m2e Clients, Miami Lawyers and Partners at Duane Morris Negotiate Loan in Slower Construction Lending Climate

Attorneys Elaina Sodhi and Jay Steinman secured a $59 million loan for a mixed-use development despite a lending climate where some bankers are hesitant to advance money for condominium construction.

“Many banks are a little bit tentative for lending in that market,” Steinman said. “There’s speculation that there’s a little bit of overheating in construction of condominium projects.”
It was in part the project’s location — in Coral Gables, which has fewer residential condos than downtown Miami — and the developer’s track record that helped land the loan, Sodhi said.
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