Milbank LLP advised the joint venture among The Witkoff Group, Access Industries and Monroe Capital in connection with the joint venture’s acquisition of the defaulted mortgage and mezzanine loans secured by “The XI” luxury condominium, hotel and retail project located at 76 Eleventh Avenue in New York, NY, the financing of such acquisition in a “loan-on-loan” financing made by two leading financial institutions, the UCC foreclosure of the defaulted mezzanine loan used to acquire title to the project and a new construction and mezzanine loan financing by two leading financial institutions to refinance their “loan-on-loan” and allow for the completion of construction of the project. The property is a 900,000-square-foot mixed-used project designed by architect Bjarke Ingels and located along the High Line.
The Milbank deal team was led by Real Estate partner Kevin O’Shea and associates Jeffrey Horowitz, Collin Peck, and Matthew Freifeld, with support from Financial Restructuring partner Mark Shinderman, and Global Litigation & Arbitration partner Dan Perry and associate Benjamin Reed.
