As seen in Law360, by By Andrew McIntyre
Morrison & Foerster LLPrepresented Canadian Imperial Bank of Commerce in its $81 million loan for a Korman Communities New York residential property, a deal Kriss & Feuerstein LLP worked on as counsel to the borrower.
Public records filed in New York on Monday show the financing is for 234 E. 46th Street, known as AKA United Nations. The property includes 95 one-bedroom residences.
“AKA United Nations luxury serviced residences are superbly situated on East 46th Street, in Manhattan’s historic and residential Turtle Bay neighborhood,” the property’s website states.
“It is centered between the distinctive United Nations headquarters complex to the east and the vibrant midtown business district surrounding Grand Central Terminal to the west.”
Korman Communities, based 15 miles north of Philadelphia in Plymouth Meeting, Pennsylvania, couldn’t be immediately reached for comment on Tuesday.
The New York property is one of Korman’s five serviced residence properties in the city. Korman also has serviced residence properties in Philadelphia, Washington, D.C., Beverly Hills and London, according to its website.
“The next generation of luxury accommodations, by Korman Communities. … AKA furnished residences allow you to fulfill your unique lifestyle needs without the challenges of ownership,” Korman’s website states.
“More space, a fully equipped kitchen, flexible lease terms and a life style program that enhances your experience whenever you are in residence with us.”
Canadian Imperial Bank of Commerce couldn’t be immediately reached for comment on Tuesday.
Korman was founded in 1909, and has developed more than 30,000 single-family homes as well as 12,000 townhomes and apartments.
The firm says on its website it came up with its fully-furnished apartment concept 40 years ago.
The borrower is 234 East 46th Street Property Owner LLC, according to mortgage documents.
Counsel couldn’t be immediately reached for comment on Tuesday.
Shares in CIBC were down a fraction of a percent Tuesday afternoon. Shares are off 3 percent thus far this year.
The lender is represented by Guy W. McPherson of Morrison & Foerster LLP.
The borrower is represented by Matthew Klein of Kriss & Feuerstein LLP.