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Morgan Stanley joint venture purchases The Town and Country Trust for $1.5 billion and obtains $1.2 billion CMBS financing for the acquisition

August 2006

Clients Morgan Stanley Real Estate Advisors

Jones Day represented a consortium consisting of Morgan Stanley Real Estate Funds, Onex Real Estate and Sawyer Realty Holdings in the $1.5 billion acquisition of The Town and Country Trust, a publicly traded multifamily real estate investment trust.

Jones Day led the real estate and debt and equity financing aspects of the transaction including real estate due diligence, transaction structuring, formation of the equity consortium, and closing of senior and mezzanine CMBS loans in excess of $1.2 billion to finance the acquisition.

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