One South Florida property owner has refinanced in order to be provided more time to sell the land. The loan has been negotiated by a Miami-based firm for $36.5 million and involves vacant tracts in Hillsboro Beach and Boynton Beach. The commercial real estate lender has provided the loan over a period of 24 months.
The parcels in question are said to allow buyers the ability to develop “very unique projects.” Some of the tracts are zoned for condominiums or luxury homes. One site has been approved for a shopping mall. And for one other piece of property, an application for a zoning change has been made in hopes that a resort hotel could be built there. The lender is confident that the real estate will increase in value over time.
Loan modifications and other real estate solutions can often mean the difference between providing a profitable enterprise and a missed opportunity. Attorneys that understand this area of law can also provide a wide variety of solutions when it comes to trying to figure the financing out. They can make certain that clients understand the benefits and possible consequences when it comes to reworking of a loan.
These attorneys can also provide additional services when it comes to real estate matters. This can include representation at closings and the intervening in disputes that could prove costly. Commercial real estate ventures can involve millions of dollars trading hands. It can also result in disputes when misunderstandings arise concerning the ways that land can be developed or used.
Source: Sun Sentinel, “South Florida landowner refinances, buys time to sell,” Paul Owens, Jan. 31, 2014