Campolo, Middleton & McCormick, LLP announced that it has closed a multimillion dollar construction financing transaction and working capital line of credit between its client, a major construction and architectural hardware distributor, and the client’s lender, a large institution in the secondary lending market. The transaction moved swiftly from the execution of a letter of intent in the fall of 2016 through due diligence and to closing just before the new year. In addition to the usual financing documents for such transactions, the deal was complicated by the transfer of mortgages on several separate parcels of real estate that secure the new loan and the removal of security interests held by a prior lender. Other complicating factors included negotiating loan capacity for retainage and materials delivered but not installed. The terms of the transaction were not disclosed publicly.
Headed by Joe Campolo, attorney Don Rassiger assisted to close the deal at a breakneck pace. The client shared that “Don was great. He understands the construction supply business and was very available. We could not have gotten it across the finish line without him.”
Unlike those at other Long Island firms, CMM’s Construction attorneys possess firsthand knowledge of the construction client’s perspective, having worked in the industry themselves. CMM’s Construction practice group is comprised of seasoned professionals who understand the challenges faced by the players on all sides of the construction table and are well-equipped to assist clients in achieving successful outcomes in a cost-effective and timely manner. CMM works with clients to navigate through the obstacles and challenges that they face throughout the lifecycle of each construction project, offering guidance on planning and development, financing, bid processes and procedures, contract drafting and negotiation, claims and insurance matters, surety/bonding issues, environmental issues, labor relations, risk management and mitigation, change orders and delay/impact claims, and litigation.