Herbert Smith Freehills Kramer advises west coast asset manager in $37.5 million bond purchase

Herbert Smith Freehills Kramer has advised a large West coast-based asset manager with respect to the purchase of approximately $37.5 million of bonds by several of that entity’s managed funds and accounts (approximately $33 million of which are tax-exempt). The bonds were issued by a pass-through entity, and the ultimate borrower – an affiliate of a charitable organization – used the net proceeds to fund the sale-leaseback transaction of a condominium unit utilized by a health care provider in Austin, Texas.

The HSF Kramer team was led by partner Bodie Stewart, with significant assistance from real estate partners Jay Neveloff and Seth Niedermayer and real estate counsel Meigan P. Serle and Mendel Trapedo. The team was supported by associate Emily Mandell. Partner Barry Herzog provided tax advice.

HSF Kramer also advised its client on another similar deal in recent months.