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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 2 topics include:

• Restructuring alternatives, including straight purchases, "Loan to Own," rescue capital/preferred stock/securities
• Drafting forbearance and loan modification agreements
• Receivership of distressed properties and planning to emerge from receivership
• "Loan to own" strategies and limitations
• Tax issues, including cancellation of indebtedness and restructuring recourse indebtedness
• Potential loss of valuable tax attributes and tax planning opportunities