Skip to main content
Home Insights Bilzin Sumberg Attorney Closes $12.6 Million Loan Modification

Bilzin Sumberg Attorney Closes $12.6 Million Loan Modification

Press Release
June 13, 2008
Related Lawyers: Martin A. Schwartz

Miami, Florida, June 13, 2008 Bilzin Sumberg Baena Price & Axelrod LLP announced that attorney Martin A. Schwartz, Partner in the Real Estate Group, represented the lender in the negotiation and structuring of a $4 million increase to an exiting loan for a total loan amount of $12.6 million. The financing is for the commercial portion of Ten Museum Park located at 1040 Biscayne Boulevard in downtown Miami, Florida. Ten Museum Park, has a 50-story mixed use building containing 200 residential units and a commercial portion consisting of offices, a spa, restaurant, and retail.

Beautymed USA Inc was the borrower under the loan and 1040 Biscayne Commercial LLC and Islavista Properties, Inc., both affiliates of the borrower, guaranteed the loan.

The current loan increases the total amount of financing provided on this building to $92,600,000. $80,000,000 was previously provided by the lender for construction financing.

Although the increase in the loan amount was relatively modest, the transaction necessitated a substantial amount of paperwork based on the various collateral and the multiple guarantors.

Mellon Officer: Bill Gallagher represented Mellon with respect to the loan. Bill is a Senior Vice-President with Mellon.

Borrowers Counsel: The borrower was represented by Denise L. Ben-David and Steve Waserstein from Ferrell Law.

About Bilzin Sumberg

Bilzin Sumberg Baena Price & Axelrod LLP 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.

RELATED PEOPLE
Martin A. Schwartz

Martin A. Schwartz

Partner
YOU MIGHT ALSO LIKE
Publication January 1, 2021
Enter the Twilight Zone: The IconBrickell Case and Mixed-Use Condominiums
A recent decision by Florida’s Third District Court of Appeals could have significant implications for mixed-use developments, particularly those that contain hotels and residential condominium owners. The case considered whether the declaration of condominium for the IconBrickell condominium ...
Speaking Engagement December 4, 2019
Direct Investment Panel (U.S. Focus)
Anthony De Yurre moderated a panel of U.S.-focused developers and operators on the "Direct Investment Panel (U.S. Focus)" at The Latin America U.S. Real Estate Meeting.
Speaking Engagement May 09, 2019
Miami's Expanding Urban Core
Anthony De Yurre moderates a panel discussion that explores the evolution of new submarkets in Miami and what to expect as the City enters the next phase of its urban core's growth and expansion.
VIEW MORE