Hawkins is nominated as Finalist for the Bond Buyer’s Deal of the Year Award
Hawkins acted as Underwriters Counsel in connection with the issuance of $650 million of Second Priority Liberty Revenue Refunding Bonds issued by New York Liberty Development Corporation to refinance the construction of the Bank of America Tower at One Bryant Park, a 51 story office building located in Times Square in New York City.
This bond financing was the first securitization to combine taxable Commercial mortgage-backed securities (CMBS) (in the amount of $650 million) and tax-exempt financing. Two loans were secured by a single mortgage incorporating priority payments with a single servicing agreement to service both loans as one. The financings achieved interest grade ratings for all of the capital stack (AAA thru BBB-) utilizing CMBS rating criteria.
The Tower was constructed in an environmentally friendly approach incorporating a grey water system, an on-site 4.6 megawatt combined cycle cogeneration plant, and green construction components. It has been recognized by numerous organizations and is the only office building in the USA with Leadership in Energy and Environmental Design (LEED) “Platinum” certification for its environmental performance and sustainability. The lead Partners that counseled on this transaction were Mr. Cohen and Mr. Lowy.
Also of Interest
- Hawkins serves as Underwriters’ Counsel in 2016 Northeast Region Deal of the Year
Hawkins Delafield & Wood LLP served as sole underwriters’ counsel on the recently completed $2.4 billion financing for LaGuardia Airport that financed the complete demolition of the existing Terminal B and reconstruction of a new replacement Terminal B.
- Hawkins serves as Underwriters’ Counsel in 2016 Southeast Region Deal of the Year
Hawkins Delafield & Wood LLP served as underwriters’ counsel in connection with the issuance of tax exempt and taxable revenue bonds by The Health and Education Facilities Board of The Metropolitan Government of Nashville and Davison County, Tennessee for the benefit of Vanderbilt University Medical Center.
- Disclosure of Third-Party Due Diligence Reports by Municipal Issuers
This edition of the Hawkins Advisory describes rules governing the required disclosures by issuers and underwriters of findings and conclusions of certain third-party due diligence reports relating to asset-backed securities. Such rules go into effect on June 15, 2015.
- Hawkins acts as Underwriters Counsel in the Largest Unrated Municipal Bond Issue in Market History
In October of 2014, the New York Liberty Development Corporation issued approximately $1.6 Billion of Liberty Revenue Bonds and Recovery Zone Bonds to finance the construction of Tower 3 of the World Trade Center – an office tower to consist of 69 floors and 2.5M rentable square feet when built.