CHUCK SCHRANK is global co-leader of the firm’s Real Estate practice. Chuck represents investment banks, investment funds, institutional lenders, insurers and others in connection with construction and permanent loans, mezzanine loans, preferred equity investments, mortgage origination for commercial mortgage-backed securitization programs, restructurings and work-outs, sale-leasebacks, and sales and acquisitions. Chuck’s recent work includes the following:
- Represented a large institutional lender in connection with an aggregate $1.34 billion mortgage and mezzanine financing of Ivanhoé Cambridge’s acquisition, in a $2.2 billion purchase, of office and retail condominium units at the condominium property located at 3 Bryant Park (1065 Sixth Avenue), a 1.2 million square foot office tower located in New York housing tenants such as MetLife and Verizon, including the placement of the mezzanine component of the financing and securitization of the mortgage component in a single asset securitization.
- Represented a large institutional lender in connection with the $1.4 billion mortgage and mezzanine financing of SL Green Realty Corp.’s acquisition of the iconic 11 Madison Avenue in New York, including the placement of the mezzanine debt components and securitization of the mortgage components, including the lead single asset securitization. An art deco-style tower built in 1929, 11 Madison is listed on the National Register of Historic Places. The building was acquired by SL Green Realty Corp. for approximately $2.285 billion and serves as Credit Suisse’s headquarters in the United States. Other major tenants include Sony (this will be Sony’s United States headquarters) and Yelp.
- Represented a large institutional lender in connection with origination and securitization in a standalone securitization of $670 million mortgage loan secured by 65 Courtyard by Marriott hotels located in 29 states.
- Represented a large institutional lender in connection with the origination and securitization in a standalone securitization of a $360 million mortgage loan secured by an approximately one million square foot office building located at 1177 Avenue of the Americas, New York, New York.
- Represented a large institutional lender in connection with the origination and securitization of a $350 million mortgage loan secured by office condominium units in the condominium property at 3 Columbus Circle, New York, New York.
- Represented a large institutional lender in connection with a $321 million mortgage loan secured by a 507,000 square foot 35-story midtown Manhattan commercial condominium property located at 575 Fifth Avenue, New York, New York.
- Represented a large institutional lender in connection with a $250 million mortgage loan secured by the 1 Hotel, located in Miami Beach, Florida.
- Representation of the lead secured creditor holding positions in $2.25 billion of financing in connection with a bankruptcy reorganization of a major Las Vegas casino company and emergence of the successor company, including the acquisition of interests in the emerging company and the creation of restructured secured debt facilities and the later conversion of portions of the secured debt to bonds.
- Representation of a large institutional lender in connection with an aggregate $1.3 billion mortgage and mezzanine financing secured by portfolio of 154 hotel properties in 32 states, and in the CMBS standalone securitization of the $775 million mortgage loan component of the financing.
- Representation of large institutional lender in the origination and subsequent CMBS securitizations of a $525 million mortgage loan secured by Scottsdale Fashion Mall, Scottsdale, Arizona, and $325 million mortgage loan secured by Green Acres Mall on Long Island in New York.
- Representation of a large institutional lender in the origination and sale in a CMBS standalone securitization of a $900 million mortgage loan secured by 1515 Broadway, New York, New York and a $485 million mortgage loan secured by 300 Park Avenue, New York, New York.
- Representation of a large institutional lender in the origination of an aggregate $503 million mortgage and mezzanine financing secured directly and indirectly by 261 restaurant properties in 34 states (the Outback Steakhouse, Carrabas and other restaurant brands), and as loan seller’s counsel in the commercial mortgage backed securitization of the mortgage loan and the sale of the mezzanine debt.