Newark-based Genova Burns LLC is continuing to close some significant deals in the face of COVID-19.
The law firm announced it closed on an $87.5 million transaction for a multifamily property in Maryland on April 17.
“The closing of the transaction is a testament to motivated parties coming together to consummate a transaction in the face of the COVID-19 pandemic and the economic uncertainties that were beyond comprehension at the time and remain so today,” Genova Burns Partner Jeff Rich said.
Located at 8100 15th Ave., Hyattsville, in Prince George’s County Maryland, the Villas at Langley is a 590 apartment unit building within close proximity to Washington, D.C.
The seller, Krieger Boulevard LLC and Krieger Skyline LLC, along with buyer 8100 15th Ave Owner LLC, and Genova Burns Counsel John Suwatson collaborated with the lender and the property management and faced the logistical challenges to facilitate a successful consummation of a transaction negotiated in far better times.
“From the outset when the deal was first negotiated in October of 2019 through early March when the conveyance was targeted to close, the parties were on the path to a closing date with few headwinds. By mid-March, the landscape changed dramatically as the pandemic escalated.
“Despite the early fears that the owners of multifamily projects throughout the region would see dramatic drops in rental income and increased delinquencies, the Villas at Langley continued to exhibit strong performance with respect to both occupancy levels and revenue,” said Rich.
Editor’s Note: This article was updated at 5:30 p.m. EST on April 27, 2020 to add Counsel John Suwatson’s name as he was instrumental in the transaction.