Represented a South Korea-based private equity firm in the workout and modification of a US$62 million mezzanine loan secured by the ownership interest in a luxury hotel located in New York City’s Lower East Side.
Represented a leading real estate investment firm in the workout of an US$870 million CMBS financing with US$170 million mezzanine loan components, in connection with the COVID-19 pandemic. This transaction involved an A/B note split of the mezzanine loan.
Represented senior and mezzanine lenders in the workout of loans with an aggregate balance of approximately US$112 million, secured by two major international chain-branded hotels located in New York City.
Represented a US life insurance company as the lender in the modification of a US$122.5 million loan, and in the related ownership acquisition and workout of a distressed 1,100 room hotel loan in Washington, D.C.
Assisted an Australian group of companies in restructuring their US$27 million debt arrangements with the National Australia Bank, involving the forced sale of a portion of their portfolio of properties, including a prawn farm in Queensland; a hotel in Newcastle, NSW; and a number of residential and retail property assets.
Represented a large home builder in connection with its restructuring of approximately US$45 million of loan obligations secured by its ownership interest in certain land and single-family residential developments under construction.
Represented a large commercial national bank in connection with a US$15 million loan secured by real property assets located in North Carolina and certain claims against a Florida estate and guarantor with assets in Ohio, South Carolina, North Carolina, and Florida.
Disposition of Troubled Real Estate Assets
Represented a vessel management and logistics company as creditor in receivership of real property owner with an environmentally contaminated asset.
Represented a large industrial REIT in multiple matters in and out of court regarding commercial real estate leases, including distribution center leases in retail Chapter 11 cases.
Assisted an American multinational financial services company in the receivership sale of an extended-stay hotel in North Carolina.
Assisted a corporate restructuring firm in its role as liquidator of a large industrial plant which was approved by the Singapore Building & Construction Authority. It was proposed that the liquidators put forward a scheme of arrangement to facilitate a white knight investment by a privately owned US$2.5 billion global banking and asset management group to restructure the business.
Assisted a specialist restructuring, corporate recovery, insolvency, and forensic accounting firm in its role as liquidators of a shared office business which was placed into liquidation. A multinational technology corporation appointed the liquidators and we advised on all aspects of the liquidation.
Foreclosure and Realization Proceedings
Represented a US life insurance company in an acquisition by deed in lieu of foreclosure of a US$280 million loan on a 28-property industrial portfolio in three US states.
Represented the special servicer in the foreclosure of a portfolio of 11 office buildings in Olympia, Washington.
Represented a large CMBS special servicer in the foreclosure and workout of a commercial loan on a property in Olympia, Washington.
Represented a large CMBS special servicer in the foreclosure of an office building in Idaho.
Represented a large CMBS special servicer in the foreclosure and restructuring of a loan on retail property in Sherwood, Oregon.
Represented the Hong Kong branch of a large government-owned bank of India in the enforcement proceedings and recovery of mortgaged property pursuant to default by the borrower and the auction sale of the repossessed property.
Bankruptcy
Represented a community bank as secured creditor in the Chapter 11 of River Landing Center, LLC in the U.S. Bankruptcy Court for the Eastern District of North Carolina. The bank’s claims exceeded US$14 million, secured by a commercial office building, three commercial tracts, and three large residential land developments. Complex litigation and restructuring issues were involved in the dispute between the parties, including lender liability claims. A settlement was reached which the debtor later breached and contested. All of the debtor’s claims were rejected by the court on the bank’s motion to dismiss.
Represented an adjacent landowner and creditor in a Chapter 11 case and in an adversary proceeding before the U.S. District Court for the Eastern District of North Carolina. The parties, both involved in real estate development, asserted various claims against one another. After two mediations, reached a global settlement obtaining rezoning approval, resulting in a confirmed, consensual Chapter 11 plan, with an approximate matter value of US$77 million.
We welcome your email, but please understand that if you are not already a client of K&L Gates LLP, we cannot represent you until we confirm that doing so would not create a conflict of interest and is otherwise consistent with the policies of our firm. Accordingly, please do not include any confidential information until we verify that the firm is in a position to represent you and our engagement is confirmed in a letter. Prior to that time, there is no assurance that information you send us will be maintained as confidential. Thank you for your consideration.
