Eversheds Italy advises UniCredit and syndicate of banks on sale of Fifth Avenue hotel

The Milan office of global law firm Eversheds has advised UniCredit S.p.A. and a syndicate of banks, including Release S.p.A., Banco Popolare S.C., Banca Popolare di Milano S.C.a R.L., Banca Popolare dell’Emilia Romagna Società Cooperativa, GE Capital Interbanca S.p.A. and Unipol Banca S.p.A., on the sale of the Setai Fifth Avenue Hotel and Residences in Manhattan, New York, to Pacific Fifth Avenue Corporation (Langham Group).

The Setai Fifth Avenue Hotel and Residences is a skyscraper constructed by 400 Fifth Realty LLC (Bizzi & Partners Group) and financed by a pool of Italian banks via a mix of senior and junior debt.

The Eversheds team was led by partner Marco Franzini, and associate Charlie Wright and in collaboration with US law firm, Blank Rome LLP.

Eversheds advised on the financing repayments between the banks and the contractor borrower, 400 Fifth Realty LLC.

Marco Franzini said:

“Fifth Avenue is one of the most iconic avenues in the world and the Setai Fifth Avenue Hotel was a great investment for our client. We worked alongside UniCredit and the banks to ensure that this deal, an important milestone in the overall financing of the project, completed seamlessly.”