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NEWS April 2007 GERSON LAW FIRM APC CLOSES LOAN ASSUMPTION PORTFOLIO FOR MORE THAN $35,000,000.00. GERSON LAW FIRM APC represented a major national bank in a complex loan assumption and modification involving seven (7) affiliated borrowing entities and two (2) loans aggregating in excess of $30 million. The loans were secured by numerous properties slated for residential subdivision development in New Mexico. One loan was a revolving acquisition and construction loan, and the other a land and development loan. Subordination of the original borrower's purchase money financing to the bank's loans, and loan modifications to the loans to reflect new covenants and requirements for the buying group, were only two of the many complexities of this transaction. Harvey Lichterman executed the transaction for the Firm. During the same month, the law Firm represented lenders in Freddie Mac and Fannie Mae Multifamily loans, and also represented lenders for credit unions and private money loans in several commercial real estate financings throughout the Western United States. GERSON LAW FIRM APC represents clients on all matters real estate and business related, both transactional and litigation. The Firm is nationally recognized for its representation of some of the nation's largest lenders on loan closings, special servicing, and enforcement proceedings throughout the United States. The Firm's practice includes representing lenders closing the loans under Fannie Mae's DUS Lending Program and Freddie Mac's Program Plus for multifamily investments, and the Firm represents major national banks, conduit lenders and life insurance companies in commercial loan closings for hotels, office buildings, shopping centers, multifamily and construction. |