Bernstein Shur's real estate experts closed an out-of-state client deal in record time.
The task
Last November, two New Jersey businessmen approached Bernstein Shur with a striking challenge: could we help them complete negotiations and close on the acquisition and financing of seven industrial buildings in Dayton, Ohio, in less than nine weeks? Although they had already made an offer on the properties and lined up private investors for a portion of the multimillion-dollar purchase price, little additional deal infrastructure was in place. Complex multi-state transactions of this kind might normally take nine months, not nine weeks.
The businessmen had turned to Bernstein Shur as lead counsel instead of a pricey Manhattan firm or even a local attorney in New Jersey or Ohio, thanks to an earlier real estate transaction Bernstein Shur had successfully—and cost-effectively—negotiated for them in Maine.
A race against time
Our responsive team of real estate, financing, and securities experts hit the ground running, creating a detailed plan and timeline designed to accomplish the clients' goal, notwithstanding the aggressive time constraints and the year-end holiday season timing of the transaction.
Beyond the call of duty
Over the next 60 days, Bernstein Shur's team of lawyers and paralegals went beyond their usual duties and contributed more than just expertise in legal matters. They helped their clients to immediately complete their purchase negotiations with the seller and move quickly with their third-party due diligence - negotiating the best prices and quickest turn-around times from local surveyors, title companies, environmental consultants, and building inspectors. They helped to minimize bureaucracy with the New York-based conduit lender (allowing their clients to lock in favorable interest rates early) and coordinated their lease review and other in-house due diligence.
The team then partnered with local Ohio counsel to guide the clients through the intricacies of the formation and structuring of owner entities, completed the securities and tax work related to the private investor financing, provided creative solutions to the title, survey, and environmental issues raised by consultants, and negotiated meaningful modifications to the conduit mortgage loan financing documents.
A hearty handshake
The result? Thanks in part to the agility and dedication of Bernstein Shur, our clients' deal closed successfully and on time in February 2007.
Why did our clients choose Bernstein Shur? They knew we have the largest group of real estate specialists in northern New England, representing many of the region's largest developers and businesses as well as hundreds of family-owned enterprises - both in Maine and beyond. We have specialized expertise in all aspects of even the most complex real estate transactions—and our approach is always practical, results-oriented, and cost-effective.
Real Estate Practice Group