Cole Schotz Represents Cove Property Group in $724m Refinancing of Hudson Commons

Leo V. Leyva, G. David Dean, Jordan A. Fisch, Jordan J. Metzger, Rab N. Nalavala, John Park, Samantha B. Epstein, Danielle M. Pasquariello, Robyn A. Pellegrino, and Cristina M. Riggio

November 25, 2019

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Cole Schotz P.C. represented Cove Property Group in connection with a $724.2 million financing for Hudson Commons, Cove’s 25-story, 698,000 square foot trophy office redevelopment, located at 441 Ninth Avenue, in the Hudson Yards submarket of Manhattan.

The firm represented Cove in negotiation of the construction and mezzanine loans from Parlex 1 Finance, LLC, Parlex 2A Finco, LLC and Parlex 3A Finco, LLC, affiliates of Blackstone Mortgage Trust, which refinanced the existing loans with Apollo Global Management and JPMorgan Chase. Hudson Commons is approximately 65% leased by tenants Peloton, Lyft and Brevet Capital Management. The deal closed on November 25.

The Cole Schotz team included members Leo Leyva, G. David Dean, Jordan Fisch, Jordan J. Metzger, Rab N. Nalavala and W. John Park, with support from associates Samantha B. Epstein, Danielle M. Pasquariello, Robyn A. Pellegrino and Cristina M. Riggio. Cove is a New York City-based owner, operator and developer of innovative institutional grade commercial real estate.

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