Workouts
Our Real Estate Workouts Group is led by the author of the two-volume “Commercial Real Estate Workouts.” Our diversified real estate experience enables the group to handle virtually any real estate-related matter, including the completion of properties having financial difficulties during construction, the unwinding of complex bond-financed properties and the restructuring of properties with multiple levels of debt. Our lawyers have advised government officials and Freddie Mac on mortgage defaults and, in New York, formed the New York Attorney General’s Task Force on Defaults in the 1990s.
Representative Transactions
Analyzed General Motors’ real estate holdings as part of its pre-bankruptcy planning.
Restructured a $600 million debt held by a German Bank on a U.S. property.
Represented a German insurance company in workout of a development site in Las Vegas.
Represented proponent of Chapter 11 reorganization and then completed construction of the 75-story mixed-use Cityspire Building.
Loan workout and completed construction of Worldwide Plaza.
Loan workout and completed construction of the Park Avenue Court Complex.
Loan workout and completed construction of the Boulevard mixed development.
Refinancing and reconstruction of Co-Op City, the largest housing complex in the United States containing 16,000 apartments and three shopping centers.
Loan restructuring of Hyde Park Gardens involving 26 lending institutions.
Represented owners of over 100 properties leased to Kmart Corp. in Kmart’s Chapter 11.
Debt restructuring of a retail facility on the strip in Las Vegas.
Advised a US fund on the restructuring of its real estate assets in Dubai, UAE and a subsequent private placement to raise more than $140 million of new capital.
Advised a regional quasi-governmental real estate company on the establishment of a DIFC holding company for its international real estate projects in relation to the restructuring of the assets and raising more than $700 million in new capital, and a subsequent joint venture with a leading GCC real estate company for the master planning and urban development of an area of waterfront in the UAE in conjunction with the government of an Emirate of the UAE.
Acted for the UK subsidiary (in solvent liquidation) of a US equipment leasing company in its exit from UK leased properties.
Represented the management in the restructuring of a UK pub group to isolate non-performing assets and protect the valuable properties.