Real Estate Transactions for February

Yaron Kornblum and Marie Landsman represented several TIC members in the acquisition of a multifamily family property comprised of 252 units called Cullen Apartments, located at 13555 Cullen Boulevard, Houston, Texas. The purchase price was $39.3 million and was financed by a loan from Arbor Realty SR, Inc. in the amount of $31.6 million. Jeffrey Rust, Scott Feuer and Walt Gumersell assisted with the opinion letters, loan documents and TIC agreement.

Yaron Kornblum and Marie Landsman represented several TIC members in the acquisition of a portfolio of multifamily properties comprised of 209 units in Columbus, Georgia. The purchase price was $13 million and was financed by a loan in the amount of $11 million from Capital One Commercial Bank. The transaction included negotiation and resolution of an access issue involving one of the parcels.

Marie Landsman represented Island Harvest Ltd. in the acquisition of a commercial property located at 126 Spagnoli Road in Melville. This was the first property purchased by the not-for-profit and will serve as their main facility on Long Island, in addition to the facilities they currently lease. The purchase price was $8.1 million and was financed by a loan from Flushing Bank in the amount of $5.3 million. The transaction included a leaseback of the portion of the premises to the seller. The firm graciously agreed to discount a portion of the fees as a charitable contribution to Island Harvest.

Marie Landsman and Amy Silver represented 40 Seaview Realty LLC in the sale and leaseback of commercial property located 40 Seaview Boulevard in Port Washington. The sale price was $6.25 million. The transaction included a leaseback of the entire building to the seller’s production company, ADM Productions, Inc. The lease is a triple net lease for a term of 5 years, with an option to extend for an additional 5 years.

Yaron Kornblum and Marie Landsman represented The Royce at Trumbull LLC in its acquisition of a luxury residential apartment complex located at 900 Old Town Road, Trumbull, CT. The purchase price was $82 million and was financed by a $65.6 million loan given by KeyBank, N.A. The transaction included complex financing and a borrower structure involving over 80 investors. Jeffrey Rust assisted with the Opinions and Michael Twersky assisted with the loan documents.