We represent banks and institutional lenders in routine and complex asset-based loan transactions.
We recently represented a large regional bank as the lead lender in a $230 million construction loan. The loan was secured by a 507-unit luxury rental apartment building in Manhattan. The transaction included three levels of senior debt held by five institutional lenders, as well as a mezzanine loan.
Our representation began with loan origination and syndication and continued when the loan went into default as the project neared completion. Extensive workout and restructuring negotiations were complicated by the bankruptcy of the mezzanine lender and the attempted enforcement of remedies by the entity that purchased the distressed debt.
We negotiated a workout structure that forced the borrower to accelerate its efforts to sell the property. Our client and the other senior lenders recovered in full.