Real Estate Investor Purchased 30-Unit Apartment Building in Fishtown for $7.33 million

The Challenge

After receiving a fully executed letter of intent involving the proposed transaction, Nochumson P.C. prepared and negotiated the purchase and sale agreement governing the acquisition of the property.

The transaction required careful negotiation of terms related to financing contingencies, due diligence rights, lease assignments, tenant security deposits, advance rent payments, and the seller’s obligations regarding the ongoing condition of the property.

Following execution of the purchase agreement, the transaction also involved review and negotiation of financing documents prepared by the lender, along with title review and coordination leading up to closing.

The Solution

Nochumson P.C. negotiated the purchase and sale agreement on behalf of the client, including provisions conditioning the acquisition upon acceptable financing terms, satisfactory due diligence review, confirmation of the legal use of the property, and assignment of the existing leases.

The firm also reviewed the title commitment and loan documentation prepared in connection with the financing of the acquisition to help ensure the client’s interests remained protected throughout the transaction.

Nochumson P.C. later represented the client at closing and assisted with completion of the acquisition documents necessary to finalize the purchase.

Commercial multifamily acquisitions often require extensive coordination involving due diligence, lease review, financing terms, and title matters before closing can proceed.

The Results

The transaction successfully closed, resulting in the client’s acquisition of the 30-unit apartment building for $7.33 million.

Nochumson P.C. guided the client through each stage of the acquisition process, from contract negotiation through financing review and closing.