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Distressed Real Estate


In bad times, we form ourselves into our Distressed Real Estate Practice Group, which combines our team of battle-tested attorneys that bring together our expertise in litigation, bankruptcy, real estate workouts of all types and from all sides, and tax. The Distressed Real Estate Practice Group consists of partners and senior lawyers, many of whose tenure at D&S stretches back to the last financial downturn and even downturns before that.


Practice Group Leaders: Terri L. Adler,  Kirk L. Brett and Bruce M. Stachenfeld


This is a short form roadmap of exactly how our Distressed Real Estate Practice Group can help you during this volatile time.

Distressed Real Estate – No Client Left Behind – History

For general background, we are The Pure Play in Real Estate Law with one of the largest client bases in the real estate world.  This makes us unique in having expertise throughout all sides and angles of the debt and equity capital stacks.  This is useful at all times, but invaluable in workouts and restructurings, when the easy-to-assemble pieces of a deal need to be morphed and reconstituted.

In bad times, we form ourselves into our Distressed Real Estate Practice Group, which combines our team of battle-tested attorneys that bring together our expertise in litigation, bankruptcy, real estate workouts of all types and from all sides, and tax.  The Distressed Real Estate Practice Group consists of partners and senior lawyers, many of whose tenure at D&S stretches back to the last financial downturn and even downturns before that. 

During the Global Financial Crisis of 2008, our Distressed Real Estate Practice Group worked out billions of dollars of deals, ranging from major loan purchases, restructurings, tranche warfare, put-back cases, foreclosures, partnership disputes, and much more.  Indeed, we were one of the industry leaders in distressed real estate, and there was little we didn't encounter on behalf of our clients.

Distressed Real Estate – Today for the COVID 19 Pandemic

This time around, we are doing the exact same thing, but with two new ramifications, based on the contours of this go-round being different in light of the pandemic.

First: we have focused internal Swat Teams in the following legal areas in which we have specialized expertise:

  • Hotels (including workouts, restructurings, bankruptcies and other protective measures)
  • Retail and Leasing (including lease workout and insolvency situations, co-working)
  • Debt Matters from Lender Side (including workouts, restructurings, buying/selling defaulted debt, tranche warfare, intercreditor disputes, opportunistic lending, A/B loan structures, rescue capital)
  • Debt Matters from Borrower Side (including protecting our clients from predatory lenders, workouts, restructurings, and rescue capital)
  • Joint Ventures and Platforms (including partnership disputes, recapitalizations of joint ventures and platforms)
  • Workouts, Litigation, and Bankruptcy (including prosecuting and defending foreclosures both of mortgages and UCC foreclosures of mezzanine loans, and failure to fund cases)
  • Corporate/company level/platform recapitalizations and restructurings (including both public and private markets, including PIPE's and REIT's)
  • Tax driven transactions (including (today) opportunity zone transactions needing repair)
  • Family Offices (including opportunities for family offices and saving the day on existing investments)
  • Non-Profit/Tax Exempt (including unique issues hitting this endangered industry and how to turn lemons into lemonade)
  • Real Estate Technology (including restructuring and recapitalizing troubled companies through joint ventures and rescue capital)
  • Our (Friendly) Distressed Real Estate HUB – set up recently to match up distressed situations with those with rescue capital [link]

Second, as always, we continue our mission To Help Our Clients Grow (and Protect) Their Businesses, and this is more timely now than ever. 

This is our value add platform led by our Chairman, Bruce Stachenfeld and our Business Development Team.  Our team has spent the past ten years assembling an incredible list of contacts throughout every level of the real estate world.  Whether it is a need for rescue capital, for a high-quality sponsor to help a lender take control of a difficult-to-manage asset, or for just about any other necessary relationship attendant on turning a dispute into a win/win solution, or for consulting and strategizing on how to best position a client’s company for the current environment and the future, Bruce is a major asset to the process and can add tremendous value.

Finally, in a distressed real estate situation, our hedgehog is especially relevant.  That hedgehog is not just fluff (or quills); it is the heart and soul of our business.  It means we are there for our clients and looking out for them in bad times as well as good times.  If you are our client, you already know this and have a hedgehog in your office right now, which is there to protect you. 

To conclude, on a personal level, we were extremely proud that all (yes all) of our clients made it through the Global Financial Crisis in 2008, and most of them are still happily in business today.  Of course they did the great underwriting, but we steered them through the shoals.  We have every intention of doing the exact same thing today during this pandemic; hence, our title No Client Left Behind. 

 

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