When faced with troubled real estate assets and loans, lenders, borrowers, loan servicers and private equity investors turn to Herrick for our vast real estate and restructuring experience and to maximize the recovery of those distressed assets.

We have decades of experience as a first-tier workout and loan enforcement firm with a battle-tested foreclosure practice. Our lawyers have aggressively and creatively guided clients with distressed loans and properties across the United States through numerous cycles in the real estate market. We help our clients navigate the troubled waters of both out of court resolutions and, if necessary, in court proceedings. We work closely with our clients to mutually determine the best course of action required to achieve the desired result, and we pride ourselves in providing creative solutions in difficult situations.

The strength of Herrick’s Real Estate, Litigation and Restructuring practices yields outstanding results for our clients. We are well acquainted with the intricacies of real estate disputes in state, federal and bankruptcy courts, and have extensive experience with all asset classes, including, office, multi-family, industrial, hotel, senior living, retail, development sites and condominiums and cooperatives.

Our distressed asset and loan services include:

  • Restructuring troubled loans, including debt-to-equity
  • Negotiating deeds-in-lieu of foreclosure agreements
  • Navigating recourse and non-recourse carveout guaranties
  • Negotiating forbearance agreements
  • Advising on tax implications of modifying debt repayment obligations
  • Disposition of distressed real estate and real estate loans
  • Advising loan participants and co-lenders in intercreditor disputes
  • Judicial and non-judicial foreclosures
  • Lender liability litigation
  • Obtaining receivers and exercising control over rents
  • Representing lenders in bankruptcy proceedings, including negotiation and litigation with respect to cash collateral, Chapter 11 plans and Section 363 sales
  • Representing landlords regarding assumption, assignment and rejection of real property leases in bankruptcy proceedings
  • Representing borrowers in Chapter 11 proceedings