The Global Real Estate Group at international law firm Salans advised UniCredit Bank Austria AG in one of the largest single asset real estate loan restructurings in Russia. By restructuring its existing financing package to provide medium-term investment phase financing, UniCredit Bank Austria AG confirmed its commitment to the Vivaldi Plaza Project in Moscow, Russia.
Reinhard Madlencnik, Head of Real Estate - UniCredit Bank Austria AG on the financing said, "We are very pleased to have ensured the financial stability of this important project. The reasons why we entered into this financing originally have not changed; the quality of the project and the strength of the sponsorship are excellent and although we met a lot of challenges on the way, we have now successfully resolved them and put this project on the right path. It was very important to us that we receive top-quality legal advice to help us in this transaction. For this reason we turned to our regular cross-border legal advisors, the legal team at Salans led by Marcell Clark, who have a proven track record of successfully resolving complex and difficult real estate financings and restructures."
Marcell Clark, Co-Head of the Real Estate Finance Sector in Salans' 200 strong Global Real Estate Group responsible for coordinating cross-border real estate finance transactions in the region, commented, "We were able to bring a fresh perspective on this project and create an atmosphere of cooperation that helped facilitate this deal. In addition to relying on our depth of experience in real estate financing and Russian real estate law, we aim to bring a practical and clear approach to dealmaking, simplifying what are complex problems into manageable issues. We are delighted to have assisted our client and their borrower in achieving a mutually beneficial resolution at Vivaldi Plaza."