Corporate and Real Estate Clinic Students Close a $400,000 Loan for Low-Income Co-op in Harlem

In the midst of finals on December 15, 2011, corporate and real estate clinic students Nandini Sur ’12 and Stephanie La Carrubba ’12 conducted a loan closing for a Harlem building. The $400,000 will be used to pay for a much-needed new elevator and for real estate tax arrears. The students, who began representing the co-op board in October under Professor Debbie Bechtel’s supervision, prepared board resolutions, resolved title issues, negotiated loan documents and educated the co-op board about the process. The tax arrears were paid immediately with the loan funds and the elevator work is expected to begin in January 2012.

The Corporate and Real Estate Clinic offers students the unique experience of representing low-income cooperative boards of directors as "house counsel". Buildings range in size from six units to fifty units and are located in Brooklyn, the Bronx and Manhattan. A few client matters also involve not-for-profit corporations and initial cooperative conversions. Students work primarily on loan closings, co-op unit closings, shareholder meetings and by-law and proprietary lease amendments. Some students are also involved in devising model policies and seminars for the benefit of all clients.