We represented a financial services company in connection with a $35.1 million construction loan for the development of a 122-unit, 486 bed student housing apartment community near the University of South Carolina in Columbia, South Carolina.
$35 Million Financing for Apartment Community Development
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Representation of NN, Inc. (NASDAQ: NNBR) in a new financing with J.P. Morgan, funds managed by Oaktree Capital Management, L.P., and investment funds managed by Morgan Stanley Tactical Value providing a $50 million asset-based credit line (ABL), a 5.5-year $150 million term loan, and a $65 million preferred stock issuance, respectively. Proceeds from the transaction will be used to repay the current principal balance of $70 million on its term loans due in 2022, to redeem its current $100 million outstanding preferred stock, prior to the increase in redemption premium at March 31, 2021, and pay off its fixed interest rate swap of $14 million. The transaction enables the company to strengthen its balance sheet by extending its capital structure’s maturity at an attractive blended cost of capital, allowing the company financial flexibility to continue its current business transformation efforts.
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Represented Maslow Development Inc. in connection with the acquisition and future development of 15 acres of land in Memphis, Tennessee
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Throughout 2019 and 2020, represented a self-storage developer in connection with the sale of its interest in 13 self-storage facilities in seven states in a series of transactions with a total transaction value of over $260 million