Bilzin Sumberg Attorneys Close $102 Million Construction Loan

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

Transaction: Representation of the lender in a construction loan for the development and construction of a shopping center in Ocala, Florida 

Borrower: The Ocala Shoppes LLC Lender: Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc.

Loan Amount: $102 million

Closing Date: May 2, 2007

Details:

Bilzin Sumberg attorneys Carey A. Stiss and Mary Margaret Langton represented the lender in the negotiation and structuring of a $102 million construction loan. The loan will fund the development and construction of a shopping center in Ocala, Florida, that will be anchored by Dillards, Old Navy, Barnes & Noble and Dicks Sporting Goods, among others. When completed, Merrill Lynch's collateral will consist of a mortgage on approximately 420,000 square feet of space and related parking spaces, all on 51 acres. The Merrill Lynch loan replaces a prior construction loan from Regions Bank. Mark Hausman, located in Merrill Lynch Capital's Atlanta office, is the loan officer who closed this transaction for Merrill Lynch Capital.

About the Borrower

One of the principals of The Ocala Shoppes LLC is Tampa-area businessman Gordon Comer. The Ocala Shoppes LLC is managed by Tampa-based Acquivest Corporation. About the Lender Merrill Lynch Capital (a division of Merrill Lynch Business Financial Services Inc.) is a leading commercial finance business providing a broad range of structured financing solutions to middle market companies nationwide.

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.