M2E Clients, Miami Lawyers and Partners at Duane Morris Negotiate Loan in Slower Construction Lending Climate

posted on Thursday, October 19th, 2017 by Nina Tanazevic

Attorneys Elaina Sodhi and Jay Steinman secured a $59 million loan for a mixed-use development despite a lending climate where some bankers are hesitant to advance money for condominium construction.

“Many banks are a little bit tentative for lending in that market,” Steinman said. “There’s speculation that there’s a little bit of overheating in construction of condominium projects.”
It was in part the project’s location — in Coral Gables, which has fewer residential condos than downtown Miami — and the developer’s track record that helped land the loan, Sodhi said.

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