$135 Million Loan Assumptions Secured by Guam Properties

National Real Estate Investment Company
Closed two loan assumptions secured by properties located in Guam with a combined value of $135 million. The assumptions were complicated and required (i) the preparation and negotiation of general assumption documents, (ii) the rating agencies, (iii) lawyers from Hawaii (6-hour time difference), New York and Guam (14-hour time difference), a buyer from Japan, and our client in California, (iv) single member DE LLC, non-con, Hawaii, New York and Guam opinions for both buyer and seller, and (v) clearing account and deposit account agreements with Berkadia and Wells. The matter also involved unusual title issues, which included nine ground leases on one of the properties.
Audrey A. Ellis

Audrey A. Ellis