Cole Schotz Represents Invictus Real Estate Partners, LLC in a Joint Venture to Convert a Mezzanine Loan into a Preferred Equity Interest in the Mason Grey Apartments in Brooklyn
Congratulations to our client Invictus Real Estate Partners, LLC (“IREP”), which in joint venture with Lubert-Adler Partners (“L-A”) converted its $20 million mezzanine loan into an $18 million preferred equity interest in the 157-unit multifamily property known as Mason Grey Apartments, located at 959 Sterling Place, Brooklyn, New York. IREP held the mezzanine loan with L-A as its 90% participant. The venture converted the mezzanine loan to the preferred equity investment simultaneously with the refinance of the existing senior debt with a new $62,970,000 mortgage loan with Société Generale Financial Corporation. In order to make the preferred equity investment, IREP and L-A restructured their participation into a joint venture that Cole Schotz handled on behalf of IREP. The Cole Schotz team included Leo Leyva, Jordan Metzger, Roger Iorio, Samantha Epstein, and Gwendolyn Goodyear.
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. No aspect of this advertisement has been approved by the highest court in any state.
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