Capabilities

Mezzanine loan restructuring

Real estate investment and asset management company

Our attorneys represented a real estate investment and asset management company in the restructuring of a US$220 million mezzanine loan secured by equity interests in a portfolio of leisure properties located throughout the US.  The mezzanine loan was subject to a participation agreement dividing the loan into a number of participation interests having different levels of subordination. The restructuring involved the conversion of the subordinate participation interests to equity, with the subordinate participants forming a joint venture with the existing principals of the borrower. The reduced mezzanine loan also was extended and modified. Completing the restructuring required the resolution of a number of intercreditor and control appraisal issues.

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