We advised affiliates of RXR Realty on the construction financing

Davis Polk advised affiliates of RXR Realty LLC in obtaining approximately $131 million in mortgage loan construction financing provided by Capital One, National Association. The proceeds will be used to finance the first tower of a multi-tower development at 26 South Division Street, New Rochelle, New York, including an approximate 432,902 gross square foot Class A mixed use complex consisting of 28 stories of approximately 352 luxury residential rental units, approximately 12,530 square feet of rentable retail space and approximately 330 parking spaces.

RXR is one of the largest owners, managers and developers in the New York Tri-State area with an operating platform managing 75 commercial real estate properties and investments (including 450 Lexington, New York, New York) comprising approximately 25.5 million square feet with an aggregate gross asset value of approximately $20.5 billion and a residential development pipeline of approximately 6,100 units under operation or development.

The Davis Polk real estate team included partner Brian S. Lichter and associate Gregory D. Crane. Partner Po Sit and associate Lex L. Varga provided tax advice. Counsel Charles Shi provided executive compensation and ERISA advice. All members of the Davis Polk team are based in the New York office.

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