A team of attorneys from Halloran & Sage Business Law Group, led by Attorney Robert Cox, successfully counseled one of New England’s largest banks through the negotiation, documentation and closing of a complex financing transaction in which the bank extended four separate first mortgage loans, to four separate borrowers, each of which was cross collateralized and cross defaulted. The transaction was further complicated by the fact that the mortgaged properties were located in the State of New York, which imposes a significant mortgage tax in connection with recording. To achieve the requisite cross collateralization and cross default, while limiting the borrowers’ exposure to the mortgage tax, the deal was structured to include a single mortgage encumbering all four mortgaged properties, and securing the aggregate amount of the loans, yet four individual promissory notes to which each borrower was a party. The documentation allowed for each loan to be advanced at varying times, and upon satisfaction of detailed advance conditions, and permitted the borrowers to elect the rate of interest on each loan up until the time of disbursement of the loan.