Hunton & Williams LLP Represents World-Wide Group in Construction Financing of Long Island City High-Rise Rental Building

Time 2 Minute Read
October 2, 2013
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NEW YORK — October 2, 2013 — Hunton & Williams LLP advised real estate developer World-Wide Group in its approximately $110 million construction financing of a real estate project located at 41-42 24th Street, between 41st Avenue and 42nd Road, in Long Island City, Queens, New York. The project will be developed and constructed into a high-rise building containing about 421 residential rental units, roughly 8,700 rentable square feet of retail space and a parking garage.

The financing, which was provided by German lender, Landesbank Hessen-Thüringen Girozentrale, closed on September 25, 2013. The World-Wide Group, which has developed more than $3 billion worth of luxury residential properties in Manhattan, also partnered with Rabina Properties and Cammeby's International Group in the project.

The Hunton & Williams team was led by real estate partner, Laurie Grasso, in New York and includes senior attorney, Susan Saslow. The World-Wide Group was also advised by mortgage brokers Andrew Singer and Kathleen McSharry of Singer & Bassuk.

"We are proud to represent our long-standing client, World-Wide, in this development project in Long Island City. Our client seized upon this great opportunity in Long Island City by buying the site last year, which was a stalled project by a previous developer, and waiting for the right time to develop the site in a prime Long Island City location," said Grasso.

About Hunton & Williams LLP

Hunton & Williams LLP provides legal services to corporations, financial institutions, govern-ments and individuals, as well as to a broad array of other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 800 lawyers serving clients in 100 countries from 19 offices around the world. Our practice has a strong industry focus on energy, financial services and life sciences, and our experience extends to practice areas including bankruptcy and creditors' rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, regulatory law, products liability, and privacy and data security.

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Lisa Franz
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Jeremy Heallen
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mediarelations@HuntonAK.com

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