LP Represents Waterton Associates in Purchase of Presidential Towers in Chicago’s West Loop
March 15, 2017
CHICAGO – Levenfeld Pearlstein LLC is pleased to have served as legal counsel to Waterton Associates LLC, a Chicago-based real estate investment and advisory firm, and its affiliates, on their recent acquisition of Presidential Towers. The acquisition is believed to be one of the largest single-property real estate transactions in Chicago history. The property consists of four 50-story towers covering nearly six acres, and contains 2,346 apartments, a five-story parking garage and more than 100,000 square feet of commercial space. The transaction involved a large senior debt facility furnished by Bank of America.
David B. Berzon and Brian Kozminski, the former and current chairs of Levenfeld Pearlstein’s Real Estate & Finance Practice Group, acted as lead counsel on the deal. Additional members of the firm’s legal team that were involved in the transaction included partner Jason P. Neumark, who led the finance team on the Bank of America deal; partner Peter F. Donati, who handled employment matters associated with the transaction; partner Michael J. Tuchman, who presided over tax matters and structuring; and of counsel Gabriel J. Minc, who handled ERISA issues.
“We are very pleased to have assisted Waterton in the acquisition of this significant piece of Chicago real estate,” said Mr. Berzon. “We were honored to be selected as part of the team to handle this landmark deal.”
Levenfeld Pearlstein’s Real Estate & Finance Practice Group provides clients with a broad range of legal proficiency, experience and practical knowledge in all facets of commercial real estate transactions. It represents a wide range of clients throughout the United States who are involved in development, construction, investment, debt and equity financing, leasing and specialized tax and ownership structuring of industrial facilities, hotels, golf courses, manufactured housing communities, retail shopping centers, complex condominium projects, and multifamily housing (rental and for-sale).