Bilzin Sumberg Attorney Closes $12.6 Million Loan Modification

Press Release
June 13, 2008

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.

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