Hunton & Williams LLP advised ASRR 8955 LLC, an affiliate of Israel-based ASRR Capital LTD, in connection with a $90 million construction loan that will fund the development of ultra-luxury condos on Collins Avenue in Surfside, Florida. The loan was originated by Bank Leumi USA, which also acted as administrative agent. The transaction closed on March 10, 2017, and the construction on the condos is anticipated to be completed within two years.
Hunton & Williams’ New York-based legal team was led by Carl F. Schwartz, co-chair of the global real estate practice, partner Matthew A. Scoville, and associates Katie Baranek and Zak Rosenbaum.
“We’re thrilled to play a role in this exciting development, which will represent another leap forward in the transformation of Surfside,” said Scoville.
The Hunton & Williams real estate group advises clients on matters involving the full spectrum of commercial, industrial, retail, multifamily, hospitality and mixed-use properties. With more than 75 real estate and finance lawyers, the group closed deals in 34 states and handled over 185 transactions totaling $37.5 billion last year. The team was named among Dealogic’s top 10 advisors for handling nearly $20 billion in real estate M&A deals in 2016. In addition, the group advised on 200 REITS, and its lending team handled $6.8 billion in financial institutions’ mortgage loans last year alone.