Pryor Cashman Aids Shanghai Commercial Bank in Multimillion-Dollar Real Estate Restructuring
Pryor Cashman represented Shanghai Commercial Bank Ltd., New York Branch in connection with the workout and restructuring of a $60 million construction loan facility granted to the owners of the property located at 335 West 35th Street, New York, New York. The transaction, which closed on November 24, 2020, will provide additional financing for the renovation and conversion of the existing commercial building, located in Manhattan’s garment center, into a 12-story mixed-use residential condominium. The project is expected to be completed in the summer of 2021.
Representing Shanghai Commercial Bank on the transaction were partners Ronald Beacher (Bankruptcy, Reorganization & Creditors’ Rights) and Danielle Schechner (Real Estate), counsel Ari Tran (Real Estate), and associates Ari Buchen (Real Estate) and Michael Kumar (admission pending).
