Commercial real estate and corporation transactional lawyers James Maher and Matthew Teich represented a national commercial bank in a $19,000,000 senior acquisition and renovation loan for a multi-family property in suburban Dallas, Texas. The transaction was one in a long series of projects with a Boston-based equity sponsor. This transaction was the first joint venture between the equity sponsor’s fund and the Texas-based developer.
The loan included a three-year renovation facility to allow for units to be renovated as leases turn over. The transaction involved customary due diligence for a commercial real estate acquisition and the simultaneous closing and execution of an interest rate swap transaction.