Real Estate Workouts
We’ve been there.  We’ve done that.  This is not the first time that Patterson Belknap attorneys have been through an extremely difficult real estate cycle.  Our interdisciplinary real estate workout team is highly skilled in handling complex loan workouts related to distressed real estate assets.  We represent lenders in the renegotiation or enforcement of credit facilities for assets located throughout the country, and provide advice regarding lender liability, bankruptcy and creditors’ rights issues.  Our attorneys advise borrowers in revising the capital structure of their distressed real estate assets to reflect today’s realities, including strategic planning, tax advice, negotiations with lenders and investors, and documentation of restructuring arrangements.  We also represent landlords and tenants in the renegotiation or surrender of leases throughout the U.S.

Our team includes leading real estate, bankruptcy and tax lawyers with decades of experience in these matters.

• Andy Herz has experience with workouts going back over 20 years to when he served as General Counsel to the Mortgage Loan Enforcement and Administration Corporation, the workout subsidiary of the New York State Urban Development Corporation.  In addition, Andy is qualified by New York State as a receiver in mortgage foreclosures.  He recently served for several years as the receiver for a significant hotel in midtown Manhattan, where he was responsible for overall operation and oversight of the hotel.

• Dan Lowenthal is a leading bankruptcy practitioner with experience including the representation of various clients in a host of real estate related Chapter 11 cases.  He has also represented two of China's largest banks in a commercial dispute involving real estate investments in New York's Chinatown and elsewhere.

• Dahlia Doumar is a tax lawyer with experience representing clients restructuring troubled businesses and managing the tax implications of such restructurings.

• Amy Mena has significant experience in bankruptcy, litigation and real estate matters.


We also call upon the firm’s nationally-recognized litigation practitioners as needed.

Based on our legal skills and workout experience, we can assist you in devising creative solutions to resolve problems you face with your distressed assets.

Selected past matters include our representation of:

• A bank in foreclosure and bankruptcy proceedings involving a loan secured by a commercial condominium in midtown Manhattan.

• A real estate developer in the dissolution of a partnership involving a $185 million of office buildings in southern Connecticut.

• A bank in the workout of a construction loan for a senior housing condominium project in California.

• A hedge fund in the business divorce from its $700 million real estate investment arm.

• A bank in the workout of loans on two Manhattan office buildings, involving deeds-in-lieu of foreclosure and subsequent sales of the properties.

• An arm of the New York Stock Exchange in the purchase out of bankruptcy of a data center in Texas.

• Investment partnerships in the recapitalization of resort hotels in Hawaii, Florida and Puerto Rico.

• A major retailer in the restructuring of its shopping center anchor lease.

• Two developers in the discounted purchase of large mezzanine loans from their lenders.

• A developer in the recapitalization of a 90-unit condominium project midway through development.

• An international clothing retailer in the closing of all of its U.S. retail stores.

• A bank in the sale of 30 net leased retail stores to an investor.

If you would like more information, please contact a member of the Patterson Belknap Webb & Tyler LLP Real Estate Workout Team:

 Andrew L. Herz            212.336.2910    alherz@pbwt.com
 Daniel A. Lowenthal     212.336.2720    dalowenthal@pbwt.com
 Dahlia B. Doumar        212.336.2988    dbdoumar@pbwt.com
 Amy Carper Mena       212.336.2074    acmena@pbwt.com