Our experience includes these matters:

  • Representation of a national special servicer in the workout and restructuring of a $130 million first mortgage loan on a 1,000-plus-unit residential rental project. This transaction involved an A/B note split of the loan, modification to the cash management arrangement, modifications to address the bankruptcy of the sponsor's holding company, and REMIC-related matters.
  • Represented a federal court-appointed receiver in all facets of a multi-property, multi-state receivership in connection with the operation, preservation, and disposition of 22 residential development projects, including 11 projects in Pennsylvania, involving approximately 848 residential units/lots
  • Representation of one of the largest commercial loan special servicers in a foreclosure and receiver action involving an assisted-living facility in Lehigh County, Pa., and the ultimate disposition of the facility by the receiver
  • Representation of a Utah industrial bank in a deed-in-lieu transaction for a student housing project in the University City section of Philadelphia; included negotiating a license for the continued use of the project name and website, as well as structuring the title-taking entity so as to minimize Philadelphia and Pennsylvania transfer taxes
  • Representation of a national commercial bank in the workout of a multi-loan relationship with a regional, single-family homebuilder, including the representation of the bank in the bankruptcy of one of the borrowing entities and a structured sale of residential building lots to another homebuilder
  • Represented a national bank, as agent, in a $26 million syndicated construction loan with respect to the development of a 233-unit residential rental community
  • Representation of one of the largest commercial loan special servicers in the workout and foreclosure of a retail project in eastern Pennsylvania, including the structured termination of a major lease in the tenant's liquidation outside of bankruptcy, the appointment of a receiver, the successful completion of a mortgage foreclosure action, and the releasing of a former Circuit City store
  • Represented a lender in the workout of two cross-collateralized loans having an aggregate principal balance of $143.5 million. The transaction involved the lender obtaining title to the properties, entering into new leases and extending existing leases and ultimately selling the properties to third-party purchasers
  • Represented a special servicer with a workout of a first lien securitized commercial mortgage loan in the approximate amount of $181 million secured by a 1.4 million square foot regional shopping center located in Northern Virginia
  • Represented a large national real estate developer in the workout and restructuring of $450 million in CMBS financing secured by a multi-phase special-use property consisting of over 5 million square feet
  • Represented a national finance company in the origination of a $19 million loan secured by a defaulted $32.3 million construction loan note secured by a mortgage on a multifamily project located in Las Vegas, Nev., where the underlying borrower was in bankruptcy. This representation included extensive structuring to allow for a number of possible resolutions to the bankruptcy including sale, foreclosure, deed in lieu of foreclosure, or restructuring.
  • Represented a private equity fund joint venture in the workout and restructuring of a $42 million land loan and an $18 million construction loan secured by a partially completed, planned luxury residential community.
  • Represented a national bank in a $36.5 million refinancing and renovation loan with respect to the redevelopment of a portion of a super-regional mall project and in a $24 million renovation loan for a multi-building office complex in New Jersey
  • Represented a private mezzanine loan equity fund in restructuring of various mezzanine loans, including intercreditor matters and structuring equity participations