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Reorganization of Athletic Club

  • Client: Real estate investment fund
  • Date: Nov 20, 2009
  • Location:

Summary:

Schiff Hardin represented a real estate investment fund in the purchase of the upper floors of a private athletic club building as part of the bankruptcy reorganization of the club.

The transaction required obtaining Bankruptcy Court approval for the purchase, which included a loan to the club secured by the portion of the building as to which the club retained ownership under the reorganization plan. The building had been operated as a single private club for over 60 years and the reorganization plan required negotiation of a detailed air space subdivision and easement agreement with the club to allow the upper floors to be owned and operated independently.
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