More Condos in Midtown: Cole Schotz Advises on Continuum’s $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 35^th 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.