Cole Schotz Advises on $205m Construction Loan in Connection With Acquisition of Midtown Condo Development
Cole Schotz represented boutique development firm Continuum Company in connection with a $205 million construction loan to finance the acquisition and development of a Midtown Manhattan property, structured as a $180 million mortgage loan and a $25 million mezzanine loan. Cole Schotz simultaneously negotiated joint-ventures, provided tax advice and provided counsel in connection with the purchase of certain air rights to facilitate the development.
Cole Schotz also advised on the acquisition of the property, which will be redeveloped into an approximately 130-unit condominium tower. The property, located at 26-40 East 35th Street, was previously home to the Community Church of New York.
The Cole Schotz team included members Matthew Schneid, Emanuel Tsourounis II, Jeffrey Schechter and Robyn Pellegrino, and associates David Borsack, Matthew Love and Andreas Apostolides.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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