GERSON LAW FIRM APC Closes Loan Assumption Portfolio For More Than $35,000,000.00

April 30, 2007
Posted in: News
By: Gerson

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.