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News Oct 13, 2017

Shearman & Sterling Advises SL Green and Jeff Sutton (Wharton Properties) Affiliates Joint Venture on $225 Million Mortgage Refinancing

Shearman & Sterling advised a joint venture of SL Green Realty Corp. and Jeff Sutton (Wharton Properties) affiliates on a $225 million mortgage refinancing of the joint venture’s leasehold at 650 Fifth Avenue in New York City, a Class-A office tower with prime retail space.  Financing was provided by Aareal Capital Corporation.  A portion of the loan proceeds was used to repay the existing leasehold mortgage loan also held by Aareal Capital Corporation.

The deal comes on the heels of the firm’s representation of the joint venture on an expansion of their leasehold at 650 Fifth Avenue and a simultaneous lease transaction with Nike located on Fifth Avenue's uber-exclusive retail strip.

The Shearman & Sterling team included counsel Peter Strauss (New York–Real Estate); associate Andrew Smook (New York–Real Estate); and partner Chris Smith (New York–Real Estate).