Negotiated Agreements for Credit Facility Restructuring
Represented institutional lender with the restructuring of a $5 Million credit facility secured by a non-performing development project in Annapolis, Maryland. The firm’s attorneys negotiated and drafted forbearance agreements, loan modification agreements, new payment and performance guaranties and, eventually, purchase and sale agreements for the client’s acquisition and subsequent disposition of its loan collateral.
Restructured $170 Million Facility
Represented large commercial real estate developer in Louisiana in the restructuring of its $170 Million construction facility, which was advanced for our client’s construction of a mixed-use project on 23 acres of land and containing approximately 317 rental apartments, 373,018 square feet of retail space, and 137,666 square feet of office space, parking and other improvements.
Strategic Advisory for Portfolio Restructuring
Represented Washington, D.C. area major development company in the restructuring of its shopping center portfolio. Also advised client on potential loan work-outs on multiple loans with an aggregate debt amount of approximately $260 million. The engagement included providing strategic counseling about various workout and restructuring scenarios relating to over $250 Million of project level and corporate debt.
Negotiated Settlement for $36 Million Real Estate Loan
Represented local institutional investor with the restructuring of a $36,000,000 commercial mortgage loan secured by two shopping centers in North Carolina. On behalf of our client, we (i) negotiated a discounted payoff and settlement agreement; (ii) documented a short extension of the maturity date and a division of the single loan into two distinct loans, each secured by one shopping center; (iii) assisted with the disposition of one shopping center and the refinancing of the other; (iv) drafted organizational documents and certifications; (v) issued legal opinions; (vi) negotiated estoppel certificates and subordination agreements with tenants; and (vii) coordinated property level due diligence.