Shearman & Sterling represented Deutsche Bank AG New York Branch, as administrative agent, in $300 million in senior unsecured credit facilities for Summit Hotel Properties Inc., a hospitality REIT which owns of a portfolio of 94 hotels located in 24 states. The credit facilities included a $225 million revolving credit facility and a $75 million term loan, which were syndicated to a group of bank lenders.

The Shearman & Sterling team included partner Malcolm Montgomery (New York-Real Estate) and associate Matthew Stoller (New York-Real Estate).

Paul Hastings LLP represented Ultima Hospitality, a Chicago-based real estate investment and hospitality management group, on the $125 million acquisition of the Westin San Francisco Airport and the Aloft San Francisco Airport. The adjoining hotels are located next to the San Francisco International Airport – one of the world's busiest travel hubs – and 20 minutes from downtown San Francisco. The firm also handled the related $100 million financing from Blackstone.

Clifford Chance advised Bank of America Merrill Lynch and Deutsche Bank AG on the third CMBS transaction for GAGFAH in 2013. The proceeds from a bond issue in a total volume of almost EUR 700 million by the special purpose vehicle German Residential Funding 2013-2 Limited were used for refinancing a real estate loan granted to the Nileg Group, which is part of the GAGFAH Group. The bond is collateralized by residential real estate in northern Germany.

Global law firm Baker & McKenzie advised SOZIALBAU Group on the issuance of a secured bond through its group company WOFIN Wohnungsfinanzierungs GmbH in accordance with the Trustees Act. Erste Group Bank AG acted as the lead manager and arranger of the issuance, which was listed for trading at the Third Market of the Vienna Stock Exchange on October 7, 2013.

The Milan office of global law firm Eversheds has advised UniCredit S.p.A. and a syndicate of banks, including Release S.p.A., Banco Popolare S.C., Banca Popolare di Milano S.C.a R.L., Banca Popolare dell’Emilia Romagna Società Cooperativa, GE Capital Interbanca S.p.A. and Unipol Banca S.p.A., on the sale of the Setai Fifth Avenue Hotel and Residences in Manhattan, New York, to Pacific Fifth Avenue Corporation (Langham Group).

Chicago, USA, October 4, 2013 – Baker & McKenzie represented 1500 K Street LLC in the $77 million refinancing of an office building located at 1500 K Street NW in Washington, D.C. Baker & McKenzie acted as counsel for the borrower in connection with this financing.

Jones Day represented Wells Fargo Bank, National Association, as administrative agent, in connection with a $104 million senior secured term loan for two hotels in Arlington, Virginia.

For additional information about this matter, please contact: Robert L. Gibney Jr.
Client(s): Wells Fargo Bank, National Association
Practice(s): Banking & Finance
Office(s): San Francisco, Cleveland

DLA Piper and Nabarro have acted on a £150 million senior debt portfolio financing by Cornerstone Real Estate Advisers with investor and developer UK & European Investments. The portfolio consists of six properties in central London and the south east.

Ashurst has advised French commercial bank Société Générale S.A. and real estate fund manager AXA Real Estate Investment Managers SGP ("AXA REIM") on the refinancing of two real estate portfolios owned by subsidiaries of Deutsche Annington SE. The portfolios, known in the market under the names of "Hoover" und "Adams", comprising approx. 4,700 and 2,600 units respectively, are two out of a total of 18 portfolios of Deutsche Annington SE's so-called "GRAND" real estate portfolio.

International law firm Stephenson Harwood's real estate finance team has advised on the financing aspects of three key developments. Stephenson Harwood LLP acted Deutsche Hypo and HSBC Bank plc in relation to the £44.25 million financing of the acquisition of 43-48 Dover Street by Dover Street Investments Unit Trust, an investment entity owned by an affiliate of Crosstree Real Estate Partners LLP.