Servicing of $6 Billion in Hotel Loans
Special Servicer
Oversaw the servicing of over $6 billion worth of hotel loans involving sales and loan assumptions, restructurings, mergers, deeds-in-lieu of foreclosure, forbearances and other workouts, changes in franchises/ flags, operating/ master lease issues, private equity takeovers, changes in management, extensive PIP construction, equipment leases, mezzanine loans and preferred equity participations. The transactions involved national players such as Ashford Hospitality Trust, CNL Hotels, Innkeepers REIT, Equity Inns REIT, Africa Israel and Whitehall Funding. The large multi-state hotel portfolio transactions and restructurings included the Red Roof Inn portfolio, Morgan Stanley Real Estate Funds (MSREF) 3-pack portfolio, Innkeepers portfolio and the Trinity portfolio.
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Handled billions of dollars in distressed debt related to modifications, extensions, forbearances, discounted payoffs, and deeds in lieu of foreclosure.
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Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Mi...
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Representation of B piece and special servicer clients, handling in excess of $22 billion in new securitizations in 2013-14.