Samuel Zaretsky

Joint Ventures

• TPG Real Estate on its joint venture with Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, in which TPG acquired majority stake in three stabilized hyperscale data centers in Northern Virginia and the related financing thereof. The three hyperscale data centers were contributed to the joint venture at an aggregate value of $1.5 billion.
• Equity Residential on its $1.9 billion strategic partnership with Toll Brothers Inc. to acquire and develop new rental apartment communities in key U.S. markets. 
• A U.S. real estate company on its $2 billion programmatic joint venture to acquire, develop and manage industrial assets located throughout the U.S.
• U.S. private equity investor in its co-GP joint venture with a multifamily rental operator to acquire and manage a multifamily apartment complex located in Brooklyn, New York.
• Sovereign wealth fund on the formation of a $233 million programmatic joint venture with a U.S. sponsor to acquire active adult assets located throughout the U.S.
• U.S. private equity fund on its joint venture for the ~$1.5 billion development of a multiphase mixed-use project.
• Sovereign wealth fund on its joint venture and construction loan financing for the $400 million development of a multifamily apartment complex located in Washington, D.C.
• U.S. private equity fund with the formation of a programmatic joint venture for the acquisition and repositioning of single family rental homes located throughout the U.S.

Financings

• Brookfield on securing a $1.88 billion refinancing for the Atlantis hotel resort and casino located in the Bahamas.
• $260.5 million of mortgage financing on nine industrial properties located throughout the US.
• An affiliate of El-Ad Group in connection with obtaining $403.4 million of first mortgage and mezzanine financing to fund its $510 million take-private acquisition of Agellan. Commercial Real Estate Investment Trust, a Canadian-listed REIT that owns 44 North American industrial and suburban office properties and its subsequent $434 million first mortgage and mezzanine refinancing. Kirkland also advised El-Ad Group on U.S. considerations with respect to the take-private transaction.
• U.S. private equity fund on its $163.7 million first mortgage construction financing for a 42-story ground-up multifamily high rise located in Jersey City, New Jersey.
• $3.3 billion of revolving credit facilities with Single Family Residential.
• REIT as borrower in $220 million first mortgage financing secured by four logistics centers in the U.S.
• Qualified Opportunity Zones (QOZ) construction loans:
  
  • $96.425 million for a 457-unit, 22-story apartment building located in West Palm Beach, Florida.
  • $102 million for a 312-unit, 11-story apartment building located in Washington, D.C.
  • $120 million for a 375-unit multifamily apartment building project with retail space located in San Pedro, California.
  • ~$51.4 million for a 270-unit ground-up multifamily apartment high rise with ground floor retail space located in Nashville, Tennessee.
  • $51 million for a ground-up development for a multi-tenant mixed-used building consisting of a public charter school, office space and ground floor retail in Bronx, New York.
  • $34 million for a 342-unit Class A multifamily apartment building located in Travis County, Texas.

Acquisitions

• Sovereign wealth fund on its acquisition of a 44.5% limited partnership interest in a vehicle that owns and operates seven multifamily assets located throughout the U.S. with a gross asset value of approx. $692 million.
• U.S. private equity fund on its forward-acquisition of a to-be-developed industrial warehouse facility located in Georgia.
• U.S. private equity fund on its forward-acquisition of a to-be-developed trailer lot located in Georgia.
• U.S. private equity fund in connection with its $28.5 million acquisition of a mortgage loan encumbering an operating franchised hotel property located in Myrtle Beach, South Carolina, together with (which occurred simultaneously) its loan modification.
• Le Tote, a venture-backed fashion rental subscription service, in its acquisition of Lord + Taylor from Hudson’s Bay Company.
• U.S. private equity fund in connection with its acquisition of an indirect interest in an office building located in Boca Raton, Florida with an asset value of approximately $92.5 million, together with the negotiation of loan documents for a first mortgage financing secured by the building and the negotiation of a joint venture agreement with one of the existing indirect owners of the building.

Sales

• $230 million sale of three multifamily properties (two located in Texas and one located in Tennessee).
• $90 million sale of a multifamily property located in Colorado.
• $1.14 billion sale of 26 multifamily assets located throughout the U.S.
• $835 million sale of 16 multifamily assets located throughout the U.S.
• U.S. private equity fund in connection with its $582 million sale of 11 multifamily assets located throughout Texas.
• $528 (CAD) million sale of a Canadian real estate private equity investment company to a Canadian real estate private equity investment company.
• U.S. private equity fund in connection with its $393 million sale of 6 multifamily assets located throughout the U.S.
• $610 million sale of the 1 Hotel South Beach in Miami Beach, Florida.
• Sale of equity interest in a holding company of mixed-use multifamily properties located in California, New York and Hawaii (such properties having a combined asset value of approximately $1.87 billion).
• $1.11 billion disposition of industrial property portfolio.
• U.S. private equity fund in connection with its sale of an industrial facility located in Texas.
• $30.75 million REIT share sale of a multifamily asset located in Everett, Washington.

Mergers & Acquisitions and Restructurings

• McDonald’s in its sale of Dynamic Yield to Mastercard.
• McDonald’s in its sale of McDTech Labs to IBM.
• Yucaipa Acquisition Corporation in its $3.2 billion combination with SIGNA Sports United.
• Le Tote, Inc., Lord & Taylor LLC, and their affiliates in their Chapter 11 cases filed in the U.S. Bankruptcy Court for the Eastern District of Virginia. Le Tote, a venture-backed fashion rental subscription service, acquired the 193-year-old department store chain Lord + Taylor from Hudson’s Bay Company in late 2019. The effect of the COVID-19 pandemic, combined with the secular decline in traditional retail, significantly constrained the company’s liquidity. The company used the Chapter 11 process to pursue value-maximizing transactions for both the Le Tote and Lord + Taylor businesses.
• J.C. Penney Company, Inc. and its affiliate entities in their Chapter 11 reorganization including the sale, to Simon Property Group and Brookfield Property Group, of the company’s operating business with roughly 650 owned and leased go-forward retail locations and 11 owned and leased distribution centers, as well as the formation of an OpCo/PropCo structure with 160 of the retail locations and 6 of the distribution centers being transferred to the company’s first lien creditors and leased back to the emerged operating company.

Summer Associate, Kirkland & Ellis LLP, 2016