Cases & Deals

U.S. private equity fund acquires portfolio of junior mezzanine loans in connection with refinancing of Vitus

Client(s) U.S. private equity fund

Jones Day advised a U.S. private equity fund in connection with its acquisition of a portfolio of existing mezzanine loans issued by the Vitus Group, a German multifamily investment company owned by Blackstone, Deutsche Bank, Aviva, and Round Hill Capital. Following the acquisition, Vitus embarked on a refinancing of its debt package by issuing a €754 million (US$944.8 million) commercial mortgage-backed securitization and borrowing a further €100 million (US$145 million) of A2 mezzanine debt. The existing mezzanine loans were restructured as junior subordinated mezzanine loans. This deal was the first European CMBS following the financial crisis to be sold in euros.