Uncategorized

Angelo & Banta Law Firm closes over $100 million in development financing for the Peninsula

A Luxury Condominium Project on the St. Johns River in Jacksonville, Florida

FT. LAUDERDALE – Angelo & Banta, P.A. recently represented American Land Ventures of Miami in closing mezzanine debt and a $86 million construction loan to build a 37-story, 234 unit luxury condominium tower in Jacksonville, Florida.

The 234-unit condominium is the second phase of a three phase project on the St. Johns River, which includes a luxury apartment tower and retail space. The condominium is expected to be completed by August 2007. The Peninsula will offer a number of community amenities and conveniences to its residents. The Peninsula’s residents will enjoy magnificent, broad-sweeping views of the St. Johns River. Building amenities will include a grand two-story lobby featuring custom-designed spaces with modern artwork, retail space, a library, business center, Internet Cafe, and private rooftop club. Residents will also enjoy a fitness center and health spa outfitted with the latest in weight and cardiovascular training equipment, a yoga and Pilates studio, massage and treatment rooms and a meditation garden. The development will offer immediate proximity to an above ground monorail that provides passenger transport in and around the Downtown Jacksonville CBD. The unit mix is comprised of one-, two- and three-bedroom units average approximately 1,700 square feet with unit prices averaging approximately $600,000.

Madison Capital Group helped arrange the financing with Corus Bank and Lehman Brothers.

Corus Bank of Chicago, Il, provided an $86 million construction loan and was represented by lawyers Mark C. Simon and Brian Sheedy of Katten Muchin Rosenman LLP.

Lehman Brothers of New York, NY, provided the mezzanine financing and was represented by Windels Marx Lane & Mittendorf LLP.

Angelo & Banta Law Firm closes $32 million credit facility for Gate Parkway Investors, LLC

FT. LAUDERDALE – The firm’s managing shareholder, Thomas P. Angelo, partner, David F. Hanley, and associate, Philip M. Hanaka of Angelo & Banta, P.A. recently represented LaSalle Bank National Association in closing a $14.5 million acquisition and development loan, and a $17.5 million construction loan, for a total credit facility of $32 million, to Gate Parkway Investors, LLC to finance the acquisition, development and construction of Gate Parkway West in Jacksonville. Eduardo Avila executed the loan documents on behalf of Gate Parkway Investors, LLC.

Gate Parkway Investors, LLC intends to construct a 22-building, 344-unit mixed-use development located at Gate Parkway Extension in Jacksonville, Florida. The developer was represented by Neil S. Rollnick, Esq. of Adorno & Yoss in Miami.

Angelo & Banta Law Firm closes $24 million loan for Wilton Manors Developers, LLC

FT. LAUDERDALE – The firm’s managing shareholder, Thomas P. Angelo and associate, Philip M. Hanaka of Angelo & Banta, P.A. recently represented Bank of America, N.A. in closing a $24 million loan to Wilton Manors Developers, LLC to finance the acquisition of Wilton Towers in Wilton Manors, Fort Lauderdale.

Wilton Manors Developers, LLC intends to convert Wilton Towers into residential condominiums. The principals of Wilton Manors Developers, LLC are Keith D. Diamond and Steven Simon. The developer was represented by Richard Douglas, Esq.

Angelo & Banta Law Firm closes $14 million refinancing for the Watershed Treatment Programs, Inc.

FT. LAUDERDALE – The firm’s managing shareholder, Thomas P. Angelo and associate, Philip M. Hanaka of Angelo & Banta, P.A. recently represented Wachovia Bank, National Association in closing a $12 million mortgage loan to The Watershed Treatment Programs, Inc. to finance the construction costs of the new 120-bed treatment facility in Boynton Beach, Florida. Wachovia also provided an additional $2 million to The Watershed Treatment Programs, Inc. to refinance its treatment facility in Boca Raton, Florida.

The 120-bed treatment facility in Boynton Beach is the newest addition and centerpiece facility for one of the largest private providers of addiction and substance abuse treatment in America, servicing over 2,500 patients each year.

The Watershed Treatment Programs, Inc., which also has facilities in Houston, Texas, was represented by Steven M. Auerbacher, P.A.

Angelo & Banta Law Firm negotiates lease for furniture store at Wellington Mall

FORT LAUDERDALE – Angelo & Banta, P.A., name partners Tom Angelo and Gavin Banta recently negotiated a commercial lease on behalf of City Furniture, Inc., with TJ Palm Beach Associates Limited Partnership (TJ) for approximately 103,000 square feet of retail space at The Mall at Wellington Green

TJ’s general partner is Taubman Palm Beach LLC of Bloomfield Hills, Michigan. Ruzat of Synergy Retail Group in Boca Raton brokered the transaction.

City Furniture intends to operate both a City Furniture and Ashley Furniture Home Store in this space, which was formerly occupied by Lord & Taylor.

Lawyers help sellers in $24 million Ritz Plaza deal

Dealmakers: Attorneys Tom Angelo and Gavin Banta

The Deal: Angelo and Banta represented RPH Hotel Associates LLC in the $24 million sale on June 2 of the Ritz Plaza Hotel on 17th Street and Collins Avenue in Miami Beach. The buyer was Ritz Plaza LLC, a joint venture of Makar Properties, developer of the luxury St. Regis Monarch Beach Resort in Dana Point, Calif., and San Francisco-based Farallon Capital Management. Delaware-based RPH Hotel Associates LLC was a joint venture of Starwood Hotels and Malvern Hotels of Florida. Starwood managed the Ritz Plaza until the management handover to San Francisco-based Kimpton Hotels Management.

Details: Angelo said several national players showed interest in thehotel. The candidates were narrowed to three by Washington, D.C.- based hotel real estate advisory firm Molinaro Koger. Ritz Plaza LLC was chosen based on financials and its ability to close. The beachfront property is in one of Miami-Dade’s hottest real estate sub-markets. Built in 1940, the hotel is on a 1.3-acre site, has 11 stories and 132 rooms. It will remain closed until renovations are completed in 2006.

James Berger, the attorney representing the new ownership group, said Makar will likely build a separate condo-hotel no taller than five stories. The purchaser was represented by Berger and Sam Poole of Berger Singerman, which has offices in Miami and Fort Lauderdale. Makar Properties is a Newport Beach, Calif.-based real estate developer with about $1 billion in assets under management.

Background: Angelo and Banta are partners in the Fort Lauderdale-based firm Angelo & Banta.

Quote: “It’s a pretty large price for a hotel that is not a going concern,” Angelo said. “It says a lot about the integral value [of the property] on a long-term basis.”
– Oscar Pedro Musibay

Angelo & Banta close $24 million sale of Historic Miami Beach Hotel

FT. LAUDERDALE – The law firm of Angelo & Banta and its partners Tom Angelo and Gavin Banta closed the sale of the Ritz Plaza Hotel located at 1701 Collins Avenue on Miami Beach. The purchase price of the sale of the hotel was $24 million.

Angelo & Banta represented the seller, RPH Hotel Associates, LLC which was a joint venture between Starwood Hotels and Malvern Hotels of Florida.

The Ritz Plaza is now managed by San Francisco-based Kimpton Hotels Management. The hotel’s Web site indicates that it will be closed for renovation until 2006.

Angelo & Banta closes a $45.8 million construction loan for downtown Jacksonville Luxury Apartment Tower on the St. Johns River

FORT LAUDERDALE – The South Florida law firm of Angelo and Banta negotiated and closed a $45,877,500 construction loan for the Strand, a 28-story luxury apartment tower going up on the banks of the St. John’s River in Jacksonville. Firm partners Tom Angelo and Gavin Banta represented the developer, St. Johns Phase 1 LLC, of Delaware, managed by American Land Ventures of Miami, Florida and its president Granvil Tracy. Pacific Life Insurance of Newport Beach, California provided the construction loan. Matthew G. Breuer and David Cook of the Tampa, Florida branch of Foley & Lardner represented Pacific Life Insurance. The construction loan was arranged Madison Capital Group of Miami, Florida.

Located at 1401 Riverplace Boulevard, the Strand is part of a major redevelopment of the St. John’s River area in downtown Jacksonville. Construction is expected to be completed by May of 2006 and consists of 21 studio units, 204 two-bedroom units and 25-three bedroom units.

This phase of construction begins a three-phase development project on the St. John’s River by American Land Ventures. The second phase involves a 37-story, 234 unit condominium to be followed by a mixed-use commercial site that will contain office space, retail, parking, and restaurants.

Angelo & Banta managing partner appointed chairman of the Board of Museum of Discovery and Science

FT. LAUDERDALE, FL – Thomas Angelo managing partner of Angelo & Banta, has been appointed Chairman of the Board of the Museum of Discovery and Science in Ft. Lauderdale.

As Chairman, Mr. Angelo’s responsibilities will include, but are not limited to appoint committees, assist in the conduct of the affairs of the museum, preside at all meeting of the Board, and shall be a member of all committees except the Nominating Committee. His term will be one year.

The museum was founded in 1976 as The Discovery Center. But a quarter century later, its mission remains the same – to provide experimental pathways to lifelong learning in science for both children and adults through programs, exhibits and films. The center, which includes one of South Florida’s few IMAX theaters, is visited by more than 400,000 each year. Kim Cavendish, president and CEO of the museum said Mr. Angelo’s presence on the board will enhance the level of community partnerships with the facility.

During his service as a Board member in 2003 Mr. Angelo co-chaired The Mercedes-Benz of Fort Lauderdale Great Journey West Gala. This annual event benefits the Museum of Discovery and Science and Sun-Sentinel Children’s Fund, a fund of the McCormick Tribune Foundation. Generating $327,760.42, nearly triple the amount of donations from years prior, the Gala was highest grossing event in Museum history. Mr. Angelo focuses his practice on corporate, real estate and financial services law. His clients include: Bank of America, City Furniture, The Codina Group, Wachovia Bank and Starwood Hotels and Resorts, just to name a few.

He received his undergraduate degree from Georgetown University and his law degree from University of Virginia School of Law.