Record Closing Time on Quadruple Loan Transactions
A customer of a large regional bank had an opportunity to purchase four separate parcels of real estate from a public utility company, located in Maryland and the District of Columbia. The properties were diverse and consisted of a suburban office building 100% leased to the United States government; a downtown property operated as a restaurant and office building; raw land zoned for residential development; and a long-term ground lease of land zoned for commercial development in the NOMA district of Washington, DC. Knowing that timing was critical to its customer, the bank turned to us to prepare the loan commitments; perform due diligence on title, survey and leasing issues; document the loans for all four properties; and supervise the closing. All four transactions closed simultaneously, less than five weeks after we began work.