JONES, BLECHMAN, WOLTZ & KELLY, P.C. ACTS AS SETTLEMENT AGENT FOR CHANGE IN OWNERSHIP IN THE CITY CENTER OYSTER POINT PROJECT
July 26th, 2016 by JBWK
Submitted by Conway H. Shield III – In what is probably going to be the City’s largest real estate transaction for some years to come, Jones, Blechman, Woltz & Kelly, P.C. acted as Settlement Agent for a transaction where the bulk of the City Center Oyster Point buildings were conveyed from an old ownership which consisted of local investors plus NorthWestern Mutual Insurance Company, to a group of purely local investors. The real property was acquired for $64 Million, with a $54 Million loan being obtained from TowneBank and Union Bank for the property acquisition and a $3 Million loan for a line of credit for operational purposes. A recent press conference, chaired by Newport News City Manager Jim Bourey, stated that this was a welcomed transaction in that the buildings, which essentially serve as Newport News downtown is now controlled by local investors, who have a very close relationship with the City of Newport News. It is interesting to note that there were approximately sixty Leases, representing the sixty Tenants in this project, and a variety of moving parts which made this a very complex closing, which went off smoothly thanks to the participation of a number of local participants, not the least of which were local attorneys representing other interests, local lenders, local title insurance agencies, and, of course, the City of Newport News as well as its Economic Development Authority.
Raymond H. Suttle, Jr., Settlement Attorney for the transaction, indicated that this was a very complex transaction with a lot of moving parts, and could not have been accomplished as smoothly as it was without the participation of a number of people to include the managers of the investor group as well as a number of attorneys and legal assistants at Jones, Blechman, Woltz & Kelly, P.C.
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