Dealmakers: Carey A. Stiss, Partner in the Real Estate Group at Bilzin Sumberg and Jason B. Myers, Associate in the Real Estate Group
Transaction: Representation of the lender in a construction loan for the development and construction of a 168-unit apartment complex in Jacksonville, Florida.
Borrower: Magnolia Village Holdings, LLC Lender: Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc.
Loan Amount: $19,350,000
Closing Date: May 3, 2007
Bilzin Sumberg attorneys Carey A. Stiss and Jason B. Myers represented the lender in the negotiation and structuring of a $19.35 million construction loan. The loan will fund the construction of a 168-unit apartment complex at the intersection of Atlantic Boulevard and Bartram Road in Jacksonville, Florida. Lee Hord, located in Merrill Lynch Capitals Atlanta office, is the loan officer who closed this transaction for Merrill Lynch.
About the Borrower
One of the principals of Magnolia Village Holdings, LLC is Atlanta-area businessman Michael Blonder, CEO and Director of residential community developer, Focus Development.
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.