Attorneys Close $30.8 Million Construction Loan

Dealmakers: Carey A. Stiss, a Partner in the Real Estate Group at Bilzin Sumberg and Mary Margaret Langton, an Associate in the firms Real Estate Group

Transaction: Representation of the lender in a construction loan to finance the construction of an apartment complex in Pensacola, Fla.

Borrower: Avalon Investors, LLC

Lender: Merrill Lynch

Capital Loan Amount: $30.8 million

Closing Date: March 14, 2007

Details:

Bilzin Sumberg attorneys Carey Stiss and Mary Margaret Langton represented the lender in the negotiation and closing of a $30.8 million construction loan.

The loan will be used to finance the construction of a 276-unit, garden-style apartment complex in Pensacola, Fla. The project will consist of 12 residential buildings and 423 parking spaces.

About the Lender

Merrill Lynch Capital (MLC) is a division of Merrill Lynch Business Financial Services. Launched in 2002, MLC does business principally in four areas: corporate finance, equipment finance, healthcare finance and real estate finance.

About the Borrower

Avalon Investors, LLC counts as one of its principals Miles Hill, the owner and president of The Charter Companies. The Charter Companies is a real estate design, development and construction firm with headquarters in Auburn, Ala. Charter Companies specializes in building multi-family residential developments and residential/retail community projects in the Southeast.

About Bilzin Sumberg 

Bilzin Sumberg is a commercial law firm based in Florida. The Firm’s core practices include Business Finance & Restructuring, Corporate, Environmental, International, Land Development & Government Relations, Litigation, Real Estate, and Tax. For more information, please visit bilzin.com.