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
- 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.
- Hawkins Served as Counsel to Four Bond Buyer Deal of the Year Winning Transactions
Hawkins is proud to have served as counsel on four financings that won The Bond Buyer deal of the year award for 2020.
- Guidance from Treasury regarding USD LIBOR Phase-Out
The Hawkins Advisory discusses recently published Proposed Treasury Regulations that provide guidance as to the ability of parties to variable rate debt and other contracts that currently rely on LIBOR as an interest rate benchmark to alter the documents for these transactions for the purpose of incorporating interest rates reflective of other reference rates. The Advisory also reviews the status of other regulatory efforts to prepare the capital markets to transition from broad reliance upon LIBOR.