Rockefeller Group Receives Loan from Sumitomo Mitsui for New Development Project

Paul, Weiss represented Rockefeller Group Development Corporation in the development financing for a new residential condominium tower project in Manhattan. Sumitomo Mitsui Trust Bank Ltd. led the debt financing, with an approximately $203 million construction loan. As part of the transaction, Global Holdings Management Group made a $52.5 million preferred equity investment in the project. The Rockefeller Group is planning to build a 46-story, 632-foot condominium tower in the Madison Square North district.

The Paul, Weiss team included, among others, real estate partners Meredith Kane and Peter Fisch; tax partners David Sicular, Patrick Karsnitz and Brian Grieve and counsel Todd Hatcher; and environmental counsel William O'Brien.