Maryland-based Title Agency Coordinates Three High-Volume Multi State Closings
|March 2, 2010|
Knowledge in multi-state deals and the scalability to meet deadlines helped it recently helped Rockville, Md.-based Closeline Settlements close three major national projects, including a large refinance of 18 health-care centers in Florida, the purchase of 41 healthcare centers located across the country and a lender workout with more than 5,000 properties in 15 states.
“The level of complexity and the necessary logistical planning was absolutely incredible,” said Elliot Liss, principal of Closeline Settlements. “It takes a true national title company with an expertise in multi-state transactions and the scalability to meet narrow deadlines.”
The first project involved a major healthcare company that was seeking to monetize their assets by securing new mortgages on 18 properties throughout the state of Florida. Because of the size and complexity of the properties being financed, Closeline Settlements coordinated documentation in multiple counties in Florida and made closing officers available in Nashville, Miami, Orlando and Closeline’s headquarters in Maryland. Additionally, Closeline Settlements worked with legal teams in Tampa, Fla., and California. Closeline was instrumental in processing the transaction and rapidly delivering recordables in hours to the respective HUD loan officers.
“Because this transaction involved HUD, we had to abide by extremely strict recording guidelines. We not only had to close all 18 loans across the state of Florida at the same time, but documents had to be recorded in 18 different counties. This project clearly demonstrates Closeline’s ability to meet strict timelines, even with large complex transactions,” said Liss.
The second high-volume project involved the purchase of 40 health-care centers located in various states in the country. Underwriting 40 major commercial properties worth $250 million simultaneously was quite a challenge that Closeline Settlements tackled with expertise and efficiency.
“Anyone who has worked on commercial property transactions is aware of the various legalities involved in closing these types of properties. We coordinated efforts between the various legal teams and lending teams to issue title insurance and complete all of the transactions simultaneously,” said Liss.
The third project was a lender workout involving a borrower who reached a settlement with their bank by relinquishing more than 5,000 properties. With properties scattered over 15 states, Closeline Settlements had to individually research the title status of nearly all properties. Closeline Settlements was tasked to support the implementation of the workout, coordinate documentary due diligence and record documentation transferring all 5,000 properties.
“These three projects are a testament to the scalability of our organization and our ability to proactively and effectively manage large multi-state complex commercial deals. Because of our nationwide presence, large capable staff of employees and in depth industry expertise, we have the internal resources to manage large complex transactions without the requirement of outsourcing of the work. This makes our services invaluable to lenders and property owners because they are ensured the same high level of service throughout the process which is hard to find in our industry,” said Liss.