A team from Miami-based Pathman Schermer Tandy, LLP recently represented a large Miami-based owner of apartment properties in the closing of two Fannie Mae loans for the refinancing of 22 apartment complexes totaling 1,146 units in Sioux Falls, South Dakota, for a combined loan amount of $77.81 million. Pathman Schermer Tandy, LLP partner Hal Lewis and associate Laura Lefebvre Balard led the effort. The borrowers are Tzadik Sioux Falls Portfolio I, LLC, and Tzadik Sioux Falls I, LLC.
The initial lender was Greystone Servicing Company LLC, which thereafter assigned the loans to Fannie Mae.
“The deal was complex and involved a large amount of due diligence information as well as related corporate work,” said partner Hal Lewis, “but we learned that even in this pandemic, large complicated deals can be accomplished on a remote basis with the right kind of technology and parties willing to work together to achieve a result. Our firm has always invested in secure technology to allow a transaction to be worked on from any location.”
Pathman Schermer Tandy, LLP is a Miami-based law firm with practice areas in real estate; banking & finance; litigation; land use and zoning; water & environmental law; resilience law; energy law; construction law; corporate and business transactions; appellate law; automotive law; and employment law. The firm can be reached at (305) 379-2425.