MIAMI & FORT LAUDERDALE, Fla (PRWEB) October 06, 2014
A team of South Florida attorneys with international law firm Greenberg Traurig successfully handled the negotiations for an $18.1 million commercial mortgage-backed securities loan by Prudential Mortgage Capital Company secured by a condominium property in Jacksonville, Fla.
The transaction, which closed Wednesday, completes the multi-year effort by client 22 Lantern LLC to turn around Lantern Square Apartments, a previously failed condo conversion project. The new CMBS loan was used to refinance an existing condo conversion mortgage loan and reacquire numerous units from third parties in the building.
Lantern 22, which is managed by Vivian Zumot Dimond on behalf of several private investors, initially acquired the property in 2006. Just before the economic crash, the owners converted the apartment complex into a condo and began trying to sell units.
“After it became clear that there was not a market for condos at this property, the owners began re-acquiring units to take advantage of the strong market demand for multifamily properties,” said Steve Bassin, a real estate attorney with Greenberg Traurig, who led this transaction. “Our firm is pleased to have helped our client make this turnaround a reality and capitalize on the current market trends.”
The Greenberg Traurig team included Miami real estate attorneys Steve Bassin and Michael A. Roussis, with assistance from Noam Lipshitz, a tax attorney at the firm’s Fort Lauderdale, Fla., office and Jennifer Hage, a paralegal in the Miami office.
About the Greenberg Traurig Miami office
The Greenberg Traurig Miami office, founded in 1967 by attorneys with a business-focused approach and a tradition of community service, has actively supported and helped drive South Florida's growth as an international financial and cultural center and gateway between the United States, Latin America, Europe, the Middle East and Asia. The office is known for its “Miami Roots, Global Reach.” The attorneys advise local, national and international companies in numerous industries and sectors, including aviation, entertainment, financial institutions, health care, international trade and customs, manufacturing, real estate, retail and technology. In Florida, Greenberg Traurig serves clients from across seven offices in Boca Raton, Fort Lauderdale, Miami, Orlando, Tampa, Tallahassee and West Palm Beach.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 1750 attorneys serving clients from 36 offices in the United States, Latin America, Europe, Asia, and the Middle East. The firm is among the “Power Elite” in the 2014 BTI Client Relationship Scorecard report, which assesses the nature and strength of law firms' client relationships. For additional information, please visit http://www.gtlaw.com.