 |
|
In addition, since 2006, exclusively represented the Bank on its expansion plans managing site selection, lease or purchase negotiation, documentation, construction and development management services for 13 new Bank regional centers.
- International Bank Problem Loan Restructures Asset Recovery Strategies: Hired in 2008 by Bank to review real estate portfolio of construction first deed of trust and mezzanine equity loans totaling more than $500MM. Identified problem projects, determined appropriate loan loss provisions, and developed strategies to protect and maximize recovery for Bank. Assisted in the assembly of internal Bank personnel and external legal counsel and other key consultants to implement recovery strategies. In charge of negotiating debt restructuring, deed-in-lieus, foreclosures as well as the discounted purchase of priority deed of trusts and mechanic lien positions.
- Oregon Condominium Development: Represented mezzanine lender on a 200-unit, $134MM luxury residential condominium development in two towers with a $90MM first deed of trust from a pension fund and $25MM in mezzanine financing. Development was stopped prior to completion of project with $16MM in mechanics liens and a projected $20MM in potential construction overruns. Negotiated the $26MM discounted purchase of underlying first deed of trust and $5MM discounted pay-off of mechanic lien debt and arranged a development team to complete the project with additional savings. Negotiated deed-in-lieu of the project and principal contribution from guarantors. Implemented a successful rent-to-own rental strategy. Full recovery of previously charged off mezzanine debt.
- Orange County, California Development: 336-unit condominium project in Orange County, California in which Borrower/General Contractor declared bankruptcy mid-way through the development. Project stopped with mechanics liens, construction over-runs and potential defective construction issues. Assembled development team to determine the most cost effective method to complete development, correcting construction issues, maintaining the wrap insurance for the Project and saving several million dollars of construction costs. Negotiated deed in lieu settlement with Borrowers and managed the permitting and construction completion of the Project.
- Redmond, Washington Industrial Property (Purchase/Resale): Identified an opportunity to acquire on sale/leaseback arrangement a 250,000 SF industrial site for Client, negotiated a ten-year lease with Fortune 500 tenant. Handled the disposition of the Property one year later on a modified bid basis and sold the building for a $6 Million profit.
- Riverpark Bond Sale: Hired by Bank and Investment Bank to devise recovery strategies for Bondholders on a 205-unit apartment complex in Salem, Oregon with significant construction defects. Renegotiated the underlying contract with the non-profit, managed resolution of construction related retrofits. Provided disposition services for the Bondholders with a full recovery of its position ($15MM previously charged off as loss).
- Pier 70 Lease: Engaged by a 60-lawyer law firm to assist in relocation of firm. This included site selection process and lease negotiations for a 55,000 SF site. This consisted of meetings with shareholders and staff to determine sites that would fit with culture, researching and selecting 20 sites that best suited firm needs. Negotiated between 2 finalists, obtaining favorable lease for client.
- North King County Biomedical Facility: Hired by an International Biomedical Corporation to provide acquisition service for a 400,000 SF new corporate campus in Washington State. Identified and negotiated the site purchase and assisted with obtaining favorable local tax incentives for the Project.
- Ballard QFC: Hired by Client to handle the lease negotiations with anchor grocery store and determine the best strategy to maximize the value of the Property owned by the family for over 40 years. Negotiated a unsubordinated ground lease and redevelopment of site for Client for a new 40,000 SF grocery store with 280 residential apartments. Negotiated and handled the entire lease and development negotiation with developer, tripling the income and value of Client’s Property.
- Bend, Oregon Condominium Development : Hired by Borrower to negotiate Bank debt on 42-unit luxury condominium development in Bend, Oregon. Ultimately negotiated a Purchase of the Note by qualified Buyer, worked with both parties to negotiate and reduce liens.
|
|
| |
|
