Hunton & Williams LLP Represents World-Wide Group in Construction Financing of Long Island City High-Rise Rental Building

NEW YORK — October 2, 2013 — Hunton & Williams LLP advised real estate developer World-Wide Group in its approximately $110 million construction financing of a real estate project located at 41-42 24th Street, between 41st Avenue and 42nd Road, in Long Island City, Queens, New York. The project will be developed and constructed into a high-rise building containing about 421 residential rental units, roughly 8,700 rentable square feet of retail space and a parking garage.

The financing, which was provided by German lender, Landesbank Hessen-Thüringen Girozentrale, closed on September 25, 2013. The World-Wide Group, which has developed more than $3 billion worth of luxury residential properties in Manhattan, also partnered with Rabina Properties and Cammeby's International Group in the project.

The Hunton & Williams team was led by real estate partner, Laurie Grasso, in New York and includes senior attorney, Susan Saslow. The World-Wide Group was also advised by mortgage brokers Andrew Singer and Kathleen McSharry of Singer & Bassuk.

"We are proud to represent our long-standing client, World-Wide, in this development project in Long Island City. Our client seized upon this great opportunity in Long Island City by buying the site last year, which was a stalled project by a previous developer, and waiting for the right time to develop the site in a prime Long Island City location," said Grasso.

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