We advised RXR on intercreditor matters

Davis Polk advised affiliates of RXR Realty LLC in connection with intercreditor matters related to its mezzanine loan to an affiliate of Cymbal DLT Companies. The proceeds of the mezzanine loan will be used to refinance an existing construction loan secured by a multifamily development located in Miami Gardens, Florida, known as Laguna Gardens. Affiliates of Apollo Global Management also provided a mortgage loan to Cymbal in connection with the loan closing. The total financing value from RXR and Apollo is $114 million.

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 City, 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 Jaclyn Katz. All members of the Davis Polk team are based in the New York office.

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