What Was at Stake
A real estate developer engaged Blackstone to structure the acquisition, financing, and entitlement of 18 acres in Manhattan's West Side. The project involved a condominium tower, a Class-A office building, and ground-floor retail — each requiring separate financing stacks, ownership structures, and regulatory approvals. Over 30 lenders, equity partners, and city agencies had to be aligned under a single master closing timeline.
How We Approached It
Elena Vasquez designed a bespoke waterfall ownership structure using a series of SPE entities with cross-default protections tailored to each capital tranche. She simultaneously managed the ULURP zoning process, negotiated 421-a tax abatement terms with the City, and coordinated 12 sequential closings — each contingent on the preceding — across a 14-month timeline using a master conditions matrix.
What We Achieved
All 12 closings completed on schedule with no material defaults. The $1.1B financing package was assembled at a blended rate 38 basis points below comparable market transactions. The development received all required zoning variances, and construction broke ground within 30 days of final closing.