A team of Fox Rothschild attorneys led by Miami-based partner Thomas F. Oppenheimer closed a $100 million refinancing of “Crest at Pinecrest,” a signature high rise apartment building in unincorporated Miami-Dade County, on behalf of its owner and firm client Alta Developers, LLC with a financial institution. Alta Developers completed the 18-story project located at 9600 South Dixie Highway in Miami last year.
The refinancing pays off a $77.1 million construction loan from a New York-based lender in which Fox also represented the client. The loan comes at a time when financing multifamily deals has become increasingly difficult due to higher interest rates and rising construction and insurance costs, demonstrating the stability of the project and the client.
Oppenheimer was assisted by Fox partners John M. Catalano, Scott M. Snyder, Michael J. Kornacki and Bradley S. Rodos and paralegals Maria Valentin and Jessica Miranda.
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