Case Studies / Business News

Business News

 

Recent Corporate Deals

The Firm represented a start-up enterprise in its initial and second financing. As part of our representation, our clients were able to maintain a "control" position notwithstanding the fact that most of the capital was furnished by outside investors. The company was also able to retain its key employees by granting them incentive stock options under a program we helped design.

The Firm represented a privately held entertainment company in the sale of substantially all of its assets to a publicly traded company for millions of dollars. As part of the transaction, the principal shareholder received a favorable three-year employment contract. Three years later, we engineered a transaction in which our client re-acquired his business at a fraction of the original sales price.

 

Real Estate Secured Lending

The Firm participated in numerous real estate secured loans, including the following:

  • We represented Old Kent Bank (now a part of Fifth Third Bank) in a multi-million dollar loan to a group of investors who purchased property from The Board of Education of the City of Chicago. The property is subject to a long-term ground lease, pursuant to which the ground lessee has sub-leased the property to a developer of a multi-purpose building on half of a city block in downtown Chicago. (2002)
  • We recently concluded our representation of a Chicago lender in connection with a multi-million dollar real estate financing transaction secured by multiple parcels in three states. In addition to the preparation of all loan documents, our representation included negotiating intercreditor agreements with senior lenders on several of the parcels, arranging for specialized title policy endorsements from the Title Insurer, and establishing tailored release provisions for the Borrower. The lender has also retained the Firm to represent it in connection with the proposed take-out of the senior lenders over the next two years. (2003)

 

Low Income Housing/Tax Credit/FHA Insured Development Project

The Firm recently concluded a multi-million dollar financing transaction on behalf of a developer in connection with a project involving the construction of sixty-five (65) rental housing units on South Indiana Avenue in Chicago, Illinois. Sources of financing included an FHA-insured mortgage loan, the sale of multi-family housing revenue bonds, City of Chicago Home Funds and the syndication of low-income housing tax credits. The Firm was involved in all aspects of the transaction, including the acquisition of the land, the rezoning of the land, organization of the ownership and developer entities, relations between the developer, the architect, the general contractor, and the low-income housing tax credit syndicator, and supervision of the various construction escrows. The project should be completed in approximately two years and will provide much-needed low income rental housing for larger families. (2002)

 

Industrial Development Bond Financing

The Firm was involved in two, multi-million dollar Industrial Development Revenue Bond financing transactions:

  • In the first transaction, the Firm represented a family-owned manufacturer of doors and related hardware, the issuer of the bonds was Cook County, Illinois, and the credit provider was LaSalle Bank National Association. Proceeds of the Bond sale were used to acquire and renovate the company's new headquarters and manufacturing facilities. (2000)
  • In the second transaction, the Firm represented a closely-held, special purpose limited liability company, the issuer of the bonds was the Illinois Development Finance Authority and the credit provider was American National Bank and Trust Company of Chicago. Proceeds of the Bond sale were used to purchase and build out a light manufacturing facility which was then leased out to two corporations in the printing and packaging business. (2001)

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