Representation of Bonaventure Hotel Associates in the workout of a $67.5 million construction loan from the German bank WestLB for the Hyatt Regency Bonaventure Conference Center & Spa in Weston, Florida. The 250-unit condo hotel has 500 hotel rooms, a spa, and extensive conference facilities. Due to the market downturn, the hotel was valued at far less than the matured loan amount. Of the 250 units, 150 were retained as guaranteed inventory and 100 were sold to outside buyers. As part of the workout, we negotiated forbearance and asset management agreements, secured an agreement from the lender to fund operating deficits, and obtained substantial payments in favor of the principal and borrower’s affiliates.
Handled billions of dollars in distressed debt related to modifications, extensions, forbearances, discounted payoffs, and deeds in lieu of foreclosure.
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 Miami...