Cole Schotz Represents Cove Property Group in $724m Refinancing of Hudson Commons

Leo V. Leyva, G. David Dean, Jordan A. Fisch, Jordan J. Metzger, Rab N. Nalavala, John Park, Samantha B. Epstein, Danielle M. Pasquariello, Robyn A. Pellegrino, and Cristina M. Riggio

November 25, 2019

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Cole Schotz P.C. represented Cove Property Group in connection with a $724.2 million financing for Hudson Commons, Cove’s 25-story, 698,000 square foot trophy office redevelopment, located at 441 Ninth Avenue, in the Hudson Yards submarket of Manhattan.

The firm represented Cove in negotiation of the construction and mezzanine loans from Parlex 1 Finance, LLC, Parlex 2A Finco, LLC and Parlex 3A Finco, LLC, affiliates of Blackstone Mortgage Trust, which refinanced the existing loans with Apollo Global Management and JPMorgan Chase. Hudson Commons is approximately 65% leased by tenants Peloton, Lyft and Brevet Capital Management. The deal closed on November 25.

The Cole Schotz team included members Leo Leyva, G. David Dean, Jordan Fisch, Jordan J. Metzger, Rab N. Nalavala and W. John Park, with support from associates Samantha B. Epstein, Danielle M. Pasquariello, Robyn A. Pellegrino and Cristina M. Riggio. Cove is a New York City-based owner, operator and developer of innovative institutional grade commercial real estate.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.