Clifford Chance

Clifford Chance Advises Greystone on First-Time Healthcare CRE CLO Transaction

International law firm Clifford Chance advised Greystone & Co. and related entities in the establishment of a US$300 million CRE CLO transaction by a Greystone-managed fund and Greystone affiliates. The transaction, which closed on September 21, 2018, is the first-ever CRE CLO backed exclusively by commercial real estate ("CRE") bridge loans backed by first lien mortgages on healthcare facilities, including skilled nursing facilities, assisted living facilities and senior living facilities.

The CRE CLO issuer uses a managed structure with a three-year reinvestment period. Greystone Bridge Lending Fund Manager LLC is the collateral manager for reinvestment, and a Greystone Servicing Corporation is the servicer and special servicer.

Led by Capital Markets partner Steven Kolyer, the Clifford Chance team included Louis Vitale, Marc Gold, Michael Sweeney, Jake Makar and Simon Panitz, together with Tax partner David Moldenhauer and associate Rebecca Pereira and ERISA counsel Paul Koppel and associate Atul Jain.

The Greystone CRE CLO represents continued leadership by Clifford Chance in the growing US CRE CLO market, in which the Firm has represented clients in more than US$6 billion of new transactions over the past year.