A team of Goodwin Procter attorneys recently advised client AvalonBay Communities, Inc. in closing a $300 million variable rate unsecured term loan with Wells Fargo Bank, National Association, as Administrative Agent and a bank; PNC Bank, National Association, as Syndication Agent and a bank; and a syndicate of other financial institutions, serving as banks.
AvalonBay may request an increase of the total loan amount by an additional $200 million to an aggregate principal amount of $500 million. AvalonBay develops, redevelops, acquires and manages high-quality apartment communities, owning or holding interest in more than 80,000 housing units in the Northeast, Mid-Atlantic, Pacific Northwest and Northern and Southern California regions of the United States.
In 2012, Goodwin advised AvalonBay in connection with entering into an agreement to partner with Equity Residential to acquire Archstone, Inc. for approximately $16 billion including the assumption of debt.
The Goodwin deal team for this transaction consisted of Real Estate Capital Markets partner Jim Broderick, associate Andrew Diehl, with counsel John Newell assisting on public company and opinion matters.