Restructuring of $83 Million Hotel Loan
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 B piece and special servicer clients, handling in excess of $130billion in 2.0 CMBSsecuritizations.
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...