Real estate restructuring
We have significant experience in restructuring real estate debt finance transactions, ranging from covenant resets through to complex debt and equity restructurings, and covering various asset classes including developments, retail, hotels, healthcare, offices and industrial.
We advise both lenders and borrowers and so have a broad perspective of all issues facing both sides. The relative strengths and interests of the various stakeholders can result in complex restructuring arrangements, involving debt for equity swaps, PIKs, PICs, deferrals of interest or principal, new money, and also structuring the creditor's upside arrangements and equity kickers.
We also advise CMBS special servicers in connection with defaulting or maturing loans, or in respect of issues arising higher up in the structure.