Jonathan W. Knipe

Represented Safehold, Inc. with the acquisition and simultaneous 99-year leaseback of a property located in San Diego. As part of the transaction, Safehold acted as lender to provide the ground tenant with a $31 million construction loan for the development of a project consisting of an eight-story, 259-unit multifamily property.

Represented the buyer in its acquisition, through a 1031 transaction, of a 507,000 sq. ft. warehouse triple net lease in Fort Mill, SC, subject to the assumption of an existing loan.

Represented the buyer in the acquisition, through a 1031 transaction, of a leasehold interest in a Target distribution center in Hampton, Ga. The transaction required the buyer to assume the Georgia taxable lease purchase revenue bonds to which the property was subject.

Represented a consortium of lenders in connection with the refinancing of 640 Fifth Avenue, a 300,000-square-foot mixed-use development facing Manhattan's storied Fifth Avenue retail corridor, owned by an affiliate of Vornado Realty Trust and Crown Acquisitions Inc. The financing included a senior Commercial Mortgage-Backed Securities (CMBS) mortgage loan in the amount of $300 million originated by Morgan Stanley Bank, N.A., The Goldman Sachs Group, Inc., and the Bank of Montreal as well as a $100 million mezzanine loan originated by Morgan Stanley Bank, N.A. and The Goldman Sachs Group. The project also included a complex ground lease arrangement that was designed in 1970 and that established an ownership structure utilizing practices since discontinued under the zoning code.

Represented Safehold, Inc., a publicly traded corporation that originates real property acquisition and ground lease transactions, in connection with a complicated and highly structured parcel assemblage, acquisition of parcels (from multiple third parties), and creation of a ground leasehold estate for The Hunter Apartments, a new, ground-up multifamily development in Colorado Springs, Colo. The $90 million transaction required innovative structures to balance the ground lessee’s and leasehold lender’s different interests.

Represented Safehold, Inc. in connection with construction financing for a modular student housing project located at 1598 University Avenue in Berkeley, Cal. As lead transactional counsel for Safehold, the Landlord/Lender, Cozen O'Connor drafted and negotiated the purchase and sale agreement, ground lease, the development agreement, and related ancillary documents; construction loan documents; general contractor contract; and negotiating recognition agreements with the Preferred Equity Investor. Further, given that the project involves modular construction, a large portion of the development costs are budgeted for modular student housing units that will be fabricated off-site. Accordingly, Cozen O'Connor negotiated the modular unit subcontract and drafted and negotiated bespoke security agreements. This matter required complicated maneuvering to ensure that each capital source fit within the overall transaction structure.

Represented Silverstein Capital Partners in a $340 million construction loan financing for a mixed-use hotel condominium project in downtown Miami. The 50-story project is slated to include a 219-room hotel with 310 residential condominium units above the hotel portion, as well as ground-floor retail space that will include five restaurant and bar areas.

Represented the Cantor Silverstein Opportunity Zone Trust in the development and financing of 3.0 University Place, a 250,000 sq. ft. life sciences, commercial lab, retail, and office building in West Philadelphia. This development supports Philadelphia's burgeoning life sciences sector and includes long-term space for established research institutions as well as a floor dedicated to pre-built "Growth Pods" with short-term and flexible leases for smaller-scale life science companies.

Represented Morgan Stanley in a $450 million CMBS loan secured by a Class A office building in Washington, D.C. that was fully leased by the U.S. General Services Administration.

Represented Safehold, Inc. in a sale leaseback of VF Corp.'s headquarters in Denver, home to VF's leadership team and six major outdoor brands, including The North Face, JanSport, Smartwool, Icebreaker, Altra, and Eagle Creek. To complete this project, the team negotiated a 99-year leaseback agreement, acquisition financing, and bridge financing. The final sale set a new record in price per square foot for office space in downtown Denver.

Represented Silverstein Properties in connection with hotel, office, and development-site acquisitions and financings, including the Four Seasons Hotel and Private residences site in Manhattan's Tribeca neighborhood, the Four Seasons Hotel site in Walt Disney World, the U.S. Bank Tower in downtown Los Angeles, the BNY Mellon Center in Philadelphia, and the Disney/ABC studio facilities on the west side of Manhattan.

Represented Silverstein Properties in the redevelopment of Towers 3, 4, and 7 at the World Trade Center site after 9/11. Served in a leadership role in the financing ($3.6 billion in tax exempt bonds were issued to finance the construction of the three towers), construction (6.5 million square feet of office and retail space), and leasing (anchor tenants included Moody's Corporation, the City of New York, the Port Authority of New York and New Jersey, and Group M).