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Distressed Assets Real Estate Real Estate Distressed Assets With a long track record representing clients in up and Pillsbury’s Distressed Real Estate practice team down markets, we feature a geographic diversity and depth of practice that allow us to advise on everything from a offers deep market experience and knowledge loan payment default affecting a single building to a multi- and a coast-to-coast presence. Our attorneys jurisdictional CMBS portfolio workout involving hundreds of properties and layers of complex debt and equity. Our are consistently ranked as leading attorneys in position as a nationally seasoned market leader equips us to handle the most troubled situations and assets, including the United States by Best Lawyers in America, multi-party disputes and complex financial structures and Chambers USA and Legal 500 US. products. Our attorneys have experience with every type of forbearance, enforcement, settlement, modification, refinance, release, foreclosure, deed-in-lieu, restructure, assignment and take-back, partner removal or other proceeding, negotiation or arrangement. Representative Engagements Handled by Pillsbury Lawyers Acquisitions of Distressed Assets or Debt • Representation of the acquirer of 100 commercial real estate loans, more than 2,000 residential mortgages and several billion dollars of mortgage-backed securities. • Representation of a major private equity fund in pursuing acquisitions of loan portfolios from the FDIC and other federal financial regulatory agencies. • Representation of a financial institution in thesale of billions of dollars of investments in apartment projects nationally. • Representation of a large New York real estate company in its liquidation and sale of scores of commercial and residential properties and mortgage interests. • Representation of bank in the distressed sale of 28 agricultural properties and ranches (in multiple states) under bankruptcy court supervision. Client held a senior lien position in the properties and obtained bankruptcy court approval to negotiate and coordinate the sales with the debtor (acting through a transition agent approved by the court). Pillsbury Winthrop Shaw Pittman LLP pillsburylaw.com Real Estate • Representation of a real estate investment company in Loan Modifications, Workouts, and Restructurings on the purchase of a mezzanine loan for a Boston office behalf of Borrowers: property (and subsequent negotiation of a deed-in-lieu • Representation of farmer/real estate developer with $55 with the borrower). million loans from a dozen banks and $150 million assets between 14,000 acres of fruit and almond orchards and a • Representation of institutional investor in the purchase 900 acre business park in global debt restructuring. of the B Note and mezzanine loan in a $250 million apartment project (and a subsequent voluntary • Representation of the Trump Organization in restruc- bankruptcy/363 auction sale process for the property). turing the public bond debt on the Trump casinos in New Jersey. • Representation of a financial institution in theseller- financed sale of single family REO portfolios in Florida, • Representation of Olympia & York in a $20 billion California, Illinois and Nevada. restructuring of its global assets, including Canary Wharf in London. Loan Modification, Workouts and Restructurings on behalf • Representation of a borrower in its negotiation and of Lenders: settlement with two banks, one of which held a $125 • Representation of a 72-member bank group in restruc- million first mortgage and the other of which held a turing a $4 billion portfolio of real estate and business derivative contract secured by a second mortgage. assets of Donald J. Trump, including an $800 million personal guarantee. • Representation of the equity partner in successfully restructuring an at-risk joint venture for a mixed-used • Representing one of the world’s largest banks in the project in Tennessee. workout of a $300 million loan secured by more than 50 hotel properties and involving multiple trusts, lenders, • Representation of an investor in a transaction involving the servicers and borrowers. removal of multiple general partners and management entities, including enforcement of guaranties. • Representation of bank group in restructuring real estate portfolios held by Portman Real Estate. • Representation of PurEnergy in restructuring $320 million in debt as it took over the 440-megawatt, • Representation of investment bank in the origination, coal-fired Red Hills Generation Facility located in Choctaw and later restructuring, of $6.5 billion of mortgage and County, Mississippi. mezzanine loans on hotel/casinos in various states. • Representation of The San Francisco Ballet Association in • Representation of investment bank in restructuring $3.5 its $50 million refinancing of existing bond debt from billion of bridge, mortgage, and mezzanine loans on retail a financially troubled insurer. shopping centers throughout the United States. • Representation of a debtor in forbearance and • Representation of a consortium of senior noteholders in restructuring of $35 million in senior debt secured by the $150 million restructuring of equity, debt, and a undeveloped real property in New Jersey intended to be master lease on a prominent San Francisco office building. developed as a data center park. • Representation of an international commercial bank in • Representation of three affiliated debtors in the extending and restructuring various defaulted construc- “abandonment” of real estate secured properties to tion loans. effectuate a 1031 tax deferred exchange in connection • Representation of a large institutional investor, as with the purchase of a new replacement property national workout counsel, including restructur- (to effectuate a debt restructuring). ings of its equity investments in multifamily and • Representation of the debtor in a case involving 133 loans mixed-use developments. secured by 67 different real properties totaling $200 • Representation of a lender in workout of a supermarket million investment capital of 1,200 investors. chain financing. • Representation of the debtor in a $70 million fund • Representation of a lender in a workout of defaulted IDA holding approximately 30 loans secured by second and bond financing. thirds against resort hotels, golf courses and SFR develop- ments in Idaho, Georgia, New Mexico and other states. • Representation of a lender in a workout of a wood supply business with numerous property locations in NY. Pillsbury Winthrop Shaw Pittman LLP Distressed Assets • Representation of the chapter 11 trustee in case involving Bankruptcies and Related Work a blind pool fund holding loans against single family • Representation of bank group in restructuring senior residences located in California Central Valley, particu- debt of U.S. single-family homes in debtor’s bankruptcy. larly around Stockton, CA, which was hard hit in the • Representation of Capstead Mortgage Corporation in Great Recession. connection with the involuntary bankruptcy of the Four Seasons Hotel in Nevis. Deeds-in-Lieu; Foreclosures: • Representation of Crescent Real Estate Equities (as • Representation of Morgan Stanley in the Bray & Gillespie lender and fee owner/ground lessor) in a deed-of-lieu / Ocean Resorts bankruptcy (involving 79 entities owning of foreclosure of a leasehold interest in Trammell Crow hotels and other properties constituting six non-contig- Center in Dallas. uous miles of oceanfront property in Daytona, Florida). • Representation of Shorenstein in a mezzanine loan • Representation of a Chinese investment group in a $360 foreclosure and acquisition (from Tishman Speyer) of million acquisition of 5,000-unit multi-family real estate the 210,000-square-foot Santa Clara Towers (formerly project located in Texas and Maryland through restructure known as McCandless Towers), located in California’s of multi-tranche CMBS debt in bankruptcy case of Silicon Valley. prior owner. • Representation of a real estate investment company • Representation of investment bank in providing debtor in in the purchase of a mezzanine loan for a Boston possession financing for a casino. office property and negotiation ofdeed-in-lieu with • Representation of landlords and tenants in chapter 11 the borrower. proceedings, including several restaurant cases. • Representation of sponsor in connection with a guarantor liability after a deed in lieu of About Pillsbury foreclosure transaction. Pillsbury Winthrop Shaw Pittman LLP is a leading international • Representation of a lender in a foreclosure of partic- law firm with offices around the world and a particular focus ipated acquisition and development loans secured on the energy & natural resources, financial services, real by real property in Florida, Nevada, Arizona, Utah estate & construction, and technology sectors. Recognized and California. by Financial Times as one of the most innovative law firms, Pillsbury and its lawyers are highly regarded for their forward- • Representation of a financial institution in therestruc - thinking approach, their enthusiasm for collaborating across turing and enforcement proceedings relative to land, disciplines and their unsurpassed commercial awareness. development, and construction loans for projects in California and Nevada, including loan sales. • Representation of a lender in forbearance and workout negotiations, enforcement of remedies, and bankruptcy and foreclosure proceedings in connection with lot development and residential construction for
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