Refinancing of Philadelphia Hotel
Representation of Cambridge Landmark in the refinancing of the Sheraton Philadelphia hotel through a combination of preferred equity and loans under the Federal Reserve's Main Street Lending Program, a program funded under the CARES Act to provide federally-backed financing to businesses impacted by the COVID-19 pandemic. The 757-room, full-service hotel is located in Philadelphia, Pennsylvania. Representation included parallel negotiations with existing and new investors as well as the lender providing the Main Street loan, and careful coordination of preferred equity provisions to conform to strict Main Street program requirements.
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.
Debtors' counsel to Fontainebleau Las Vegas Holdings, LLC, and two of its affiliates in their chapter 11 cases in the Southern District of Florida. The debtors had over $2 billion of funded debt, had used $500 million of equity, and were prosecuting claims for $800 million in unpaid additional finan...