Real Estate

Workouts and Restructuring

Representative Projects and Transactions

  • Lead debtor-in-possession counsel in Chapter 11 cases involving real estate assets and environmental liabilities across multiple jurisdictions including Betsey Johnson LLC, Victor Oolitic Stone Company, Omni Facilities Services, Inc., and Fuddruckers, Inc. and High Voltage Engineering Corporation.
  • Special debtor-in-possession real estate counsel in Chapter 11 cases for Hoop Holdings, LLC (dba Disney Stores), Tweeter Home Entertainment Group, Inc., and other companies.
  • Representation of shopping center owners in negotiating forbearance agreements, settlement agreements, deed-in-lieu agreements and consensual foreclosures, using tax-advantageous structures in appropriate cases, with respect to commercial mortgage-backed securitized (CMBS) loans.
  • Representation of a joint venture seeking to acquire a large portfolio of hotel properties out of a Chapter 11 proceeding.
  • Representation of CrossHarbor Capital as first mortgagee and buyer in the Spanish Peaks Holdings II LLC case.  Assisted CrossHarbor to acquire the debtor’s real property and to obtain the cash proceeds of the sale pursuant to its first mortgage lien, including resolving disputes with the trustee and a major construction lienholder, and successful litigation with the debtor’s insider concerning leases on the property which CH SP acquired.  The lease litigation involved appeals up to the United States Court of Appeals for the Ninth Circuit, resulting in a favorable decision for CrossHarbor on an issue of first impression as to when a sale of property can be free and clear of leasehold interests.
  • Counsel to Gordon Brothers Group and DJM Asset Management in the following distressed real estate  transactions:  (i) the disposition of all inventory and real estate in the Fresh & Easy Neighborhood Market, Inc. case (Delaware); (ii) the bid to purchase inventory liquidation rights and real estate in the Loehmann’s Holdings, Inc. case in a joint venture with Hilco Merchant Resources (New York); (iii) the successful acquisition and wind down of CompUSA, Inc.; (iv) the liquidation of underperforming assets in the Sportsman’s Warehouse chapter 11 case (Delaware);
  • Representation of Starwood Capital as plan sponsor in $500 million chapter 11 restructuring of multi-family portfolio owned by PJ Finance Company LLC
  • Representation of Edens Limited Partnership (formerly Edens & Avant) in its successful acquisition of a majority interest in the Closter Mall as plan sponsor in the Irani Chapter 11 case in the District of New Jersey.
  • Representation of national and regional lenders and real estate funds acquiring or holding mortgage loans in foreclosures, workouts and deeds in lieu involving commercial, industrial, multi-family, tax credit, senior living and hospitality real estate assets located in Massachusetts, New York, Texas, Florida, Ohio, Louisiana, Alabama and other jurisdictions.
  • Representation of owner of $100 million retail-residential complex in Queens, New York involving multiple tranches of senior and subordinated debt, workout and forbearance negotiations, construction disputes, multi-party litigation and a prolonged sale process.
  • Represent owner of west coast hotel portfolio in threatening litigation and then negotiating a forbearance agreement on matured CMBS loans to allow for a sale that netted equity a meaningful return.