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Multi-use Property Workout

  • Client: Real estate lender
  • Date: Jan 14, 2010
  • Location:

Summary:

Schiff Hardin represented a lender in connection with the workout of a loan for a multi-use property.

This matter included permitting the conversion of a rental apartment building into cooperative apartments. Further, we assisted with modifying a limited principal guaranty to provide that the guarantors would be released from liability in exchange for delivery of a deed-in-lieu of foreclosure - including the transfer of the proprietary leases and stock relating to that portion of the property comprising cooperative apartments - upon satisfaction of the negotiated tender requirements.
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Schiff Hardin LLP is a general practice law firm representing clients across the United States and around the world. We have offices located in Ann Arbor, Atlanta, Boston, Chicago, Lake Forest, New York, San Francisco and Washington. Our attorneys are strong advocates and trusted advisers — roles that contribute to many lasting client relationships.