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...
Represented the special servicer in the workout of a $83.5 million loan for a 707-room Crowne Plaza Hotel in New Orleans, LA, in connection with the sale of the hotel to a joint venture consisting of Loeb Partners and Deutsche Bank. At the time, the sale of the hotel was the largest local lodging facility to be sold since Hurricane Katrina. The project and resulting workout was challenged by operating and debt service shortfalls, failure to make needed capital improvements, unavailability of casualty insurance and defaults with the hotel franchisor. Represented special servicer in subsequent foreclosure and sale of property to this party.
Representation of one of the country's largest special servicers regarding its consent to transfer all beneficial ownership interests in several borrowers to a company that became a publicly traded REIT pursuant to a $400 million IPO. The REIT owns over 1,000 properties leased to over 150 single pro...