- Senior Counsel
Press ReleaseFebruary 25, 2016
Key Ruling Continues Court's 'Balanced' Approach to Easement LawBanker & TradesmanMarch 10, 2014
Press ReleaseJuly 10, 2012
June 10, 2015
Sullivan’s Real Estate Workouts Group provides creative and practical solutions to assist banks, servicers of defaulted loans, owners, developers and investors to restructure troubled transactions. The Group is comprised of experienced real estate, finance, litigation, bankruptcy and tax lawyers. Having witnessed the downturn in the real estate market in both the 1980s and 1990s and the current volatility and actively participated in the remedial restructuring solutions, we are able to guide our clients through the unpredictable challenges of the commercial real estate market.
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 purchaser of a distressed multi-use phased retail, office and theater development project, including advice on various urban redevelopment issues such as tax benefits for developing in a blighted urban area and coordinating the public/private aspects of the project with the city government
- Multi-property leveraged lease restructurings, including a 154-property/40+ state out-of-court restructuring for a first lien holder, as well as 54-property and 17-property sale-leaseback restructurings, including successful defense of re-characterization claims in order to preserve 365(d) rights
- 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