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Pillsbury
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Spotlight

    Distressed Real Estate

    Contacts

    Pillsbury’s Distressed Real Estate practice team offers deep market experience, knowledge and a coast-to-coast presence. Our attorneys are widely recognized and consistently ranked as leading attorneys in the United States by Best Lawyers in America, Chambers USA and Legal 500 US. Attorneys in our Distressed Real Estate practice team draw upon the skills of practitioners from a number of core areas, including Financial Services Regulation, Insolvency and Restructuring, Litigation, Corporate and Securities, Structured Finance, Real Estate, Tax, Environmental, and Government Contracts.

    Pillsbury has a long history of representing clients throughout the United States in major real estate transactions. We represent a number of the country’s largest and most sophisticated financial institutions, corporations, REITs, governmental entities, pension fund advisors, developers, managers, and investors in a broad range of complex transactions and public and private ventures. Having closed complex deals with many of the country’s most significant players, Pillsbury has extensive experience in connection with all aspects of the distressed real estate market.

    We have experience in multi-jurisdictional real estate financings, recapitalizations, investments, developments, workouts, loan purchases and restructurings. We are familiar with single-asset acquisitions and multi-asset portfolios, including portfolios in excess of $1 billion. We also assist with company and partnership restructurings and the acquisition and disposition of target business entities, units, or assets. We practice in specific regions and nationally, with offices throughout the United States. We understand that clients must act quickly and decisively to preserve value, achieve stability and seize market opportunities. To further assist our clients, Pillsbury designs and hosts secure, customized websites to reduce cost, enhance transaction efficiency, and comply with applicable document retention policies.

    Our attorneys are well versed in the unique issues presented by a broad spectrum of property types:


    Brownfields
    College Campuses and Schools
    Condominiums and Cooperatives
    Industrial Sites
    Manufacturing and Warehouse Properties
    Military Housing
    Mixed Use Developments
    Multi-family Housing
    Office Buildings
    Power Generation and Transmission Facilities
    Research and Development Facilities
    Residential Subdivisions
    Resorts and Hotels
    Restaurants and Entertainment
    Retail Developments
    Sports Stadiums and Arenas
    Transit and Infrastructure Systems
    Undeveloped Land

    Our attorneys work on a wide range of issues that arise in connection with distressed real estate:

    • Bankruptcy and creditors’ rights
    • Capital market issues
    • Collateral realization settlements
    • Enforcement proceedings and lien priority disputes
    • Financial debt and equity restructuring
    • Forbearance agreements
    • Foreclosure, deed-in-lieu-of-foreclosure, receiverships, and property recovery issues
    • Formation of private equity and other investment structures
    • Fraudulent conveyance claims
    • Illiquid securities and other troubled financial assets
    • Intercreditor agreements
    • Land use and environmental cleanup
    • Loan modifications
    • Negotiation of rescue and exit financing
    • Portfolios of mortgages and financial products
    • Public private partnerships and strategic alliances
    • Regulatory compliance
    • Settlement strategies
    • Tax advantaged restructurings
    • Whole commercial and residential mortgage loans and loan participations

    Recent Experience

    • Representing a respondent to Treasury’s RFP under the Troubled Assets Relief Program for Whole Loan Asset Management Services, including negotiations regarding a financial agency agreement.
    • Representing a government-supported foreign bank and its investment vehicle in purchasing substantial amounts of illiquid securities and other assets from another foreign bank.
    • Representing a major private equity fund in pursuing acquisitions of loan portfolios from the FDIC and other federal financial regulatory agencies.
    • Advising a major banking institution on workouts of subprime loans which are the subject of Truth in Lending Act violations.
    • Representing a large institutional investor as national workout counsel, including restructurings of its equity investments in multi-family and mixed use developments.
    • Representing a participant in a large borrowing base facility for lot development and residential construction for multiple projects in California. Work includes forbearance and workout negotiations, enforcement of remedies, bankruptcy representation, and foreclosure.
    • Representing a financial institution in the seller financed sale of single family REO portfolios in Florida.
    • Representing an investor in a transaction involving the removal of multiple general partners and management entities, including enforcement of guaranties.
    • Representing the participating lender in a residential lot development and vertical construction loan workout for projects in San Diego.
    • Representing a consortium of senior noteholders in the $150 million restructuring of equity, debt, and a master lease on a prominent San Francisco office building.
    • Representing lenders in the restructuring of approximately $3 billion of debt of a prominent New York developer and its affiliated entities.
    • Representing a borrower in its negotiation with two banks, one holding a $125 million first mortgage and the other holding a derivative contract secured by a second mortgage; assisting with the negotiation and settlement between the lenders.
    • Representing a lender in connection with the restructuring of 20 loans to related limited partnerships with real property collateral totaling more than $250 million.
    • Representing a large New York real estate company in its liquidation and sale of scores of commercial and residential properties and mortgage interests.
    • Representing a public pension fund in a wide array of real estate investments, including restructuring a national retail portfolio with a value in excess of $3 billion.
    • Representing a public pension fund in a variety of real estate investment activities, including one of the largest California real estate transactions in recent history, a $1.5 billion sale of a portfolio of Class A high-rise office buildings in Los Angeles, Glendale, Orange County, San Diego, Denver, Austin and Phoenix.
    • Representing a property owner in a portfolio transaction that includes the sale of more than 5000 apartment units, a shopping center and 33 office buildings, including two prestigious buildings near the White House.
    • Representing a financial institution in the sale of billions of dollars of investments in apartment projects nationally. Representation includes real estate due diligence, controlling interest transfer tax analysis, and partnership structuring advice in multiple jurisdictions.
    • Representing a financial institution in the restructuring and enforcement of land, development, and construction loans for projects in California and Nevada, including loan sales.


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