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Bilzin Sumberg Avoids Buyer Default With Creative Closing Strategy

TAMPA, FL-Bilzin Sumberg's Adam Lustig tells GlobeSt.com's Jennifer LeClaire how his team navigated an inflexible contract to get a hard deal done.

By Jennifer LeClaire | Updated on December 10, 2011

MIAMI-Many closings come down to the wire, but a recent deal Bilzin Sumberg handled gives new meaning to the concept. The contract terms between the seller and the lender were so inflexible that Adam Lustig, a real estate practice group partner at the firm, had to get creative to close the sale.

Lustig represented Isram Residential Monterey Lakes LLC in connection with the acquisition of Monterey Lakes Apartments, a 324-unit complex in Largo. The asset traded for $23.4 million. As part of the closing, the Bilzin Sumberg team helped secure a $15.8 million loan from Grandbridge Real Estate Capital through its Freddie Mac program.

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