Workouts
Working on behalf of the lender, Belrad helped negotiate a mutually acceptable deed-in-lieu and takeover of an existing 1.1 million sq. ft. office property in the greater Boston area. This process included a successful lease termination agreement with a tenant that occupied more than 50 percent of the property. New local leasing, property management, and asset management personnel were engaged, and the asset was handed over to the lender with a revitalized team in place.
On behalf of our client, Belrad oversaw the foreclosure on a 1,700-lot master-planned community located in the Greater Seattle area. Over the succeeding four years we managed the completion of the development and the successful sell-out of all lots and parcels.
At the request of the mezzanine lender, Belrad helped complete a UCC foreclosure on a 1.6 million sq. ft. mixed-use development in downtown Chicago that had been shut down by the senior lender at the beginning of construction. After the foreclosure we engaged construction management services and negotiated settlement payments with the senior lender as well as with all contractors and sub-contractors. Subsequently, a new general contractor and associated subs were retained so Phase One of construction could be completed. We arranged, structured, and closed new third-party senior debt sufficient to complete this phase. Finally, local development management was engaged so the asset could be turned back to the foreclosing lender with project financing and a project team in place.
After attempting a negotiated workout with the borrower, Belrad managed the lender's foreclosure on an 18-hole championship golf course in Southern California. Once that was completed, we arranged the sale of the asset to a third party owner/operator at a below market capitalization rate.
Belrad negotiated a workout and restructured the equity in a 600-lot residential development in Central Florida. We negotiated and managed four separate bulk sales of the remaining land parcels, and as a result the investor fully recovered all the capital it had in this project.