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Carole Towne is a principal in the firm's Real Estate Group, with more than 27 years of experience executing real estate transactions and workouts. Ms. Towne represents mortgage lending institutions in both construction and permanent loans. As a result of working with the firm's major lending institutions on asset-based loan transactions, she has unusually broad experience in drafting mortgages for almost of the 50 states. Ms. Towne has served on the faculty of the Practicing Law Institute. She lectured on commercial real estate at a Chicago Bar Association Continuing Legal Education seminar in 1990.
Representative Matters
Represented a major financial institution in facilitating the sale of environmentally troubled property located in an economically depressed area and owned by a bankrupt debtor. In the course of this representation, Ms. Towne negotiated the sale contract, managed the repair of a major casualty, and participated in obtaining both environmental clearance and grant funding from the state. Represented a major finance company in making conduit loans on shopping centers, office buildings and mobile home parks. Represented an insurance company in financing the purchase of a major downtown office building. Represented a major finance company in obtaining mortgages on eight manufacturing sites in Arkansas, Michigan, Louisiana, Oklahoma and North Carolina, securing a $170 million loan.
Represented a major finance company in making a $15 million construction loan for an office building in Boston, Mass.
Represented a Japanese bank on a complicated land loan for the development of a high-profile, proposed multi-use site in Chicago, Ill. (South Loop), involving railroads and air rights. Provides local counsel representation to numerous out-of-state lenders.
Education
Northwestern University, J.D., cum laude, 1977
Northwestern University, M.B.A., 1977
University of Michigan, B.G.S., 1973
Bar Admissions
Illinois.
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