Press Releases & Recent Articles

THE FIRM'S MANAGING SHAREHOLDER, TOM ANGELO, RECENTLY SETTLED AN EMINENT DOMAIN ACTION WITH THE CITY OF SUNNY ISLES BEACH FOR DEVELOPER RAANAN KATZ FOR $7,000,000, PLUS ADDITIONAL BENEFITS. THE CITY'S ORIGINAL OFFER ON THE PROPERTY WAS FOR $1,834,225.

In a letter written as part of the settlement, Mayor Norman Edelcup responded that he will "work in a cooperative fashion" with Katz. Many of the suggestions have already been addressed, Edelcup wrote, adding that he will support a separate request by Katz to increase the choice of permissible sign colors at shopping centers from two to four -- an item that wasn't on Katz's list.

Angelo said Katz is looking forward to working with the city.

"We certainly hope that the mayor will live up to his word," he said.

ANGELO & BANTA LAW FIRM CLOSES JOINT VENTURE TO
ACQUIRE THE STRAND RESIDENTIAL TOWER
A Luxury Rental Project on the St. Johns River in Jacksonville, Florida


The law firm of Angelo & Banta, P.A. is pleased to announce it represented American Land Ventures of Miami in the formation of a joint venture and the related acquisition of The Strand, a 295-unit luxury high-rise residential tower on the south bank of the St. Johns River in Jacksonville, Florida.

The firm assisted American Land Ventures in negotiating and closing a joint venture arrangement with Real Estate Capital Partners, a national real estate equity fund based in New York City. A new joint venture was formed between American Land Ventures and Real Estate Capital Partners, and the firm negotiated a contract to purchase The Strand project. The transaction closed December 28, 2007.

Merrill Lynch Capital provided financing in the amount of $46,000,000.00.

Additional financing was provided by IVG Institutional Funds GmbH.

Simultaneous with closing the fee owner was merged with its parent, The Strand Investors Limited Partnership, a Delaware limited partnership.

Managing partner Thomas Angelo and partner Gavin Banta handled the negotiations and the closing.

The Strand offers a number of community amenities and conveniences to its residents. The Strand residents enjoy a fitness center with state-of-the-art weight and cardiovascular equipment, a wellness center and recreation deck with swimming pool. The development offers immediate proximity to an above ground monorail that provides passenger transport in and around the Downtown Jacksonville CBD. The unit mix is comprised of studios, one-, two- and three-bedroom units average approximately 1,200 square feet per unit.

American Land Ventures is a Miami-based multi-family developer and owner, having developed more than 3,500 high-rise, mid-rise and garden apartments and condominiums in Florida, specializing in urban infill projects.

LAW FIRM OF ANGELO & BANTA, P.A. REPRESENTS BUYER IN THE ACQUISITION OF FIXED BASE OPERATION AT BOCA RATON AIRPORT


The law firm of Angelo & Banta, P.A. represented Hamid Hashemi and his company LAH Aviation Holdings, LLC in the acquisition of Premier Aviation of Boca Raton, L.L.C., which owns a 15-acre fixed base operation (“FBO”) and related development property at the Boca Raton Municipal Airport. Firm partners Thomas P. Angelo and Gavin S. Banta, along with associate Florian Ellison, worked on this transaction which was financed with a $24.6 million loan from Bank of America. Deborah Gordon, Esquire of Seyfarth Shaw, LLP in Chicago, Illinois represented the seller, Muvico Holding, L.L.C. in the transaction.

Avitat Boca Raton’s FBO presently consists of a three-story, 17,000 square foot upscale terminal, 28,000 square feet of common hangar storage, as well as three air conditioned hangars totaling 42,000 square feet and 4,500 square feet of office space. Avitat Boca Raton is consistently among the top ranked FBO's in the nation due to its state-of-the-art facility, superior ground support and unsurpassed amenities such as concierge services, gourmet catering, elegant private meeting facilities and teleconferencing capabilities available to pilots, crew members and passengers. Avitat Boca Raton was rated #6 of the top FBO’s in the USA and #1 in the State of Florida as recognized in the AIN FBO survey for 2007.

Hashemi has been involved with Avitat Boca Raton since its inception and was the driving force behind its design. Hashemi is already making plans to increase the services of the FBO yet again with the addition of a full service restaurant on the property as well as a 75,000 square foot office building.

ANGELO & BANTA LAW FIRM ACTS AS LOCAL COUNSEL FOR $40 MILLION SALE OF THE WESTIN CYPRESS CREEK HOTEL IN FORT LAUDERDALE


The law firm of Angelo & Banta, P.A. recently acted as counsel to Starwood Hotels and its affiliate, Lauderdale Hotel Realty, LLC, in the sale of the Westin Cypress Creek Hotel in Fort Lauderdale, Florida. Firm partners Tom Angelo and Gavin Banta both worked on the closing. The Westin Cypress Creek Hotel is a 15-story hotel with 293 rooms and is located at 1100 Corporate Drive, off Cypress Creek Road in Fort Lauderdale.

The property was acquired for $40,750,000 by The Procaccianti Group based in Providence, Rhode Island. The buyer plans a $13 million renovation. Starwood Hotels will continue to manage the hotel.

SF attorney spells business with a capital 'R'
by Jennifer LeClaire of the Florida Real Estate Journal

In a legal landscape where behemoth law firms are gobbling up boutique practices, Fort Lauderdale's Angelo & Banta PA is determined to do the mega deals without the mega roster.

Led by managing shareholder Thomas Angelo, the eight-attorney firm frequently litigates real estate cases against legal industry titans like Greenberg Traurig, Akerman Senterfitt and Holland & Knight. But lawyers with mega-firm credentials don't intimidate Angelo, a former partner at Stearns Weaver Miller in Miami. His track record since launching his own firm in 1998 speaks for itself.

Indeed, Angelo & Banta is a small partnership that boasts big clients, including Bank of America, Wachovia and El-Ad, the Israeli developer that invested $56.3 million to buy a piece of Fort Lauderdale Beach for a condo-hotel development last year.

Angelo and his partner, Gavin Banta, are proving that boutique firms can play with the big boys in the real estate and financial services realm by putting relationships first.

"Our strategy is to keep the number of clients small so we can provide high-quality service and gain repeat business," said Angelo, 44, who launched his own firm to control his own destiny.

The duo's slow-and-steady growth strategy is simple. The firm seeks clients who engage in frequent transactions so its attorneys can learn how to think the way the client does. Angelo likens the attorney-client relationship to a marriage where mutual trust grows over time.

That strategy has paid off. Angelo represented RPH Hotel Associates in the $24 million sales of the Ritz Plaza Hotel in Miami Beach in June. He negotiated and closed a $45.8 million construction loan for the Strand, a 28-story luxury apartment tower in Jacksonville. He represented Bank of America in closing a $24 million loan to Wilton Manors Developers in Fort Lauderdale. And the list goes on.

"We cultivate relationships with existing clients because that's our best source of business. Any sales network will tell you that it's easier to cultivate relationships you already have than to find a new client," Angelo said. "We are always asking ourselves if we are doing the best possible job for our clients."

This relationship mindset permeates all aspects of Angelo's firm. When he launched Angelo and Banta nine years ago, he had only one client: Bank of America. He credits relationship-building with the balance of his client base today.

The firm didn't advertise then and it doesn't advertise now. It depends on word of mouth and rock solid performance to grow. Angelo & Banta enjoys referrals from national law firms like Kirkland & Ellis, a 1,500-lawyer mega-firm in Chicago. The firm also receives recommendations from clients like Starwood Hotels, Citibank, AmSouth, AutoNation and the Codina Group.

"The key to successful business development is getting someone to give you an opportunity to do the first piece of work. Then you do a great job and create the platform internally to continue servicing that business with the same high quality you gave to the first file," Angelo says.

Angelo's firm needs those strong relationships - and the trust that comes along with them - in the heat of the battle. It was actually during a battle over beachfront property in Fort Lauderdale last year that El-Ad got to see Angelo in action. Angelo represented Swiss Beach Holdings in the sale of two acres of Fort Lauderdale Beach to El-Ad. In connection to that sale, litigation was filed to evict Margarita Cafe, a tenant.

Angelo successfully navigated through the challenges to settle the case and make way for El-Ad to close the land deal for a record $28 million per acre. His performance led El-Ad to hire Angelo & Banta to represent the developer in ongoing matters on Fort Lauderdale Beach, as well as other South Florida real estate transactions.

Mammoth deals with clients like El-Ad take the sting out of the recent real estate retreat. Several large condo conversions Angelo & Banta was brokering have been shelved. The boutique firm has plenty to fall back on, though. Its practice areas include corporate law, estate planning and probate, bankruptcy, litigation and property tax appeals.

The diverse practice has led to consistent 10% to 15% annual growth over the past five years. That's just the way Angelo likes it. He is purposely trying to keep the firm small. His motto is "quality over quantity," and his hourly rates afford him the opportunity to maintain the firm's boutique status.

"We are not the cheapest firm in South Florida, and we are selective about taking on new clients. It's like a marriage. You want to have a good fit. We don't want to take on work with companies that aren't seeking long-term relationships," Angelo said.

Angelo & Banta's biggest challenge is not competing for clients; it's competing for the best and brightest attorneys, many of whom still want that mega-firm recognition. Angelo has been there and done that. He and the attorneys he employs enjoy the freedom of choosing which clients they'll serve and then endeavoring to serve them well.

Angelo also serves the community well as the chairman of the board of the Museum of Discovery and Science in Fort Lauderdale. "I am as passionate about my work at the museum as I am about my firm," Angelo said.

That passion is paying dividends for the museum, which has transitioned from a money-losing venture to a $2 million surplus under Angelo's watch.

Ask Angelo about the future of his firm and he reverts to the relationship-speak. His goal is to expand the relationship with his current client base and to provide growth opportunities for younger attorneys to enjoy the same level of success as he and his partner have achieved.

The industry's largest firms crave to acquire smaller, profitable firms with strong management teams like Angelo & Banta. Angelo would not go so far as to say he would never sell the firm, but mergers and acquisitions are not in his thought process. Relationships are.

"You've got to keep your eye on the ball and stay focused. Be passionate about what you do and success will come," Angelo asserted. "Build and maintain relationships because they are the key to success in life. There is no question about it."

ANGELO & BANTA, P.A. REPRESENTS JOINT VENTURE TO ACQUIRE AND CONVERT
WATERFRONT PROJECT IN JACKSONVILLE, FLORIDA INTO CONDOMINIUMS

The law firm of Angelo & Banta, P.A. is pleased to announce it recently represented American Land Ventures of Miami in the formation of a joint venture and the related acquisition of The Strand, a 295-unit luxury high-rise residential tower currently under construction on the south bank of the St. Johns River in Jacksonville, Florida.

The firm assisted American Land Ventures in negotiating and closing a joint venture arrangement with Real Estate Capital Partners, a national real estate equity fund based in New York City. A new joint venture was formed between American Land Ventures and Real Estate Capital Partners, and the firm negotiated a contract to purchase The Strand project, which is scheduled to be fully completed and converted into condominiums in early 2007.

The firm also negotiated on behalf of the joint venture a construction loan commitment in the amount of $86 million with Corus Bank of Chicago, Illinois. The total sell-out of the project is expected to reach over $130 million.

Firm partners Tom Angelo and Gavin Banta, together with associate Florian Ellison, handled the negotiations with respect to the real estate and financing aspects of the joint venture. Firm partner David Hanley assisted in corporate related documentation and due diligence.

LOCAL LAWYERS DONATE TIME TO HELP OTHERS
By Sharon Harvey Rosenberg

Lawyers have donated about 1.5 million hours to pro bono cases over the past year, according to data from the Florida Bar Association.

Local Florida Bar Association members are also active as volunteers. In Fort Lauderdale, Thomas Angelo -- managing shareholder of Angelo & Banta -- uses his expertise and contacts in real estate law to assist the Florida Museum of Science and Discovery.

Angelo, who serves as chairman of the museum on a pro bono basis, was recently alarmed when the museum faced a sharp increase (nearly 1,000 percent) in its windstorm insurance coverage. "We had a huge crisis," he said.

Using his real estate contacts, Angelo recruited a new insurance broker and was able to secure a better deal on windstorm coverage for the organization.

Angelo has also recruited peers and friends from the legal sector to lend their financial support and expertise to the museum's capital campaign to fund an upcoming expansion plan. "I really like getting my friends and business associates involved. Everybody wins, especially the children." he said.

Firms Managing Partner named Heavy Hitter in South Florida Real Estate for second consecutive year by South Florida Business Journal

If a company is known by the clients it serves and keeps, the boutique law firm led by Thomas Angelo is famous. The three largest domestic financial institutions - Bank of America, Wachovia, and Citibank- all trust his firm with closing their financial transactions. Last year, Angelo closed a $208 million Bank of America syndicated construction loan to the Related Cos., financing a 1,000-unit high-rise Miami condominium project.

He and his team also represent a host of real estate developers and major lenders throughout the region. They close a $116 million transaction that involved the Lehman Brothers and Corus Bank for the Peninsula, a 234-unit luxury condominium development by American Land Ventures on Jacksonville's St. Johns River.

It's not all money, deals and land for Angelo. He also has his eye on the stars as third-term board chairman for the Museum of Discovery and Science.

ANGELO & BANTA LAW FIRM CLOSES $32 MILLION CREDIT FACILITY FOR GATE PARKWAY INVESTORS, LLC

FT. LAUDERDALE - The firm's managing shareholder, Thomas P. Angelo, partner, David F. Hanley, and associate, Philip M. Hanaka of Angelo & Banta, P.A. recently represented LaSalle Bank National Association in closing a $14.5 million acquisition and development loan, and a $17.5 million construction loan, for a total credit facility of $32 million, to Gate Parkway Investors, LLC to finance the acquisition, development and construction of Gate Parkway West in Jacksonville. Eduardo Avila executed the loan documents on behalf of Gate Parkway Investors, LLC.

Gate Parkway Investors, LLC intends to construct a 22-building, 344-unit mixed-use development located at Gate Parkway Extension in Jacksonville, Florida. The developer was represented by Neil S. Rollnick, Esq. of Adorno & Yoss in Miami.

ANGELO & BANTA LAW FIRM CLOSES $24 MILLION LOAN FOR WILTON MANORS DEVELOPERS, LLC

FT. LAUDERDALE - The firm's managing shareholder, Thomas P. Angelo and associate, Philip M. Hanaka of Angelo & Banta, P.A. recently represented Bank of America, N.A. in closing a $24 million loan to Wilton Manors Developers, LLC to finance the acquisition of Wilton Towers in Wilton Manors, Fort Lauderdale.

Wilton Manors Developers, LLC intends to convert Wilton Towers into residential condominiums. The principals of Wilton Manors Developers, LLC are Keith D. Diamond and Steven Simon. The developer was represented by Richard Douglas, Esq.

ANGELO & BANTA LAW FIRM CLOSES $14 MILLION REFINANCING FOR THE WATERSHED TREATMENT PROGRAMS, INC.

FT. LAUDERDALE - The firm's managing shareholder, Thomas P. Angelo and associate, Philip M. Hanaka of Angelo & Banta, P.A. recently represented Wachovia Bank, National Association in closing a $12 million mortgage loan to The Watershed Treatment Programs, Inc. to finance the construction costs of the new 120-bed treatment facility in Boynton Beach, Florida. Wachovia also provided an additional $2 million to The Watershed Treatment Programs, Inc. to refinance its treatment facility in Boca Raton, Florida.

The 120-bed treatment facility in Boynton Beach is the newest addition and centerpiece facility for one of the largest private providers of addiction and substance abuse treatment in America, servicing over 2,500 patients each year.

The Watershed Treatment Programs, Inc., which also has facilities in Houston, Texas, was represented by Steven M. Auerbacher, P.A.

ANGELO & BANTA MANAGING PARTNER APPOINTED CHAIRMAN OF THE BOARD OF MUSEUM OF DISCOVERY AND SCIENCE

FT. LAUDERDALE, FL-Thomas Angelo managing partner of Angelo & Banta, has been appointed Chairman of the Board of the Museum of Discovery and Science in Ft. Lauderdale.

As Chairman, Mr. Angelo's responsibilities will include, but are not limited to appoint committees, assist in the conduct of the affairs of the museum, preside at all meeting of the Board, and shall be a member of all committees except the Nominating Committee. His term will be one year.

The museum was founded in 1976 as The Discovery Center. But a quarter century later, its mission remains the same - to provide experimental pathways to lifelong learning in science for both children and adults through programs, exhibits and films. The center, which includes one of South Florida's few IMAX theaters, is visited by more than 400,000 each year. Kim Cavendish, president and CEO of the museum said Mr. Angelo's presence on the board will enhance the level of community partnerships with the facility.

During his service as a Board member in 2003 Mr. Angelo co-chaired The Mercedes-Benz of Fort Lauderdale Great Journey West Gala. This annual event benefits the Museum of Discovery and Science and Sun-Sentinel Children's Fund, a fund of the McCormick Tribune Foundation. Generating $327,760.42, nearly triple the amount of donations from years prior, the Gala was highest grossing event in Museum history. Mr. Angelo focuses his practice on corporate, real estate and financial services law. His clients include: Bank of America, City Furniture, The Codina Group, Wachovia Bank and Starwood Hotels and Resorts, just to name a few.

He received his undergraduate degree from Georgetown University and his law degree from University of Virginia School of Law.

LAWYERS HELP SELLER IN $24 MILLION RITZ PLAZA DEAL

Dealmakers: Attorneys Tom Angelo and Gavin Banta

The Deal: Angelo and Banta represented RPH Hotel Associates LLC in the $24 million sale on June 2 of the Ritz Plaza Hotel on 17th Street and Collins Avenue in Miami Beach. The buyer was Ritz Plaza LLC, a joint venture of Makar Properties, developer of the luxury St. Regis Monarch Beach Resort in Dana Point, Calif., and San Francisco-based Farallon Capital Management. Delaware-based RPH Hotel Associates LLC was a joint venture of Starwood Hotels and Malvern Hotels of Florida. Starwood managed the Ritz Plaza until the management handover to San Francisco-based Kimpton Hotels Management.

Details: Angelo said several national players showed interest in thehotel. The candidates were narrowed to three by Washington, D.C.- based hotel real estate advisory firm Molinaro Koger. Ritz Plaza LLC was chosen based on financials and its ability to close. The beachfront property is in one of Miami-Dade's hottest real estate sub-markets. Built in 1940, the hotel is on a 1.3-acre site, has 11 stories and 132 rooms. It will remain closed until renovations are completed in 2006.

James Berger, the attorney representing the new ownership group, said Makar will likely build a separate condo-hotel no taller than five stories. The purchaser was represented by Berger and Sam Poole of Berger Singerman, which has offices in Miami and Fort Lauderdale. Makar Properties is a Newport Beach, Calif.-based real estate developer with about $1 billion in assets under management.

Background: Angelo and Banta are partners in the Fort Lauderdale-based firm Angelo & Banta.

Quote: "It's a pretty large price for a hotel that is not a going concern," Angelo said. "It says a lot about the integral value [of the property] on a long-term basis."
- Oscar Pedro Musibay

ANGELO & BANTA CLOSE $24 MILLION SALE OF HISTORIC MIAMI BEACH HOTEL

FT. LAUDERDALE - The law firm of Angelo & Banta and its partners Tom Angelo and Gavin Banta closed the sale of the Ritz Plaza Hotel located at 1701 Collins Avenue on Miami Beach. The purchase price of the sale of the hotel was $24 million.

Angelo & Banta represented the seller, RPH Hotel Associates, LLC which was a joint venture between Starwood Hotels and Malvern Hotels of Florida.

The Ritz Plaza is now managed by San Francisco-based Kimpton Hotels Management. The hotel's Web site indicates that it will be closed for renovation until 2006.

ANGELO & BANTA CLOSES A $45.8 MILLION CONSTRUCTION LOAN FOR DOWNTOWN JACKSONVILLE LUXURY APARTMENT TOWER ON THE ST. JOHNS RIVER

FORT LAUDERDALE - The South Florida law firm of Angelo and Banta negotiated and closed a $45,877,500 construction loan for the Strand, a 28-story luxury apartment tower going up on the banks of the St. John's River in Jacksonville. Firm partners Tom Angelo and Gavin Banta represented the developer, St. Johns Phase 1 LLC, of Delaware, managed by American Land Ventures of Miami, Florida and its president Granvil Tracy. Pacific Life Insurance of Newport Beach, California provided the construction loan. Matthew G. Breuer and David Cook of the Tampa, Florida branch of Foley & Lardner represented Pacific Life Insurance. The construction loan was arranged Madison Capital Group of Miami, Florida.

Located at 1401 Riverplace Boulevard, the Strand is part of a major redevelopment of the St. John's River area in downtown Jacksonville. Construction is expected to be completed by May of 2006 and consists of 21 studio units, 204 two-bedroom units and 25-three bedroom units.

This phase of construction begins a three-phase development project on the St. John's River by American Land Ventures. The second phase involves a 37-story, 234 unit condominium to be followed by a mixed-use commercial site that will contain office space, retail, parking, and restaurants.

ANGELO & BANTA LAW FIRM CLOSES OVER $100 MILLION IN DEVELOPMENT FINANCING FOR THE PENINSULA
A Luxury Condominium Project on the St. Johns River in Jacksonville, Florida

FT. LAUDERDALE - Angelo & Banta, P.A. recently represented American Land Ventures of Miami in closing mezzanine debt and a $86 million construction loan to build a 37-story, 234 unit luxury condominium tower in Jacksonville, Florida.

The 234-unit condominium is the second phase of a three phase project on the St. Johns River, which includes a luxury apartment tower and retail space. The condominium is expected to be completed by August 2007. The Peninsula will offer a number of community amenities and conveniences to its residents. The Peninsula's residents will enjoy magnificent, broad-sweeping views of the St. Johns River. Building amenities will include a grand two-story lobby featuring custom-designed spaces with modern artwork, retail space, a library, business center, Internet Cafe, and private rooftop club. Residents will also enjoy a fitness center and health spa outfitted with the latest in weight and cardiovascular training equipment, a yoga and Pilates studio, massage and treatment rooms and a meditation garden. The development will offer immediate proximity to an above ground monorail that provides passenger transport in and around the Downtown Jacksonville CBD. The unit mix is comprised of one-, two- and three-bedroom units average approximately 1,700 square feet with unit prices averaging approximately $600,000.

Madison Capital Group helped arrange the financing with Corus Bank and Lehman Brothers.

Corus Bank of Chicago, Il, provided an $86 million construction loan and was represented by lawyers Mark C. Simon and Brian Sheedy of Katten Muchin Rosenman LLP.

Lehman Brothers of New York, NY, provided the mezzanine financing and was represented by Windels Marx Lane & Mittendorf LLP.

ANGELO & BANTA LAW FIRM NEGOTIATES LEASE FOR FURNITURE STORE AT WELLINGTON MALL

FORT LAUDERDALE - Angelo & Banta, P.A., name partners Tom Angelo and Gavin Banta recently negotiated a commercial lease on behalf of City Furniture, Inc., with TJ Palm Beach Associates Limited Partnership (TJ) for approximately 103,000 square feet of retail space at The Mall at Wellington Green

TJ's general partner is Taubman Palm Beach LLC of Bloomfield Hills, Michigan. Ruzat of Synergy Retail Group in Boca Raton brokered the transaction.

City Furniture intends to operate both a City Furniture and Ashley Furniture Home Store in this space, which was formerly occupied by Lord & Taylor.

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