TKD Meets Tight Deadline in $20 Million Refinancing
Tarter, Krinsky & Drogin recently represented the owner of a mixed-use building in SoHo in a complex, down-to-the-wire mortgage refinancing. With a limited window of opportunity to complete the transaction, TKD closed the deal on time, working for eight days in an unusually time-sensitive environment.
The refinancing represented significant savings for TKD’s client. The payoff bank was experiencing liquidity problems and was willing to waive substantial prepayment and defeasance charges if the closing was completed within this exceptionally tight time frame. An additional complication was that the payoff bank was then being acquired by another bank from which it had to obtain approval for the payoff.
Edward Farrell, a partner in TKD’s Real Estate Practice Group, handled the refinancing for our client.
Prior results do not guarantee a similar outcome
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