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Description

When a real estate project goes bad for whatever reason – sales are slow or at prices below projections, leasing is slow, or there are extensive cost-overruns or regulatory delays – developers, investors, lenders, and others are left scrambling to restructure the project and salvage any value or at least limit losses. This often involves restructuring or possibly refinancing a loan. It may also involve additional equity. Another option is selling the project, if possible.

These processes can be complicated by the nature of the investors and lenders involved.

This program provides a practical guide to restructuring troubled real estate projects.

Part 1 topics include:

• Practical strategies for unwinding real estate deals outside of bankruptcy or litigation
• Negotiating, structuring and drafting the restructuring of failed real estate projects
• Underlying economics and tradeoffs of real estate restructuring
• Types of sellers and their impact on restructuring – individual owner, institutional, joint venture, private equity
• Complications and limitations involving syndicated loans, CMBS loans, and REMICs
• Navigating seller issues – personal guaranties, ongoing management fees, upside participation, reputation