|Rehabilitation of a Center City, Pa., Office Building
Stradley Ronon's main objective is to assist our clients in achieving their business goals. So when a large local development corporation asked Stradley Ronon real estate lawyers to negotiate, document and close a major financing project in just one month's time, Stradley Ronon rose to the challenge.
In the spotlight
The financing project concerned the rehabilitation of a major office building in Center City, Philadelphia. Not only did the project involve a high-profile property, but it also constituted the first major rehabilitation of an office building in Philadelphia after a very long dry spell. The borrower, owner of the office building, hoped to renovate the building to make it a multipurpose commercial structure of offices, garage and retail space. Such a venture generally is paper-intensive, costly and, most of all, time consuming.
Efficient and thorough work
Stradley Ronon lawyers quickly set to work in drafting and negotiating the complicated terms of the agreements involved. They effectively negotiated and documented the loan, mortgage, security agreement and all ancillary agreements.
Most complex was an Inter-creditor Agreement Stradley Ronon lawyers had to negotiate between its client, as a junior creditor, and a bank, the first lender, establishing their priorities with respect to the collateral securing both loans.
Despite the intensive negotiations and the mountains of paper, Stradley Ronon managed to close this financing deal in just one month, securing the project financing made by our client, while keeping within the strict time constraints of the transaction.