The team at Firm, led by Steven Herzberg advised our client on the purchase of a 560-unit 560,000 square foot multifamily complex in Houston, Texas, which sits on over 800,000 square feet of land. The transaction closed in late September. The firm advised our client, a Miami based real estate investment group, in the purchase of 2111 Holly Hall Apartments. The complex sits within walking distance of Houston’s world renown medical district, and NRT Stadium.
The transaction took over 5-months of work by the firm’s attorneys, which became involved in the transaction from negotiation of the LOI through closing and post-closing matters. The purchase had further complexities as it involved the assumption of a $38-million securitized commercial mortgage held by Citigroup.
A transaction of this size and complexity has many moving parts, which are not only transactional in nature, but also have long-lasting business consequences. The firm advised and prepared documents required to gain lender approval at multiple stages throughout the transaction, with three different stake holders requiring approval of our client. The firm also advised the client regarding title matters, lender documents, lender applications, and corporate formation, structure, and governance. Additionally, the firm also assisted in the negotiation of property management agreements, other due diligence matters, and advocated for and received preferable loan terms.
The legal team advising our clients on the sale, including outside counsel in Texas and Delaware was led by Steven Herzberg.