development." Edelstein also noted Morrison & Foerster's role in the refinancing of the Empire State Building as well as refinancing of both the Sofitel and Doubletree Hotels in Times Sq. "The commercial real estate market in many cities is still feeling the effects of the recession, but for a select few cities - New York especially - lenders are providing major financing to well-known sponsors that have superior plans for well-located properties," said Edelstein.