AHK Law Office

$6,330,000 Refinance of Vacant Land with International Borrower Completed with Firm Assistance

August 26, 2015 – Patric J. Kelly, of Adleson, Hess & Kelly, has documented, directed and closed a $6,330,000 refinance for the firm's lender client. The loan is secured by a vacant parcel of developable land in Southern California on behalf of a foreign borrower domiciled in a Caribbean island.

This is the third refinance of this valuable property handled by the firm and Mr. Kelly since 2007. As has each such refinance, the project included Mr. Kelly's review and finalization of all loan documents, including the note, the deed of trust, borrower counsel opinion letters, environmental indemnities, and other related financing documents.

Mr. Kelly dealt with international counsel in the Caribbean and the borrower's counsel in California. An additional accomplishment was the discovery by Mr. Kelly that the CC&R's that encumbered the property, over fifty-four years old, had expired, a fact not noticed by the title company. Mr. Kelly successfully obtained the removal of these restrictions from title policy. Mr. Kelly has extensive experience in documenting complicated real estate transactions, including financing and re-financing loans, throughout the State of California.