Refinancings That Result in Significant Savings to Client
Represented a borrower/developer in two eight-figure refinancings, with closings occurring within days of each other. Due to the tight timing of the existing debt maturity, a very small pay-off window existed, resulting in significant savings to the client. One transaction involved a loan secured by an office building involving complicated “COREA” documentation relating to the air rights, covenants, conditions and restrictions associated with the Ballston Common Mall, common areas, and the interplay of the COREA documents and the actual office building and surrounding structures. A second transaction immediately following closing involved the refinancing of debt secured by property located in downtown D.C. The loan documents required substantial negotiation to familiarize the lender with the organizational structure, amendments of the organizational documents, and negotiation of the lender’s requirements for a loan that may be ultimately securitized.