Bilzin Sumberg Closes on Largo-based Apartment Complex for $23.4 Million
MIAMI, FL. Bilzin Sumberg Baena Price & Axelrod LLP, led by Real Estate Practice Group partner Adam Lustig, represented Isram Residential Monterey Lakes LLC in connection with the acquisition of Monterey Lakes Apartments, a 324 unit complex in Largo, Fla., for $23.4 million. As part of the closing, the Bilzin Sumberg team helped secure a $15.8 million loan from Grandbridge Real Estate Capital through their Freddie Mac program.
According to Lustig, the most challenging aspect of the deal was that under the sellers loan documents the loan could only be paid off on the first day of a month. As a result of this restriction, the team had to work swiftly to have all documents finalized and executed, as well as the borrower's and lender's funds disbursed to the title company the day before closing to ensure the payoff deadline was met.
"The deadline we were working against was very tight and left very little room for error," said Adam Lustig, a partner in the Real Estate Practice Group at Bilzin Sumberg. "By working quickly to resolve issues as they arose and as a result of the lender's cooperation and willingness to accommodate our time constraints, we were able to meet the deadline and close on time."
Real Estate Practice Group associate Krista DeCastro assisted on the deal.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a commercial law firm with extensive experience in the areas of corporate and securities law, mergers and acquisitions, commercial finance, environmental law, land use and government relations, litigation, real estate, restructuring and bankruptcy, tax and wealth transfer. For more information, visit www.bilzin.com.
