The affiliate of San Francisco-based Shorenstein Co. secured a nonrecourse mortgage loan through the New York branch of Bayerische Landesbank Girozentrale, a Germany-based bank that reported assets of about $246 billion in fiscal year 2000.
"This is just the owner refinancing the existing indebtedness with a new lender," Francisco Menendez, a lawyer in the Miami offices of Stearns Weaver Miller Weissler Alhadeff & Sitterson, tells GlobeSt.com. "There was nothing unusual about it at all. It actually went very smoothly."
Menendez represented the Munich-based bank as local counsel in partnership with Joshua Stein, a partner in the New York law firm of Latham & Watkins, and associates Leigh Hellner-Cord and Kyle Hook.
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