Real Estate Department

June 24, 2013

Real Estate Department: Sacco & Fillas, LLP commends the real estate team for their representation of a corporate purchaser that only through the sheer tenacity and meticulousness of our team on multiple levels could have accomplish a recent complex real estate closing. The purchase price of the subject Manhattan Residential Complex was Nine Million Five Hundred Thousand ($9,500,000.00) Dollars, and the purchaser needed to assume the existing loan of Four Million Five Hundred Thousand ($4,500,000.00) Dollars notwithstanding the fact that the existing loan prohibited any assumption. Moreover, the final hurdle was that the property had to close pursuant to 1031 Exchange guidelines and deadlines. Through the sheer effort and dedication of the real estate team did the deal close with the full finance in place and in satisfaction of the 1031 guidelines to ensure the client did not pay one penny in capital gains for its recent sale of the exchange property for Two Million ($2,000,000.00) Dollars. This is one example of the recent closings handled by our real estate team within the past six (6) months our commercial real estate clients have successfully taken advantage of the record low interest rates to refinance and purchase. A job well done!

Posted in