Arent Fox Advises on $40 Million Real Estate Deal for Georgetown Day School
Washington, DC — On June 5, Georgetown Day School announced the purchase of the Safeway and Martens Volvo/Volkswagen properties in the Tenleytown neighborhood of Washington, DC. The $40 million deal enables Georgetown Day, one of the country’s top independent schools, to consolidate its lower, middle, and upper schools onto one campus.
Arent Fox LLP Real Estate partner Richard A. Newman represented Georgetown Day in one of the most complex real estate and financing transactions in the country for a private school, leading a team that provided transactional and financing counsel and included counsel Kinley Bray, associate Ria M. Williams, and paralegal Carmen Zollman.
“This deal involved coordinating multiple sellers, multiple counsel, five tranches of debt, two derivative transactions, tax exempt bonds, and unusual income tax issues and was all accomplished in a very brief window and with strict confidentiality maintained by all parties throughout,” said Mr. Newman. “Our team focused on putting together a transaction that would save the school operating expenses and enable the school to pursue its goals with minimal risk and maximum flexibility.”
“Georgetown Day School has been a member of the Tenleytown community for 28 years,” said Head of School Russell Shaw. “We value the relationship we have with our neighbors and are excited about this unique opportunity to enhance the education our students receive and the neighborhood we call home.”
A Chambers rated attorney with more than 30 years of experience, Mr. Newman is co-chair of the firm’s Municipal & Project Finance group and represents clients in the areas of real estate and finance, with special emphasis on the representation of nonprofit organizations.
Chambers USA and Legal 500 consistently rate Arent Fox’s Real Estate practice for its “top-quality” talent and industry-leading capabilities across a broad range of sectors. With over 50 attorneys focused on the real estate industry, Arent Fox is recognized nationally for its work counseling capital investors, developers, owners, lenders, and REITs in real estate finance, joint venture, and acquisition and disposition matters on both an individual asset and portfolio basis.