Real Estate Workouts

Sullivan & Worcester LLP’s Real Estate Workouts Group finds creative solutions to assist banks, servicers of defaulted loans, owners, developers and investors in the restructuring of troubled transactions, including the purchase and sale of distressed real estate assets and loans. The Group is comprised of real estate, finance, litigation, bankruptcy and tax lawyers, and many of the lawyers in the Group weathered the downturn in the real estate market in both the 1980s and 1990s. The clients that the Group represents include institutional mortgage and mezzanine lenders, real estate funds and developers and the individual principals of the funds and developers.

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Representative Client Work

• Holders of leasehold and mortgage interests in approximately 57 real properties located in 13 states in entering into settlements whereby the properties were recovered and the debt resolved within a short time of each Chapter 11 filings for Integrated Health Services, Inc., Mariner Post-Acute, Inc. and Sun Healthcare Group, Inc.
• A major commercial bank in restructuring three tranches of debt with collateral comprised of discrete grades of real estate
• A major commercial bank in collection efforts, including realization upon real estate collateral located abroad and successful pursuit of domestic guarantors
• Three publicly traded real estate mortgage limited partnerships and their outside directors in numerous controversies arising out of the precipitous decline in the commercial real estate market in the 1990s
• An international hotel owner and operator in the acquisition of a Caribbean resort hotel in a prepackaged bankruptcy
• A lender in connection with restructuring of senior and mezzanine debt secured by a $500+ million  luxury hotel and condominium project
• Mid-Atlantic upscale department store chains in connection with the disposition of substantially all of their 31 locations in a liquidating Chapter 11 proceeding