Milbank LLP represented pro bono client The People's Theatre LLC, as borrower and purchaser, in connection with its acquisition of a permanent theater, rehearsal and office space in the Washington Heights and Inwood neighborhoods of Manhattan.
The transaction involved The People’s Theatre LLC’s purchase of a commercial condominium unit from an affiliate of Taconic Investment Partners LLC. Milbank’s representation included the origination and payoff of an unsecured bridge loan to fund, in part, various construction costs, as well as the negotiation of a forward purchase and sale agreement and a funding agreement with the New York City Economic Development Corporation.
The Milbank deal team was led by Real Estate partner Yaakov Sheinfeld, along with associates Bailey Vincent and Shannon Hardy.
