Becker Team Closes Three Deals This Week
- Becker represented CREP Oasis Fee Owner, LLC in connection with a $10,000,000 loan from IberiaBank that will be used to renovate an industrial property in Wynwood. The Becker team included Cherrie Goudreau, Michael Boutzoukas, and Philip Rosen. The team worked with the client from the inception of the loan, negotiating the terms of the Commitment letter, assisting with the clearance of title issues and negotiated the terms of the loan documents.
- David Blattner and Michael Boutzoukas, with the assistance of Hugo Alvarez, helped Centennial Bank make a $47,000,000 construction loan to developer, Estate Holdings Group. The loan is for the construction of a 306 unit apartment complex in West Miami. The team had to work with a very complicated loan structure due to the fact that two of the guarantors, not the borrower, owned the property. There were six guarantors, four of whom were revocable or irrevocable trusts. They also had to work with a second mortgagee providing a good portion of the borrower’s equity.
- David Blattner closed the acquisition of property in Hollywood to be developed for a mixed use project. The project will consist 58 residential units and 9,500 square feet of office space. David led the developer’s project team and worked with the city to draft its new resort zoning ordinance for the 441 transportation corridor that allowed the developer to increase the density on the property to 36 units per acre. David and the project team obtained approval of the project from the Hollywood Technical Advisory Committee and Plat approval from the Hollywood City Commission the same week as closing. In the next few months, the team will obtain Plat approval from Broward County and final site plan approval from the City of Hollywood. Simultaneously with the land acquisition, David closed the equity investment of $2,500,000 from third party investors. This has been a two year project in the making and still to come are construction contracts, construction loans and ultimately, permanent financing.