SAN FRANCISCO – December 12, 2007 – Jeffer, Mangels, Butler & Marmaro LLP (JMBM), one of California’s foremost full-service law firms, today announced that on behalf of its client, CMR Commercial Mortgage Fund LLC, the Firm closed a $25.5 million loan to Nevada Towers, a Chapter 11 debtor-in-possession. The loan is secured by a first priority priming Deed of Trust on real property owned by Nevada Towers.
Located in Las Vegas, Nevada Towers seeks to develop the property into a 1000-unit residential condominium project consisting of high-rise residential towers, parking, and retail space. The loan, made by CMR Commercial Mortgage Fund LLC, enabled Nevada Towers to refinance an existing first deed of trust holder on the property whose loan was in default and who was owed an amount in excess of $20 million. Now that the refinancing has occurred, Nevada Towers will have additional opportunity to reorganize in its Chapter 11 case.
"This loan transaction involved complex bankruptcy, land use and creditor’s rights issues," said Robert B. Kaplan, lead partner for JMBM in the transaction. "With the expertise of the Firm’s bankruptcy and finance partner Nicolas De Lancie, we were able to close this loan in a very short 13 business days."
Financing was provided by bridge-lending specialist California Mortgage and Realty, Inc.’s CMR Commercial Mortgage Fund, which received Bankruptcy Court approval for the loan on November 20, 2007 and closed it on December 7, 2007.
Both Kaplan and De Lancie work out of the Firm’s San Francisco office. Kaplan has more than 27 years of experience, focusing primarily on creditors’ rights and bankruptcy related matters. De Lancie has more than 25 years of experience, with a concentration on creditors’ rights, bankruptcy matters and commercial credit, as well as commercial real estate finance transactions.