January 28, 2011
Kelley Drye recently represented Dragone Realty Investments, LLC in its purchase, through a joint venture with global bank HSBC and private real estate investment fund Potomac Capital, of a 305-unit multi-family apartment complex in Oxon Hill, Maryland for $9.5 million. This transaction involved the acquisition of the property out of receivership, the assumption of an existing $9.3 million mortgage loan and the negotiation of agreements among the three joint venture partners to finance more than $10 million of renovations and construction at the property. In addition, a significant casualty occurred at the property days before the scheduled closing requiring extensive negotiations with insurance companies, claims adjusters, the receiver and existing mortgage's special servicer.
Partner Joseph B. Hoffman and associate Aaron D. Rosenfeld handled this matter.