Miami, Florida, May 1, 2008 Bilzin Sumberg Baena Price & Axelrod LLP announced today that it has closed two multi-million dollar real estate financing loans this past week for BNY Mellon, a national financial institution which has continued its lending activity, despite widespread tightening in the financing sector of the capital markets industry.
Led by Martin A. Schwartz, a Partner in the firm's Real Estate Group, the Bilzin Sumberg team closed an $18.8 million loan to MCJC, Inc., a real estate company affiliated with Michael and Joe Comras, for the acquisition and renovation of 350 Lincoln Road, a five story retail and office in Miami Beach, Florida, working with BNY Mellon loan officers Jim Dockerty and Karen Richardson. The paperwork was completed in two weeks. This represented the third loan made to entities affiliated with the Comras closed by the same team over the last six months totaling approximately $45 million. The other properties were located at 801 Washington Avenue and 738 Lincoln Road, all in Miami Beach, Florida.
Additionally, BNY Mellon provided an additional $1.8 million increase in available funding in the $27.5 million outstanding loan to CSC Brazilian L.P., to complete the current renovation of the historic Brazilian Hotel in Palm Beach, Florida, as well as for the sale of the hotel condominium units. Working with BNY Mellon loan officers Bill Gallagher and Jim Dockerty, this is the fifth adjustment to the original loan, which was made in 2004.
Mr. Schwartz's practice encompasses all aspects of commercial real estate, with particular emphasis in the condominium market. He has represented developers, lenders, landlords and tenants in matters including structuring and documenting new condominium projects and conversions. He has also recently written on the subject of bulk purchases of condo units.
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Bilzin Sumberg Cares provides the Bilzin Sumberg community with volunteer opportunities to work together to benefit charitable organizations in South Florida and beyond. A strong commitment to community has been the cornerstone of Bilzin Sumberg’s corporate philosophy. Since its inception in 2007, Bilzin Sumberg Cares has partnered with numerous nonprofit organizations including the United Way of Miami-Dade, Special Olympics, Habitat for Humanity, Voices for Children Foundation, and Crohn's & Colitis Foundation of America.
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.