- Represented a non-debtor affiliate of Lehman Brothers Holdings Inc. in a complex three-part restructuring of a portfolio of multi-family residential properties in the Southeast United States. The transaction involved the restructuring of Lehman’s existing joint venture relationship with Goldman Sachs, the closing of a new $181,500,000 mortgage financing with Freddie Mac, and an equity conversion and partial pay-down of $332,000,000 of existing mortgage indebtedness held by a consortium of lenders including GE Capital.
- Represented affiliates of Lehman Brothers in connection with the potential restructuring of their investments in joint ventures formed for purposes of developing luxury residential condominiums in Manhattan.
- Advised Lehman Brothers in connection with issues relating to loans for a condominium project in Downtown Manhattan.
Centerbridge Partners, TPG Opportunities Partners and Fidelity Investments Represented Centerbridge Partners, TPG Opportunities Partners and Fidelity Investments in a year-long multinational restructuring of resort operator Kerzner International Limited. As part of the restructuring, Willkie’s clients funded a new loan to Kerzner and received a 15% ownership interest in the company.
Ventas Inc. Represented Ventas in the restructuring of a triple-net master lease relating to a large portfolio of healthcare facilities.
One Madison Avenue Receiver Represented the receiver appointed for One Madison Avenue in New York, a troubled luxury residential condominium development.
Trinity Church Represented Trinity Church in connection with its workout and settlement negotiations, as well as litigation (including a major Yellowstone motion victory for Willkie), regarding a major mixed-used development ground lease project located in downtown Manhattan.
Appaloosa Advised Appaloosa Management, one of the country’s preeminent distressed investment funds, in connection with a number of its structured real estate debt investments.
Xanadu/Meadowlands Represented a consortium of major private equity funds in connection with the restructuring of its senior mortgage debt relating to the construction of the Meadowlands Xanadu shopping and entertainment center.
Colony Capital, LLC Represented Colony in the restructuring of certain of its gaming investments, and in connection with a deed-in-lieu of foreclosure transaction with respect to an Atlantic City property.
Sunrise Senior Living, Inc. Represented Sunrise in the restructuring of certain of its loan agreements and joint venture arrangements including the restructuring of its equity and debt position in a portfolio of six Sunrise-managed senior living facilities. As part of the transaction, Sunrise and its previous capital partner in the portfolio, Metropolitan Connecticut Properties Ventures, LLC, a subsidiary of MetLife, transferred their respective equity interests in the portfolio to a new joint venture owned 30% by Sunrise and 70% by CNL Income SL II Holding, LLC, a subsidiary of CNL Lifestyle Properties.
Empire American Holdings LLC. Represented Empire American with its contemporaneous restructuring of a $715 million mortgage loan into A/B notes secured by multifamily properties located throughout the U.S., and a $91 million joint venture between Empire and Arbor Realty Funding, LLC.
Private Land Developer Represented one of the largest private land development and homebuilding enterprises in the United States in connection with its restructuring of approximately $1.7 billion of existing debt arrangements with more than 20 different lenders.
Scout Real Estate Capital Represented Scout in connection with the restructuring of multiple existing loan arrangements and the enforcement of certain of these arrangements with a distressed lender.
200 Eleventh Avenue Represented a joint venture of Young Woo and Urban Muse LLC in connection with the restructuring of its senior mortgage and mezzanine construction loans with respect to 200 Eleventh Avenue, a high-end residential condominium development project in Manhattan’s Chelsea.
Private New York-Based Real Estate Fund Operator Represented a private real estate company and funds controlled by that company in connection with multiple loan and limited partner equity restructurings, as well as assisting in connection with new offerings being conducted by related funds.
Private Condo Developer Represented a private developer in connection with the negotiation and closing of a deed-in-lieu of foreclosure transaction with its lender relating to a condominium project in Connecticut.