The law firm of Angelo & Banta, P.A. is pleased to announce it recently represented American Land Ventures of Miami in the formation of a joint venture and the related acquisition of The Strand, a 295-unit luxury high-rise residential tower currently under construction on the south bank of the St. Johns River in Jacksonville, Florida.
The firm assisted American Land Ventures in negotiating and closing a joint venture arrangement with Real Estate Capital Partners, a national real estate equity fund based in New York City. A new joint venture was formed between American Land Ventures and Real Estate Capital Partners, and the firm negotiated a contract to purchase The Strand project, which is scheduled to be fully completed and converted into condominiums in early 2007.
The firm also negotiated on behalf of the joint venture a construction loan commitment in the amount of $86 million with Corus Bank of Chicago, Illinois. The total sell-out of the project is expected to reach over $130 million.
Firm partners Tom Angelo and Gavin Banta, together with associate Florian Ellison, handled the negotiations with respect to the real estate and financing aspects of the joint venture. Firm partner David Hanley assisted in corporate related documentation and due diligence.