Attorneys Close $280 Million Construction Loan

Press Release
November 10, 2006

Dealmakers: James W. Shindell, Suzanne M. Amaducci-Adams and Lorelei A. Schumacher, attorneys in the Real Estate Group at Bilzin Sumberg; and Robert M. Siegel, attorney in the firms Corporate & Securities Group.

Transaction: Representation of the borrowers in a construction loan for EPIC Residences and Hotel, a 55-story high-rise luxury condominium tower and hotel at the former Dupont hotel site.

Borrowers: A joint venture comprised of affiliates of Ugo Colombo, a luxury condominium developer; Lionstone Development/Alfredo and Diego Lowenstein, luxury hotel developers; and Ponte Gadea SL, a Spanish real estate developer and investor.

Lenders: Banco Santander Central Hispano SA and Mellon United National Bank Loan Amount: $280 million Closing.

Date: November 10, 2006

Details:

About the Borrowers

Italian-born Ugo Colombo is known for his luxury residential projects on Miami's most desirable waterfront sites. His portfolio includes the Santa Maria and the Bristol on Brickell Avenue, as well as the Governor House on South Bayshore Drive in Coconut Grove and Portovita in Aventura.

One of the quintessential father and son entrepreneurial teams, Alfredo and Diego Lowenstein of Lionstone Development have been a prominent force in the hospitality and real estate industries for more than 30 years. Their properties include The Ritz-Carlton South Beach and Ritz-Carlton Club and Residences South Beach, as well as numerous holdings in the Caribbean.

Ponte Gadea SL owns and develops real estate projects in cities all over the world, including Miami, Madrid, Barcelona, London, Paris and New York.

About the Lenders

Banco Santander Central Hispano SA offers a range of financial products and services in the United States, Spain, the United Kingdom, Western Europe and Latin America.  Mellon United National Bank is a prominent financial institution in South Florida which offers a broad array of sophisticated services to professionals, entrepreneurs and their companies.

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.

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Suzanne M. Amaducci-Adams

Suzanne M. Amaducci-Adams

Partner, Real Estate Practice Group Leader
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