Kevin O'Shea

Milbank LLP represented a joint venture among The Witkoff Group, Monroe Capital and Access Industries in connection with two separate loans to refinance existing construction financing on One High Line, the venture’s luxury residential condominium development located along the High Line in Chelsea. The first loan, which consists of both mortgage and mezzanine financing, was made by Ares Management and JPMorgan and is secured by the remaining inventory of unsold residential condominium units and commercial office and retail space at the project. The second loan, which also consists of mortgage and mezzanine financing, was made solely by Ares Management and is secured by the ultra-luxury Faena Hotel located in the East tower of the Bjork Engels-designed dual twisted towers. Milbank previously advised the venture on: its 2019 acquisition of the defaulted mortgage and mezzanine construction loans for this project from London-based hedge fund TCI, the acquisition financing from JPMorgan to buy those loans, which financing then converted into new mortgage and mezzanine financing to finance the venture’s completion of the project once they became the successful bidder at the UCC foreclosure of that defaulted mezzanine debt, and the $1.2 billion mortgage and mezzanine refinancing provided by JPMorgan and Tyko Capital in 2024. The two loans refinance the existing debt on the project and allow for the completion of remaining work and the separate financing of the successful residential and hotel components comprising the project. The Milbank deal team was led by Real Estate consulting partner Kevin O’Shea, along with associates Matthew Freifeld, Sylvia Rosner and Daniel Acosta.

Feb 9

1 min

Milbank Real Estate Group Recognized in Chambers USA 2025~~Milbank LLP has once again been recognized in the Chambers USA 2025 New York table for its outstanding work in Real Estate: Mainly Corporate & Finance. The firm continues to receive consistent global recognition for its exceptional legal work by Chambers. Chambers USA ranks leading law firms and attorneys based on in-depth analysis by a team of experienced researchers and provides objective guidance on an international scale. In addition to the Real Estate group’s ranking, the following Milbank attorneys in the practice were ranked as leaders in their field: Erwin Dweck (Partner and Practice Group Leader): Real Estate: Finance – New York (Band 2), 14 years ranked. Clients say that "Erwin Dweck is great at cutting through complex issues and giving commercially sound advice." Kevin O’Shea (Consulting Partner): Real Estate: Finance – New York (Senior Statespeople), 16 years ranked. Interviewees note that "Kevin O'Shea is a great lawyer." "He is a fantastic and smart negotiator who understands issues that matter." Yaakov Sheinfeld (Partner): Real Estate: Finance – New York (Band 3), 12 years ranked. Sources state that "Yaakov Sheinfeld is truly fantastic, very solutions-oriented and technical." "He can grasp complex and fast-moving issues" and "he is highly sophisticated and a driver of deals." Jonathan Karl (Partner): Real Estate: Finance – New York (Up and Coming), 2 years ranked. Clients are impressed with his work, noting that "Jonathan Karl is a really sharp lawyer." Chambers USA 2025 notes that interviewees describe Milbank’s Real Estate practice as "very client focused" with lawyers who are "intellectual powerhouses."  The team "has tremendous commercial acumen, as well as a deep bench of talent," and "Milbank is always mindful of commercial and business issues."

Jun 5

1 min

Milbank LLP advised a joint venture between subsidiaries of Monroe Capital LLC and The Witkoff Group LLC, as borrower, in the origination of a $430 million construction loan from JPMorgan Chase to finance a Miami luxury condominium and hotel development in Miami Beach, Florida, known as The Shore Club. The construction loan is the largest in Florida this year and will fund construction of the Shore Club Private Collection, a combination of high-end condominiums designed by architect Robert AM Stern and an Auberge Hotel and spa on a three-acre oceanfront plot in South Beach. The Milbank deal team was led by Real Estate partner Kevin O’Shea with support from associates Matthew Freifeld and Sylvia Rosner.

Jul 24

1 min

Milbank LLP advised The Cordish Companies (“Cordish”) in connection with the definitive agreement for the sale-leaseback of the real estate assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh to Gaming and Leisure Properties, Inc. (“GLPI”) for an aggregate purchase price of approximately $1.81 billion. The Maryland transaction is expected to close by year-end and the Pennsylvania transactions are expected to close in early-2022, subject to required regulatory approvals and the satisfaction of other customary closing conditions. The Milbank deal team was led by Real Estate partner Kevin O'Shea, with support from Real Estate associates Kieran Murphy, Nicole King and Christina Wing, Global Corporate partner Casey T. Fleck, and Tax partner Russell J. Kestenbaum and associate Archan J. Hazra.

Dec 8

1 min

Milbank LLP represented a joint venture among the Witkoff Group, Monroe Capital and Access Industries in connection with the $1.2 billion refinancing of the joint venture’s construction loan from JPMorgan with new mortgage financing from JPMorgan and new mezzanine financing from TYKO Capital, an affiliate of Elliott Management. The refinancing will provide funding for the final completion of the luxury residential condominium located in the New York City neighborhood of West Chelsea known as “One High Line,” as well as for the completion of the 120-key ultra-luxury Faena hotel located within the project and scheduled to open in 2025. The refinancing also permits the joint venture to capitalize on the vibrant sales that have taken place at One High Line since closings began about a year ago. One High Line stands as the best-selling property in New York City by total value and spans 750,000 net square feet, set across two towers and a five-story commercial building. The development covers an entire city block in one of New York City’s most sought-after neighborhoods. “This refinancing was one of the largest in the 2024 market and reflects the value of strong sponsorship, a well-positioned asset, a best-in-class developer, and creative financing partners,” said Milbank’s Real Estate partner Kevin O’Shea. “We are delighted to continue to advise the sponsors on One High Line, beginning in 2021 with the acquisition of the defaulted debt, the completion of a public UCC foreclosure, the initial senior and mezzanine construction financing, and now this refinancing." The Milbank deal team was led by Real Estate partner Kevin O’Shea, along with associates Matthew Freifeld, Shannon Mis-Marzano, and Joe Powers.

Aug 21

1 min