PUTMAN CONST. & REALTY CO., INC. v. Byrd

William Byrd and the individual partners comprising BBCGH Partners 1 (hereinafter collectively referred to as the "buyers") contracted with Putman Construction Realty Company, Inc., and its individual owners (hereinafter collectively referred to as the "sellers") for the purchase of University Square Business Center ("USBC"), a multitenant office complex. To obtain the primary financing for the purchase price, the buyers negotiated a $16.5 million loan from Northwestern Mutual Life Insurance Company (hereinafter "Northwestern"), which was secured by a first mortgage on the USBC property. At…