Our multidisciplinary team of finance, real estate, bankruptcy, litigation and tax attorneys provides complete representation in all facets of distressed real estate investments. Cadwalader provides clients with a thorough consideration of all options and strategies available in acquiring troubled real property projects (held inside securitizations or as portfolio loans) and the mortgage and mezzanine loans secured by those real property projects. We are well situated to analyze the possible risks and rewards on behalf of both traditional and non-traditional lenders and borrowers before investments are made, and offer total representation to financial institutions; hedge, opportunity, private equity and other investment funds; developers and government agencies alike in real estate on a national and international scale.
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Significant Dispositions:
- A joint venture between Hardin Construction Company and Colorado State Pension Fund in the sale of a portfolio of twelve Hilton Hotels located throughout the United States.
- The New York City Economic Development Corporation in the sale of the UN Plaza Hotel.
- YMCA of Greater New York in the sale of Long Island City YMCA and other assets.
- The seller of 100 Maiden Lane, New York, New York, to a developer connecting an office building to a shopping center.
- A US bank that had acquired numerous assets, including multi-family and retail centers, in the sale of those assets.
- A REIT specializing in multi-family and office construction lending in the sale of its entire portfolio consisting of properties located in over a dozen states.
- Morgan Stanley in connection with the structuring of the sale of Trizec Corporation, a publicly held REIT, involving a complicated public ownership structure with assets owned in Canada and in the United States.
- TrizecHahn in connection with its $2.5 billion disposition of 19 regional shopping centers, including the redemption of a partner's interest in a tax efficient manner through the purchase of rated notes and subsequent distribution of same, as well as various direct and indirect 1031 transfers.
- Various Japanese banks in the auction sale of scores of REO properties.
- A major bank in the auction sale of multiple pools of residential REO properties aggregating thousands of properties.
- A major shopping center owner in the sale of over $2 billion of retail properties.
- A sovereign wealth fund in the disposition of scores of commercial properties in individual and bulk sales, by auction and negotiated sale.
- A domestic investment arm of a foreign government in its sale of timber properties in Alabama, Georgia, North Carolina and South Carolina.
- A separate account of Prudential Insurance in the $266 million sale of its interests in the New York Hilton, the Rye Town Hilton, the Capital Hilton and the Washington Hilton & Towers.
- The New York, Chicago and Los Angeles branches of a Japanese bank in the disposition by auction of approximately 10 large commercial loans, participation interests and REO properties aggregating in excess of $150 million.
- Citicorp entities in the portfolio auction sale of seven pools of re-performing and non-performing single and multi-family mortgage loans and REO properties constituting over 5,000 assets for in excess of $370 million.
- A domestic bank in the disposition of a residential mortgage loan and REO property portfolio aggregating in excess of 4,000 assets for a sales price in excess of $300 million and negotiation and implementation of bridge financing on behalf of the seller.
Significant Acquisitions:
- Metropolitan Life Insurance Company in the formation of a programmatic equity joint venture hotel fund with a major New York-based international developer and affiliated construction company for the acquisition of sites, construction, and development of hotel projects in major metropolitan cities and the negotiation of hotel operating and management agreements.
- Metropolitan Life Insurance Company in the formation of a joint venture and negotiation and documentation of the acquisition and financing of an office building and hotel complex in the Southeast.
- Citigroup in connection with $800 million international office acquisition and development equity venture fund with Tishman Realty.
- Morgan Stanley in the purchase of 750 Seventh Avenue, New York, New York.
- CDL Hotels in the purchase of the Millenium Hotel, in downtown Manhattan.
- Tamares Real Estate Holdings, Inc. and Merrill Lynch Private Equity in connection with their efforts to acquire the Central Parking Corporation, a publicly traded company operating parking garages in the United States, Latin America and Europe.
- A private equity investor in connection with a $660 million hotel and casino development in downtown Las Vegas, Nevada, including recapitalizing the partnership; buying out the other partner; restructuring leases on six hotels and casinos; and negotiating with the City of Las Vegas in connection with the redevelopment of an adjoining 61 acre parcel.
- Tamares Real Estate Holdings, Inc. in the acquisition of the Tides Hotel, South Beach, Miami, and conversion of the Tide Hotel into a condominium hotel. Subsequently represented Tamares in connection with the recapitalization of the partnership; the conversion of the hotel into condominiums and the sale of all condominium hotel units.
- A lender in the $380 million acquisition of four office buildings in Northern Virginia.
- A private equity investor in the acquisition of an office building in Chicago and subsequent representation of same in condemnation proceedings instituted by the U.S. government.
- A private equity investor in the acquisition of 2,230 acres of land outside Savannah to be developed into a planned community.
- Conseco Inc. in connection with a joint venture with the Trump Organization for the purchase of the General Motors building in Midtown Manhattan for $800 million.
- Pitcairn Properties in its acquisition, leasing, debt financing, and equity financing of a 210,000 square foot office building, including IDA tax benefits.
