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
- Carol McCoog Assumes NABL President-Elect Position
Carol McCoog has been elected President-elect of the National Association of Bond Lawyers (NABL). - SEC Actions – Rule 15c2-12 Limited Offering Exemption
This Advisory examines how, for the first time, the SEC has brought charges against underwriters who fail to meet the legal requirements of the limited offering exemption provided by Rule 15c2-12 in connection with offerings of municipal securities. - Federal Legislation Moves SOFR Closer
This edition of the Hawkins Advisory discusses the recent federal legislation signed into law on March 15, 2022. - Final Treasury Reissuance Regulations Addressing Modifications of Debt Instruments to Replace IBORs
This edition of the Hawkins Advisory describes recently released final Treasury Regulations providing guidance in connection with the discontinued Interbank Offered Rates.