WASHINGTON, D.C. (March 5, 2013) — International law firm McDermott Will & Emery LLP represented Copper Beech Townhome Communities LLC., a leading developer and owner/operator of student-oriented, multi-family housing developments near universities, in connection with its sale of a 48 percent equity interest to Charlotte, N.C., real estate investment trust and student rental property operator Campus Crest Communities, Inc. (NYSE:CCG).
Copper Beech was founded in 1994 and is the fifth-largest student housing operator in the U.S. with a portfolio of about 16,645 beds in 18 markets. Combined, the two companies will have 41,943 beds in 57 markets, making it the second-largest public student housing platform in the United States by beds.
The deal, which was announced on February 27, 2013, includes an initial investment by Campus Crest of $230.2 million to acquire a 48 percent equity interest and repay debt in Copper Beech as well as a $31.7 million loan to the existing investors. The deal also includes three options for Campus Crest to purchase the remaining 52 percent stake over three years. The total enterprise value of the transaction, including assumed debt, equals $970 million.
“We are pleased to have played a key role in helping our client Copper Beech in this significant transaction,” said Tom Conaghan, partner and lead McDermott deal attorney.
"Jack and Jeanette McWhirter have built an incredible company over these past nineteen years, and we were honored that they put their trust in McDermott in connection with its sale," said McDermott partner B. Ted Howes, who has represented Copper Beech in other matters and is the acting relationship partner for the client.
The full McDermott deal team included partners Amy Ferrer, Andrea Whiteway, Blake D. Rubin, Jon Finkelstein, Dick Okada and Peter Faber, as well as associates Ling Kong, Christine Corkran, LiLing Poh and Hayes Holderness.
McDermott’s Mergers & Acquisitions Practice Group represents a wide spectrum of publicly and privately held businesses, from Global 50 companies to venture backed start-ups, as well as private equity funds and investment banks. As a globally integrated team, the Firm’s lawyers manage complex transactions with components in multiple jurisdictions throughout the world.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,100 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, D.C. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.