Restructuring a 27MM Construction Loan
Senior partner Bill Turkish represented the owner/developer of a 17-story luxury residential condominium in the successful restructuring of a $27 million construction loan in default.
By negotiating a workout with the lender, the project was completed, most of the units have been sold and the bank was paid in full. Our clients look forward to the sale of the balance of the units and a potential profit on the project.
With many real estate construction projects defaulting over the past few years, the ability to work “with” the lender in crafting a reasonable and sensible approach to a resolution, rather than taking an adversarial approach, saved the project from foreclosure.
Our experience representing both lenders and borrowers gave us a unique perspective which enabled the parties to exploit its mutual desire to save the project and make a deal.