Holland & Knight Closes on $23.2 Million Loan for 82-Acre Mixed Use Development
A team of corporate, real estate lending and estate planning attorneys and paralegals completed the closing of a $23.2 million first mortgage loan that enabled the client to repurchase the equity interests of his minority partners and fund the construction for the major development project - an 82-acre mixed use development consisting of a golf course, 10,000 square foot clubhouse, a 5-acre commercial site, 100-room hotel and banquet center, 140 single family lots, and no less than 82 condominium units and 56 town homes, as well as other related improvements and amenities. The transaction was made more complex as it required the redemption of three layers of companies, the contribution of land into the project, the negotiation of 18 sale contracts to support the appraisal, and the negotiation of an amended limited liability agreement with his merchant bankers.