First Lien Lender – Property Owner Bankruptcy

Herrick represented the first lien lender on a $20 million loan secured by a nearly completed, uninhabited 46 unit condominium project. The lender was in the process of foreclosing on the property when the property owner filed a chapter 11 case. Working collaboratively with the mezzanine lender to whom the membership interests of the property owner were pledged, Herrick successfully maintained the receiver in place and forced the debtor to transfer the property to the lender under a chapter 11 plan of reorganization.