Dealmakers: Martin A. Schwartz, Partner in the Real Estate Group at Bilzin Sumberg
Transaction: Representation of the lender in connection with a $30 million acquisition and renovation loan
Borrower: One Flagler Development, LLC
Lender: Mellon United National Bank Loan
Amount: $30 million
Closing Date: April 19, 2007
Bilzin Sumberg attorney Martin A. Schwartz represented the lender in closing a $30 million acquisition and renovation loan for a proposed office condominium project in the jewelry district in downtown Miami. Mellon United Vice President Karen Richardson handled the loan and managed the bank's relationship with the borrower.
The borrower held a leasehold interest in the property, and a portion of the loan proceeds were earmarked for the acquisition of the fee title. The attorneys faced a tight funding deadline to accommodate the outside date for this acquisition. In addition, the attorneys had to work around the issue of a proposed office condominium structure where the documents had not been prepared prior to closing.
About the Borrower
One Flagler Development, LLC is an affiliate of Nexus Development and was represented in this transaction by Chava Genet and Marina Ross of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A.
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.