Representative Transactions

  • Advised developer in workout negotiations and deed-in-lieu transaction with respect to approximately $300 million in defaulted mortgage and mezzanine loans from Wall Street investment bank encumbering approximately 465-unit multifamily development project. Obtained termination of construction completion guaranty and indemnification from the lender with respect to approximately $6 million of open payables relating to the project.
  • Engaged by construction lender in the workout of $120 million construction loan for the construction of an oceanfront luxury hotel/condominium/timeshare mixed-use project.
  • Advised mortgage lender syndicate as party-in-interest in Chapter 11 bankruptcy of borrower's credit tenant, a retail home improvement supply company, and representation of syndicate in workouts and foreclosures of subject loans and repositionings and dispositions of resultant multi-property "big box" retail REO portfolio.
  • Consulted original sponsor/developer in connection with $200 million equity recapitalization and restructuring of mixed-use development project having total projected capitalization of $4.5 billion. Preserved ongoing passive interest in development fees and promote in favor of original developer being replaced by successor developer, and obtained extensive indemnification with respect to its prior involvement in the project.
  • Engaged by lender in restructuring of mezzanine financing of major Washington, D.C. hotel.
  • Advised private equity fund and sponsor in multi-stage workout and restructuring of $280 million trophy office building, including three year extension of participated and securitized mortgage and mezzanine debt despite the asset not satisfying the debt service coverage tests for such an extension, and favorable settlement of disputes with two major hedge fund tenants.
  • Consulted development company in workout of institutional investor's approximately $80 million preferred equity position, enabling principals to regain exclusive control of business and retiring investor's position at substantial discount.
  • Advised developer in restructuring of two luxury single-family home projects, including discounted settlement with limited partners, buyout of $33 million of mortgage debt at 50% discount and distressed-price sale of both projects, including complex seller financing arrangement with equity kicker in favor of the developer/seller.