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NEWS May 2008 $83,335,000 APARTMENT TRANSACTION INKED BY GLF GERSON LAW FIRM APC represented a non-institutional buyer in the largest apartment transaction closed in San Diego County in 2008. The Missions at Rio Vista located in Mission Valley includes 466 units, and although converted to condominiums, only 155 units have been sold. New ownership intends to operate the complex as an apartment complex. The transaction included assumption of a first deed of trust loan held by Corus Bank, and followed by two months a foreclosure by a non institutional mezzanine lender. The transaction closed in less than 15 days. 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. |