June 12, 2008
Kelley Drye recently represented Spectrum Partners LLC, an affiliate of Kodiak Properties LLC and Finmarc Management Inc., in its purchase, through two separate joint ventures with Angelo, Gordon & Co. and Potomac Capital Advisors LLC, of Regency Centers' "Mid-Atlantic portfolio" for $108.1 million.
Regency Centers’ Mid-Atlantic portfolio included seven properties, totaling 804,457 square feet, throughout Maryland, Pennsylvania, Delaware and Virginia. In addition to the two joint ventures, this complex transaction involved four loan assumptions and three new loans from two different lenders. Kelley Drye acted as local counsel for affiliates of Angelo, Gordon & Co. in Maryland and Virginia.