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Practices & Industries

Multijurisdictional Construction Loan

Hodgson Russ represented a banking client in a $20 million credit facility to fund improvements to real estate where, for a variety of reasons, a mortgage on the improvements and the underlying real estate could not be granted. Collateral was limited principally to certain special purpose equipment and the revenues to be generated by ongoing business operations, complicating the analysis. The co-borrowers were both U.S. and Canadian entities, requiring close coordination on both credit and collateral issues with Canadian counsel.