Kaye Scholer represented Condo Developer LLC in its acquisition of 165 unsold condominium units, retail space and related assets of The Vue at Lake Eola, in Orlando, Florida for $25.9 million and the assumption of certain liabilities. The Vue was built in 2007, at the height of the Florida housing boom, and is the tallest residential tower in Orlando. It filed for bankruptcy protection in 2009 as demand for high-end condo units collapsed. Condo Developer purchased the building out of the bankruptcy proceeding, utilizing financing provided by Ladder Capital. Given the prominence of the building in Orlando and the fragile condition of the Florida real estate market, numerous media outlets have suggested that the acquisition is a potential signal that the Florida condo market will finally begin its recovery.
The Kaye Scholer team that handled the acquisition included Aaron Lehrfield, Michael D. Messersmith, Rachel S. Kless and Kathryn L. Schmanski.
Also of Interest
- Tax Alert: Final Debt Regulations Have Limited Scope of Application November 30, 2016 • Client Alerts
- Best Lawyers Profiles Frankle as “Lawyer of the Year” November 28, 2016 • Media Mentions
- Fintech Term Sheet Negotiations: Key Issues Beyond Price November 21, 2016 • Articles
- Harty Receives Lawyers Alliance 2016 Cornerstone Award November 18, 2016 • Recognitions
- JUVE Handbuch Recommends Frankfurt Office and Lawyers November 14, 2016 • Recognitions
- Kaye Scholer Receives Legal Aid Society’s Pro Bono Publico Award November 4, 2016 • Recognitions
- US News–Best Lawyers Recognizes 32 Kaye Scholer Practices and 41 Lawyers November 1, 2016 • Recognitions
- Kaye Scholer Succeeds on Behalf of Term Loan Lenders in Defeating Confirmation... October 31, 2016 • Client Successes
- Term Sheets and Tech Deals: Key Considerations Fall 2016 • Reports / Newsletters