Mansfield Bronstein, PA Attorneys Close $9,375,000.00 Complex Multi-Property Refinance
The Mansfield Bronstein, PA real estate department closed a $9,375,000.00 multi-property refinance this month that took nearly 6 months to complete and involved complex, multi-jurisdictional issues in two Florida counties. The properties, located in Orlando and Miami had common investor groups, but different minority owners. The Mansfield Bronstein team assisted the client in closing the transaction by solving complex zoning, ADA, taxation, cross-collateralization, property condition and title issues that had prevented the financing of the transactions previously. In doing so the team was able to help avoid significant lender required holdbacks of the loan proceeds.
Ronnie Bronstein, Esq. previously represented the ownership group in a complex commercial foreclosure action in 2010. The lender in the foreclosure action was defeated in its motion for Summary Judgment and as a result Mr. Bronstein was able to negotiate a discounted payoff that allowed the group to retain the property. An appraisal of the property that was received in connection with the refinance valued the property at triple what was paid by the owners in 2010 to retain pay off the nearly $12,000,000 mortgage, retain the property and secure a dismissal. The net proceeds from the just closed refinance exceeded the discounted payoff from 2010.