In The Real Deal’s recently published list of Manhattan’s top ten October real estate loans, two transactions led by Pillsbury’s New York real estate team were identified among the month’s largest. The firm advised Pacific Eagle Holdings on a $119 million loan to refinance a 60-floor building at 400 Fifth Avenue and helped Daishin Securities secure a $100 million loan to acquire the property at 400 Madison Avenue.
On behalf of San Francisco-based Pacific Eagle, the U.S. branch of Hong Kong’s Great Eagle Holdings, Pillsbury negotiated the $119 million loan from Mizuho Bank to replace an existing mortgage for The Langham, New York. The building, located at 400 Fifth Avenue, contains 214 hotel rooms and associated retail, hotel and restaurant amenities. The matter was led by Pillsbury partner Andrew Weiner (who represented Pacific Eagle in the acquisition of the hotel in 2013) with assistance from associate Thomas Margiano and paralegal Jasmine Gurreri.
Meanwhile, an affiliate of Korean investment bank Daishin Securities turned to Pillsbury for its $194.5 million acquisition of the landmark 22-story commercial property at 400 Madison Avenue. The transactions included a $100 million loan from Midland National Life Insurance Company. Pillsbury partners Caroline Harcourt and Paul Shapses co-led the legal team advising Daishin on the deal. Associates Christian Scarlett, Christopher Fennell and Alexander Walker and paralegal Jasmine Gurreri were also heavily involved.
“Pillsbury’s talented New York-based real estate team has the experience and knowledge necessary to help clients execute even the most complex property transactions and real estate finance deals,” said Harcourt. “Our frequent involvement in prominent real estate matters for noteworthy clients like Daishin and Pacific Eagle is a testament to that fact, and we greatly appreciate the opportunity to successfully conclude high-profile transactions such as these on their behalf.”