Successfully Advised on Eugene Asset Management’s Acquisition of a Building in Manhattan
2022.04.20.
Yulchon advised on a transaction by which a fund established and operated by Eugene Asset Management (“Eugene”) acquired a multifamily building located in Manhattan, NY.
Eugene desired to fix the interest rate for financing secured for the project by entering into a rate lock agreement with the financial institutions, and Yulchon was able to successfully persuade the Korean government agencies to have Eugene enter the rate lock agreement (instead of the fund) and pay fees pertained thereto, thus resolving the relevant Korean regulatory issues. Given that the market interest rates have risen sharply in the course of the transaction, the securing of the rate lock was crucial to the success of this transaction.
This transaction is also notable in that it was carried out during a time when almost all overseas investments by Korean investors were suspended or terminated due to COVID-19.
.JPG)
