Collas Crill’s British Virgin Islands (BVI) commercial team has provided legal advice to Extell Development on a $530 million loan package to facilitate the purchase of Brooklyn Point, New York.
This is the firm's first development in Brooklyn and, at 720 feet tall, is said to be the largest food, shopping and entertainment destination under construction in the borough.
The deal included a $425 million construction loan from a consortium of banks, led by M&T Bank, and a $105 million mezzanine loan from RXR Realty.
Collas Crill’s BVI team, led by Partner Ian Montgomery, worked alongside Fried, Frank, Harris, Shriver & Jacobson (New York) and Paul Hastings (New York), all acting for Extell Development.
Collas Crill’s Jersey-based Associate, Conor Walsh, assisted on the transaction.