Construction Finance

"A very talented team of lawyers - particularly on the development side." - Chambers USA

Our commercial real estate finance practice also extends to construction lending.  We regularly represent lenders in the origination and syndication of complex construction loans throughout the United States.  We have handled many high profile construction loans in New York – including the concomitant statutory idiosyncrasies – and are fully conversant in “ins” and “outs” required to successfully navigate such structures.  In addition, we have  handled many construction loans with A/B structures and mezzanine components. Our experience in construction financing also encompasses expertise in Historic Tax credit structures, condominium structures, air rights, 421-a tax benefits and inclusionary housing benefits.  As sophisticated and complex structures evolve and arise, Cadwalader is positioned to be at the forefront of these transactions, playing a leading role in solving complex issues for our clients and shepherding these matters to a successful closing.

  • Aa major international financial institution as agent in the restructuring of a $250 million syndicated construction loan on a condominium project known as The Carlyle on Wilshire in Los Angeles.
  • A real estate subsidiary of a major international bank holding company in both a modification on a loan on the Langham Hotel in Boston, as well as on an amendment of a $91.5 million construction loan secured by the Westin Hotel in Jersey City, New Jersey.
  • A major U.S. banking subsidiary of a major international bank holding company, as agent for itself and co-lenders, in working out by loan modification, foreclosure or deed in lieu thereof of five major condominium construction loans in South Florida, Virginia and Maryland involving total exposure of more than $1.5 billion.
  • A major U.S. banking subsidiary of a major international bank holding company, as agent for itself and co-lenders, in working out by loan modification, foreclosure or deed in lieu thereof, a major land assemblage loan for property to be developed in midtown Manhattan.
  • A consortium of major institutional investors in connection with a purchase bid on a portfolio of non-performing construction mortgage loans involving numerous states in the principal amount of approximately $4.7 billion.
  • A lender in a $173 million construction financing for a mixed use project (including hotel, residential condominiums, retail space and marina).
  • Numerous institutions in the origination of construction loans and construction/permanent loans, including Amalgamated Bank, Bank of America, Capital Corporation of America, Capital Lease Funding, HypoVereinsbank, Bank of New York, HSBC, Nippon Bank, and Toyo Bank. 
  • Wachovia in a $300 million master repurchase facility contemplating the purchase of  whole loans, junior interests, mezzanine loans, mezzanine participation interests, bridge loans, construction loans, CMBS and preferred equity.
  • HSBC Bank USA and Credit Suisse on the acquisition and renovation/conversion loan for the Plaza Hotel in New York City (including small 5-diamond hotel, 135 residential hotel condo units, 186 residential units, health club unit and retail unit).
  • Hypo Real Estate Capital LLC (formerly HypoVereinsbank) in connection with a $474 million construction loan for ground up construction of a multi-use project containing approximately 880,000 rentable square feet of office space located at 731 Lexington Avenue, New York, New York, structured as three commercial condominiums (office, retail and residential).
  • Hypo Real Estate Capital LLC in connection with a $60 million acquisition and renovation loan involving acquisition of the property located at 1200 Fifth Avenue, New York, New York and the renovation of vacant and de-regulated residential units containing not less than 60,500 saleable square feet and portions of the common areas in the building .
  • HSBC Bank USA in connection with a $107 million construction loan for the ground up construction of a 34-story residential condominium project located at 16-20 West 48th Street, New York, New York.
  • HSBC Bank USA in connection with a $126 million construction loan for the ground up construction of a 42-story residential condominium project, containing approximately 208,015 gross saleable square feet of residential condominium space and 265,295 gross square feet of commercial space located at 310 West 52nd Street, New York, New York.
  • HSBC Bank USA in connection with a $64 million construction loan for a 33-story residential luxury rental building, containing approximately 230,607 square feet of gross building area , consisting of 227 residential rental units (including 13 inclusionary housing units set aside for lower income housing), 17,065 square feet of retail space and a parking garage, located at 100 West 26th Street, New York, New York.
  • HSBC Bank USA in connection with a $40 million construction loan for ground up construction of a residential condominium project comprised of two twelve-story buildings, consisting of approximately 97,164 net saleable square feet of residential condominium space and 13,073 gross square feet of the below-grade garage space at 151 West 17th Street, New York, New York.
  • HSBC Bank USA in connection with a $64 million construction loan for ground up construction of 13-story residential condominium building and gut renovation of six-story residential condominium building located at 256-259 West Street and 416-424 Washington Street, New York, New York.

5 Attorneys

Altschuler, Fredric L. Senior Counsel New York
T. +1 212 504 6525
Anglin, Michael S. Special Counsel New York
T. +1 212 504 5657
Cross, Jeremy Partner London
T. +44 (0) 20 7170 8530
Herman, Steven M. Partner New York
T. +1 212 504 6054
McInerney, William P. Partner New York
T. +1 212 504 6118

Contact(s)

William P. McInerney
+1 212 504 6118 
william.mcinerney@cwt.com
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