June Gloom and Boom

While quick rising interest rates triggered June Gloom over some sectors of the lending industry, GERSON LAW FIRM APC had a June Boom of closing activity relating to commercial real estate loans which were rate locked prior to the up tick in rates.

Loan closings involving lender representations, included:

• Land development loan of $59,590,000.00 for a 640 acre project which includes 216 custom single-family lots, 200 acres of active producing grape land, and winery and winery facilities in Riverside County, California.
• $36,000,000.00 land acquisition and predevelopment loan for a unique project in Crystal Bay, Nevada (although a portion of the project extends over the state line into California) for a luxury, master-planned Lake Tahoe resort featuring fractional and full ownership condominium units, hotel with convention and spa facilities, retail and gaming/casino operations.
• Portfolio of nine Fannie Mae DUS loans in the aggregate amount of $57,545,000.00 secured by nine different multifamily properties in Los Angeles County. Also, Fannie Mae DUS multifamily loan in Utah for $4,300,000.00.
• Commercial loan transactions including a $6,200,000.00 acquisition loan for 65,000 square feet of office space in three buildings, located in Riverside County, California, and a $10,000,000.00 acquisition loan secured by flex/office retail space in Colorado Springs, Colorado.
• Commercial real estate loans for credit union small loan programs ($500,000 to $5,000,000) in California and several other states.

In addition to the above-stated, the Firm was engaged in litigation, including loan enforcement matters, as well as seller and buyer representations in real estate transactions.