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Distressed Debt

The Goulston & Storrs Distressed Debt group has earned the trust and respect of a wide range of financial institutions by handling billions of dollars in loan acquisitions and dispositions during periods of market turbulence, including the current credit crisis. We also represent private equity and opportunity funds on a variety of distressed real estate opportunities. We understand both the buy and sell-sides of large loan portfolios, as well as individual loans, and monitor market performance, trends and transactions. We help clients close transactions quickly through a proven due diligence process focused on the critical components of these transactions.

Our extensive experience with commercial loan portfolios, which is complemented by the firm’s national reputation in commercial real estate, corporate finance, bankruptcy and creditors’ rights, workouts, foreclosures and litigation, uniquely positions Goulston & Storrs to assist in managing loan portfolios, whether through dispositions, workouts, foreclosure or dealing with a bankruptcy filing.

We provide advice to:

  • Commercial, residential and mixed-use developers
  • Debtors and creditors in bankruptcy matters
  • Financial institutions
  • Investment bankers
  • Investors
  • Lenders
  • Mezzanine lenders
  • Private equity companies
  • Purchasers and sellers of distressed debt

Representative Projects and Transactions

Loan Workouts & Foreclosures

  • Represented national mortgage lender in multiple foreclosure actions of multifamily loans in Massachusetts.
  • Representing national mortgage lender in two foreclosure actions in Massachusetts one of which is in bankruptcy; representing lender in the bankruptcy action.
  • Represented national mortgage lender in a note sale, multiple workouts and deed-in-lieu transactions in Massachusetts.
  • Representing national mortgage lender in the workout of a condominium construction loan.
  • Representing real estate investment company in workout, deed in lieu and foreclosure in connection with national commercial real estate loan portfolio.
  • Representing mortgage lender in Deed in Lieu transaction with bankruptcy trustee for a Louisiana warehouse.
  • Represented a major foreign bank in connection with the workout of a $45 million loan secured by the pledge of the partnership interests in the owner of a major office building in New York City.

Loan Acquisition & Disposition

  • Represented a major investment bank in connection with the acquisition, through a joint venture, of a portfolio of over $200 million in first mortgage and mezzanine loans.
  • Represented a private investment group in the acquisition of a first mortgage loan secured by a parking garage in Miami, Florida from a CMBS originator.
  • Represented a private equity fund in the acquisition of undeveloped and partially developed land from a homebuilder as part of a so-called 363 sale in bankruptcy.
  • Represented a private equity, mezzanine-lending fund based in Toronto, Canada, on an acquisition of a portfolio of discounted notes on land development deals in several different states. 
  •  Represented client in the acquisition of subordinate participation interests in commercial mortgage loans and the senior interest in working capital loans to a group of affiliated plastics manufacturing companies, and the subsequent workout and foreclosures.
  • Represented a major investment bank and a major foreign bank in connection with their acquisition, both alone and through various joint ventures, of individual commercial mortgage loans relating to properties around the country.

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