Fried Frank acted as counsel to JV for financing and redevelopment of 25 Water St.

Fried Frank acted as counsel to GFP Real Estate and Metro Loft Management in connection with a joint venture with Rockwood Capital and represented the venture in connection with the financing and redevelopment of 25 Water St. The partners plan to convert the 22-story, 1.1 million s/f office building into an approximately 1,300-unit luxury residential rental tower. The $535.8 million loan, which was made to the group by lenders including Apollo Commercial Real Estate Finance and MSD Partners, is the largest in U.S. history for office-to-residential conversions.

The Fried Frank team was led by real estate partner Jonathan Mechanic and included real estate partners Suzanne deVries Decker, David Karnovsky and Cyril Touchard; corporate real estate partner Steven Rudgayzer; tax partner Rick Wolfe; real estate associates Kaitlin Gottlieb, Elizabeth Lee, Loren Naftali and Julia Rozenblat; corporate real estate associates Matthew Aldana, Leenor Gold and Elliot Samuels.