NEWS

June 2007

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.

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.

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