December 4, 2018
Posted in: News
By: Gerson

GERSON LAW FIRM closed in recent days multiple loan portfolio closings from both borrower and lender engagements.

In connection with a borrower engagement, GERSON LAW FIRM closed a four loan portfolio for more than $135,000,000 during November and in the first week of December. The four bank loans were secured by three multifamily properties including a fractured condominium project in San Diego County. The apartment phase was secured by one loan and the condominium phase by another loan, each for $23,2000,000 and $10,800,000 respectively. There were two additional apartment loans in Riverside County: The first of $39,375,000 for a 277 unit apartment project and the second of $63,000,000 for a 312 unit apartment project.

GERSON LAW FIRM continues to maintain a large focus on lender engagements for GSE loans and on November 30, 2018 it closed a portfolio of 18 apartment loans for $64,583,000.00 (with additional loans as part of the same portfolio to close in December) as part of Freddie Mac’s Small Balance Program, as well as a large volume of other small balance loans secured by apartments.

Among more than 90 other November closings for lender engagements on Fannie Mae DUS and Freddie Mac CME or conventional lending programs and for bank and non-bank lenders, GERSON LAW FIRM closed a $69,300,000 Freddie Mac multifamily loan secured by a 263 unit apartment project in Los Angeles, and a Fannie Mae loan for more than $18,000,000 secured by a 270 unit apartment project in Spokane, Washington.

During the month of November, the firm engaged in numerous transactions and litigation as well, successfully evicting a supermarket to make way for a future partial re-development of a shopping center in San Diego County.