Greenberg Traurig’s real estate practice closed on a $1.75 billion refinancing of San Francisco’s Parkmerced on behalf of owner Maximus Real Estate Partners.
The financing included a $1.5 billion mortgage loan from Barclays Capital Real Estate and Citigroup Global Markets Realty and a $275 million mezzanine loan from AIMCO.
“We were pleased to advise and assist our long-time client Maximus on this refinancing. Parkmerced is an iconic development and we are excited to be part of a project that is key to the local community and that will serve the global aim of developing sustainable urban living,” said Stephen L. Rabinowitz, managing shareholder of the law firm’s New York office and chair of the office’s Real Estate Practice, who led the Greenberg Traurig team.
The refinancing clears the way for financing the first phase of a long-term revitalization and development that will bring 5,600 new units to Parkmerced.