Angelo & Banta closes land acquisition and $85 million construction loan.
For a Class A Rental Project in St. Petersburg, Florida
The law firm of Angelo & Banta, P.A. is pleased to announce it represented CRAE 330 THIRD LLC, an affiliate of American Land Ventures, in negotiating and closing the acquisition of a 2.88 +/- acre parcel in St. Petersburg, Florida and closing an $85,650,000.00 construction loan from JPMorgan Chase Bank, N.A.
The project will contain a Class A 17-story multi-unit apartment building containing approximately 337,667 square feet of net rentable area, including 358 apartment units. Firm CEO Thomas Angelo introduced American Land Ventures to JPMorgan Chase in 2013 to gauge their interest in the transaction. Mr. Angelo then assisted the borrower in negotiating the term sheet for the loan. Firm partner Gavin Banta negotiated the purchase contract and related agreements with the land seller.
Mr. Angelo and Mr.Banta negotiated the loan documents and conducted all other aspects of the due diligence related to the transaction. American Land Ventures is a Miami-based multi-family developer and owner, having developed more than 3,500 high-rise, mid-rise and garden apartments and condominiums in Florida, specializing in urban infill projects.
Angelo & Banta, P.A. is a progressive Florida-based law firm representing a diverse group of businesses, entrepreneurs, financial institutions, insurance companies and professionals.