Attorneys Close $61.15 Million Acquisition and Construction Loan

Press Release
July 18, 2007

Dealmakers: Carey A. Stiss, a Partner in the Real Estate Group at Bilzin Sumberg and Jason B. Myers, an Associate in the Real Estate Group

Transaction: Representation of the lender in a construction loan for the acquisition, development and construction of a mixed-use project in Orlando, Florida.

Borrower: Orlando Apartments, LLC

Lender: Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc.

Loan Amount: $61,150,000

Closing Date: July 16, 2007

Details:

Bilzin Sumberg attorneys Carey A. Stiss and Jason B. Myers represented the lender in the negotiation and structuring of a $61.15 million first mortgage loan. The loan will fund the acquisition of property for, and construction of, a mixed-use residential and retail complex in Orlando, Florida.

The mid-rise complex, called Harbor Square Apartments, is located on Universal Boulevard in the upscale, master-planned development of "Universal City." It will feature 425 residential apartment units, and approximately 26,800 square feet of retail space.

As part of the due diligence in negotiating and structuring the agreement, Mr. Stiss and Mr. Myers had to confirm and verify vested rights for concurrency on the project land and surrounding property. This was a challenge due to the fact that these rights date back to the 1970s.

Lee Hord, located in Merrill Lynch Capitals Atlanta office, is the loan officer who closed this transaction for Merrill Lynch.

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.

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