We hope you shared a wonderful holiday season and joyous New Year with your family and friends! 2012 is here and we are anxiously anticipating what's in store for the real estate industry and the economy as a whole.
Reflecting on the past year, we are grateful for the many new relationships we've made as well as our long-standing friendships. We are thankful for the many successful transactions we have been a part of as a result of these. All of us at Royal Abstract are looking forward to the upcoming year and working with all of you who make our jobs so rewarding every day!
Included in this quarterly review are some of Royal Abstract's recent noteworthy closings, news and some exciting changes taking place within the company to stay ahead of our competition so we can continue to offer a superior level of expertise and client service.
Recent Noteworthy Closings
Four Seasons Hotel in Orlando
We closed the purchase and construction financing of a new ground up construction project for a Four Seasons Hotel in the Disney park. A number of equity partners were involved in this exciting new project.
Downtown Class A Office Building
Client acquired a 49.9% interest in an existing LLC which owned the property. This structure avoided the payment of transfer taxes. Thereafter, they orchestrated a restructuring of the debt and successfully refinanced the property for $280M.
Garden City Office Building
The property was acquired a few years ago for close to $100M. The debt was reduced, the equity was restructured and the property was "repurchased" in excess of $75M and refinanced with a new lender.
New Jersey Oceanfront Property
One of the priciest residential properties in New Jersey located on the Atlantic Ocean was conveyed to a client. This property has several "water rights" issues and was successfully insured to provide the client with the title protection to allow for a future redevelopment of the property.
Memos
The New York State Department of Taxation and Finance published the following tax bulletins in November. Click on the links below to view these in detail.
Find us on Linkedin and Twitter for all the latest news around town!
Why Royal Abstract Is Best For Your Clients
Your client's satisfaction is our top priority. Our highly skilled staff of attorneys and title officers, with over 150 years of collective experience, have handled some of the most complex titles in the tri-state area. Their superior knowledge and attention to detail has resulted in successful and timely title issue resolutions. Every newsletter will highlight some closings that demonstrate these notable successes.
From The Desks Of
Caryn Mallin
Director, Sales & Marketing
Royal Abstract
Martin Kravet
President, Royal Abstract
Our highly knowledgeable staff of attorneys and title officers, combined with our close attention to detail and focus on customer satisfaction, separates Royal Abstract from other title insurance agents. With over 65 years in the industry, Royal Abstract continues to demonstrate its leadership in the title insurance business year after year.
