|
NEWS June 2008 FOLLOWING THE MONEY GERSON LAW FIRM APC represented lenders closing 6 multifamily loans during the last week of May and first week of June 2008. Loans closed were under Fannie Mae's DUS lending program, and Freddie Mac's Program Plus lending program. Loans were closed on properties in California, Utah, Washington and Nevada, and totaled more than $29,000,000. This followed other robust weeks in May in which GLF represented lenders who closed more than $30,000,000.00 in Fannie Mae and Freddie Mac loan executions. During the same time period, GLF was engaged by a major national provider of equity and debt, who funded a loan in the amount of $19,000,000 secured by multifamily property in Arizona, and engaged by major credit unions funding loans throughout the United States. In a real estate market hard hit by tightening credit, conduit shutdowns, and life insurance companies lessened lending appetite, Fannie, Freddie and credit unions, as well as private providers of debt, clearly reign as leaders in lending. GLF is actively engaged in loan work-outs, bankruptcy relief of stay proceedings and other engagements resulting from fractured financings made by lenders in the headier 2004-2007 lending cycle. GLF represents clients on all matters real estate and business related, both transactional and litigation. GLF 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. GLF's practice includes representing lenders closing loans under Fannie Mae's DUS Lending Program and Freddie Mac's Program Plus for multifamily investments, and GLF represents major national banks, conduit lenders and life insurance companies in commercial loan closings for hotels, office buildings, shopping centers, multifamily and construction. |