Multi-property Hotel and Condo Workout

• Client: Sponsor
• Date: Nov 23, 2009
• Location:

Summary:

Schiff Hardin represented a sponsor in connection with a multi-property workout involving a deed in lieu of foreclosure to the lender of a mixed-use project consisting of a hotel tower, retail space, garage and a condominium tower.

The lender contributed funds to settle mechanics' lien claims and to resolve collateral challenges with respect to nearby vacant land also owned by the sponsor. The sponsor used the funds contributed to fund a settlement with the equity investors that resulted in a partially built condominium tower on another parcel being transferred to the sponsor.