Holland & Knight Helps Restructure $35 Million CMBS Loan for Miami Shopping Center
MIAMI – December 1, 2010 – After six months of difficult negotiations, Partner William R. Bloom was able to help Holland & Knight's client, Kendall-77, Ltd., an affiliate of The Green Companies, get their loan restructured and strike a deal with TJX Companies, Inc. to bring a T.J. Maxx/HomeGoods to the Greenery Mall. T.J. Maxx/HomeGoods will be occupying approximately 46,000 square feet of space previously occupied by Circuit City which went out of business nationwide last year.
Bloom was able to help the Miami-based real estate developer restructure their loan with the special servicer, CW Capital, and to enter into a long-term lease with T.J. Maxx/Home Goods to occupy the Mall. Obtaining a successful restructuring with a CMBS loan is a rare achievement. It takes a good understanding of the special servicer's requirements and a lot of patient negotiation to develop the level of trust necessary to get a deal done. T.J. Maxx/HomeGoods plans to open its new store in the fall of 2011.
Bloom has practiced in the areas of commercial real estate, banking, loan recovery, construction and construction contracts, commercial lending, title insurance and public-private joint ventures, public-private partnerships and condominiums for more than 25 years. He is recognized by The Best Lawyers in America, Florida Trend and the South Florida Legal Guide as a top lawyer in the area of real estate.