Two attorneys from Krinzman, Huss & Lubetsky closed the $72 million purchase of a nearly new apartment complex in Coral Springs.
Morris Coral Springs Associates LLC bought the Bainbridge Coral Springs apartments at 10820-10890 W. Sample Road from Coral Springs Apartments LLC, according to the Broward County property appraiser’s office.
Morris Coral Springs is an affiliate of the New Jersey-based real estate development and management firm Morris Cos., and Coral Springs Apartments is an affiliate of The Bainbridge Cos., a Wellington-based real estate development, construction, management and acquisition company, according to state records and company websites.
Krinzman Huss partners John Hotte in Fort Lauderdale and Michael Feldman in Miami worked with Ballard Spahr of counsel Laura Seidel, who is based in Atlanta, representing the buyer. The deal closed March 9.
Others who worked on the deal include Broad and Cassel partner Christopher Staller in Boca Raton, who represented the seller, and deal underwriter Old Republic National Title Insurance Co., based in Minneapolis.
Grande Title & Escrow LLC, a title company affiliated with Krinzman Huss, acted as the closing agent.
This was a challenging deal to close with the parties working under a tight deadline — and at one point both the buyer and the seller opted out of the transaction altogether.
The two sides were running out of time as the due diligence deadline approached, Hotte said.
“The due diligence period was about to expire, and there were unresolved issues that arose in our reviewing of title and documents … that the parties were unable to resolve to their own satisfaction,” he said. “The safe approach at that time is to protect your deposit and terminate the deal.”
The buyer and seller, however, were willing to continue negotiations in the background, and the transaction eventually came to life again.
“The contract was then revived with some additional parameters and modifications based on those conversations. We proceeded to close. We had hurdles to deal with regarding some survey issues, regarding some title issues,” Hotte said.
In such deals, a tight timeline is preferred as a test of sorts to find out whether all the parties are serious about the deal, Hotte said.
“A lot of times you want to go for very rigid timelines to get the thing moving and know whether or not you have somebody that’s for real, so that if not, you can find out that they are not for real, that they are not interested, that they are not going to flip the deal and move on,” he said.
The 250-unit apartment complex, which was completed about a year ago, sits on 9.66 acres between University Drive and the Sawgrass Expressway. The sale breaks down to $286,639 per unit.
“The day of closing was a very stressful day for everybody,” Hotte said. “But we got it done right at the wire.”