Olshan’s Distressed Real Estate Group has handled some of the most complex and sophisticated real estate financings, sales and restructurings in recent years, from the creative and successful restructuring and refinancing of multimillion-dollar defaulted loans to resolving multifaceted commercial foreclosure disputes and contentious loan workouts.
Experience that Makes All the Difference
In a challenging economy with rising interest rates, rent defaults and mortgage foreclosures, borrowers and lenders alike turn to Olshan for incisive counsel and solutions. Applying our deep industry insight, we guide real estate owners, investors and lenders in making critical decisions when dealing with distressed properties and troubled loans.
Our attorneys excel in loan restructurings, using novel and traditional financial products and creative finance techniques involving all types of commercial properties including shopping centers, office buildings, residential real estate developments and properties, hotels and mixed-use facilities.
Taking a multidisciplinary approach, our team of highly skilled bankruptcy, real estate, tax and litigation attorneys routinely handle a wide array of distressed real estate matters. We assist clients in workouts of large loan and distressed real estate workouts and restructurings, mezzanine financings and preferred equity, and receiverships, foreclosures and bankruptcies. We have represented clients in purchasing debt for iconic properties in New York, New Jersey, Florida and other states and in distressed real estate mortgage restructurings and foreclosures.
Perspective, Solutions and Results
Representing borrowers, investors, lenders, developers, landlords and tenants, we offer 360-degree perspective. We understand the issues from all perspectives and offer innovative and bespoke solutions to the problems our clients face in a way that sets them on a path to future success.
Workout and Restructuring
We assist both our borrower and lender clients in all aspects of loan workouts, discounted payoffs, A-Note/ B-Note restructurings, forbearances, loan modifications and, if needed, insolvency planning. Experienced in direct lending, CMBS, construction loan, second lien and mezzanine loan restructurings, our Distressed Real Estate Group handles every type of loan restructuring and distressed real estate matter with creativity and effective solutions. We also counsel clients in all types of real estate matters in the context of foreclosures and bankruptcy, including single-asset real estate-related issues, collateral valuation, lease assumptions or rejections, Section 363 sales and loan restructurings through confirmed Chapter 11 plans of reorganization.
CMBS Loans
Our Distressed Real Estate Group regularly serves as counsel to borrowers with CMBS loans. With extensive experience with CMBS loans, nonrecourse carveout guarantees, pooling and service agreements and other related agreements, our team understands the complexities of CMBS workouts and can deftly and effectively negotiate with special servicers, controlling class holders and other parties.
- Represented VS 125, LLC, in a multifaceted commercial foreclosure dispute involving senior and mezzanine loans in New York State Supreme Court concerning luxury residential real estate development located at 125 Greenwich Street in Manhattan. Successful foreclosure defense led to mutually beneficial resolution with lenders.
- Represented a New Jersey shopping center (borrower) in its successful restructuring and refinancing of a defaulted $50 million CMBS loan, which was restructured into an A-note/ B-note loan structure with rescue financing in the midst of a scheduled foreclosure sale.
- Represented Upper East Side Hotel (hotel owner) in contentious loan workout with a lender and Chapter 11 resolution of complex disputes with the union and the hotel franchisor. The three-party resolution ultimately led to a successful turnaround and sale of the hotel with shareholders receiving a significant return under the restructured loan.
- Represented Surrey Realty Associates, LLC, the ground lessor, in the bankruptcy proceedings of a premier Upper East Side NYC hotel, The Surrey Hotel.
- Represented Perry Ellis International, Inc. as purchaser of real estate assets in the Chapter 11 case of Fred’s Inc.
- Represented the purchaser of a Nashville, TN commercial building from the bankruptcy estate of Gibson Brands, Inc.
- Represented the purchaser of 100-104 Fifth Avenue from the bankruptcy estate of Rock US Holdings Inc.
