Creative Financing Assists the City of New York with 400,000 Square Foot Office Lease

Carter Ledyard represented firm clients Lance Capital LLC and CGA Capital Corporation in facilitating a $45 million tenant improvement loan in connection with the New York City Human Resources Administration’s 20-year lease of 400,000 square feet at 470 Vanderbilt Avenue in Brooklyn. The unique, credit-based tenant improvement loan was key to the transaction and was featured in an October 12, 2011 New York Times article entitled “Unconventional Financing Helps Deal for Brooklyn Space” and an October 13, 2011 The New York Observer article entitled “Brooklyn’s Biggest Deal Also Its Biggest Financing Challenge.”
Real estate partner Brooks S. Clark represented Lance Capital LLC and CGA Capital Corporation in the transaction.

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