Leading Special Servicers of CMBS Debt – New Jersey Real Estate Dispute
Representing four (4) leading special servicers of CMBS debt in connection with 18 defaulted loans secured by multi-family apartment buildings located throughout New Jersey. When the principal of the borrowers abandoned the properties, Herrick applied in federal court for appointment of a receiver to manage the properties. That application was successful, and a receiver was appointed. Once the receiver was in place, Herrick then commenced foreclosure actions in state court with respect to all of the 18 loans. Judgments have been obtained in all of the foreclosure actions and over the last year, the Herrick team has utilized a number of creative strategies to pursue the clients’ interests, including facilitating the sales of a number of the properties through the receivership (with the clients receiving the proceeds of such sales), and pursuing title to the balance of the properties through foreclosures sales. This matter is ongoing.