SOURCE: Steefel

August 22, 2007 11:00 ET

Steefel, Levitt & Weiss Advises on $300 Million Bond Deal

SAN FRANCISCO, CA--(Marketwire - August 22, 2007) - Law firm Steefel, Levitt & Weiss announced it recently advised 899 Charleston, a non-profit organization developing a large senior living community in Palo Alto, Calif., on its participation in a complex bond transaction with an issuance exceeding $300 million.

The 899 Charleston project is being constructed together with an expansion of the Albert L. Schultz Jewish Community Center (JCC). The projects consist of senior citizen housing, health care services, and a community center, all on an 8.5-acre, 12-building campus.

"The projects are being constructed together but are being financed separately, which presented unique challenges. Steefel's experience and expertise in successfully advising clients on complex bond transactions, however, allowed us to help 899 Charleston develop and implement innovative solutions to each challenge," said Jeff C. Nguyen, shareholder at Steefel, Levitt & Weiss.

Steefel attorneys worked closely with their client on the transaction, which closed on August 16. Over the last five years, the firm has been involved in multiple aspects of the development, including real estate, entitlements and nonprofit, in addition to the bond financing.

Steefel has represented non-profit borrowers on bond financing for a number of other projects, including the Contemporary Jewish Museum, scheduled to open in San Francisco next spring, the North Peninsula Jewish Campus, which is in operation, and multiple schools throughout Northern California.

"This was a significant accomplishment for the firm," said Ray F. Triana, of counsel at Steefel, Levitt, & Weiss. "The participants in this deal all agreed that this was among the most complex bond transactions they have been involved with."

ABAG Finance Authority For Nonprofit Corporations issued the bonds. Cain Brothers & Co. was the underwriter. Law firm Folger Levin & Kahn LLP advised the JCC on the transaction.

In addition to Nguyen and Triana, Steefel attorneys advising on the deal include shareholders James Eastman, Clayton Gantz, Alvin Levitt and Marv Pearlstein, and associates Alice Chuang and Elizabeth Stone.

ABOUT STEEFEL, LEVITT & WEISS

Steefel, Levitt & Weiss was founded in 1980 on the simple principle that smart, effective business law could be practiced best in an environment that rewards client service and personal achievement. Steefel attorneys are recognized nationally as experts in Complex Commercial Litigation, Real Estate Development and Finance, Business and Taxation, and Regulated Industries. The firm has offices in San Francisco and Los Angeles.

Contact Information