Successful Workout of Fort Lauderdale Condo-Hotel Venture
Corus Construction Venture, LLC
Representation of Corus Construction Venture, LLC, owner of a $140 million construction loan for a residential project formerly known as Trump International Hotel & Tower in Fort Lauderdale, Florida. CCV purchased the loan, part of a $4.4 billion Corus Bank loan portfolio, from the FDIC, the receiver of Corus Bank. CCV then commenced with foreclosure of the senior loan, naming over 110 defendants including the junior lender. CCV successfully overcame the junior lender's $5 million counterclaim and obtained title to the property at a foreclosure sale. On appeal, the 4th DCA affirmed the trial court's order in favor of CCV.
Handled the sale of over 2,000 REOs, with aggregate purchase prices in the billions of dollars, through both the negotiation and closing of individual sales and the structuring and sale by auction of multiple properties. The largest was approximately $216 million, which was the sale of a major hotel...
Handled billions of dollars in distressed debt related to modifications, extensions, forbearances, discounted payoffs, and deeds in lieu of foreclosure.
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, e...