A Chinese real estate investment group was considering its first investment in the U.S. commercial real estate market, a 5,000-unit apartment project in the midst of a complex Chapter 11. To ensure the investment group would emerge on top in a competitive bidding situation, Pillsbury applied its extensive experience with insolvency law, multi-state real estate projects, and lending and securitization finance to structure a viable proposal. The complex solution involved a series of transactions that included converting subordinate debt to equity through the bankruptcy process, and the assumption of outstanding senior CMBS debt in a restructuring. A difficult deal to close in even a strong real estate market, the transaction is one of the largest multi-family deals closed since 2008. In recognition of this, Pillsbury was awarded the 2010 Turnaround Atlas Award for Distressed Real Estate Deal of the Year.