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Representative Cases and Matters for Commercial Finance

Commercial Finance – Secured Lending - Multi-State Financing

Representation of Private Banking Client, as Lender, in a $18.8 Million Multi-State Secured Financing

Our commercial finance lawyers sometimes represent banks in transactions involving multiple parcels in multiple states. In one such transaction, Joe Harrington and Michelle Santoro represented one of the firm’s private lending clients on a multi-loan transaction, totaling $18.8 million, secured by four parcels in 3 states.


Commercial Finance - Corporate & General Business - Successful Restructure of Corporate Debt

Representation of Banking Client in Successful Restructure of Corporate Debt

Our Commercial Finance & Corporate lawyers often work together to assist our banking and other clients. Here, Joseph P. Harrington and Milton R. Gleit represented one of our banking clients in restructuring a defaulted corporate loan. As part of their work, Joe and Milt negotiated and documented the bifurcation and restructure of a series of defaulted term loans. The creative outcome was that fifty percent of the total debt was consolidated into a single new term loan; and the remaining fifty percent was converted into a preferred equity position in the restructured borrower.


Commercial Finance – Real Estate Transactions - Construction Loan for Mixed Use Shopping Center

Commercial Finance – Real Estate Transactions - $21 Million Construction Loan for Development of Mixed Use Shopping Center

McCarthy Fingar’s Commercial Finance lawyers often represent our lending clients in commercial Real Estate Transactions. Here, Joseph P. Harrington represented the lender on a $21 million dollar construction loan for the development of a mixed use shopping center with a national supermarket as the anchor tenant under a long term lease. 


Commercial FinanceReal Estate Transactions - Successful Work-Out/Restructure of Defaulted Mortgage Loan

Negotiation & Documentation of Work-Out/Restructure of Defaulted Mortgage Loan for Banking Client

In addition to closing commercial loan transactions for our banking clients, our Commercial Finance & Real Estate Transactions lawyers sometimes assist clients on the work-out and/or restructuring of a problem loan. On behalf of one of the firm’s banking clients, Joe Harrington successfully negotiated and documented the restructure of a defaulted loan secured by a first mortgage on an office building, thereby enabling the client to convert the defaulted loan into a performing asset.


Corporate & General Business -  Commercial Finance - Banking – Successful Transfer of Multi-Billion Transfer of Offshore Mutual Fund Assets to New Tax Free Jurisdiction

 

Negotiation & Drafting Transfer Agreements, Amendments to 45 Separate Borrowing Transactions among More than a Dozen Entities to be Conveyed to New Entity; Acting as Escrow Agent

In addition to coordinating, reviewing and advising clients on major commercial loan transactions for its banking clients, our lawyers sometimes assist clients on the large scale structural revision of lending operations associated with offshore mutual funds on behalf of foreign clients. Here, Peter D. Aufrichtig successfully structured, drafted, coordinated and closed a major shift of offshore mutual funds from an existing tax free jurisdiction to another tax free jurisdiction to avoid a third jurisdiction’s tax issues. Coordinating the transfer from one jurisdiction’s structure to another jurisdiction's structure as well as asset transfer of 45 separate major lending transactions totaling almost $10 Billion, with varying structures and loan documentation at a single closing. McCarthy Fingar acted, through Peter Aufrichtig, as the escrow agent for all parties, and as New York counsel to the mutual funds.

 


Commercial Finance – Syndicated Secured Lending on $1.9 Billion Transaction - Oil Drilling Platforms

Representation of Banking Client, as Lender in $1.9 Billion Multi-Bank Secured Financing of Oil Drilling Platforms

Commercial Finance lawyers often represent banks in transactions involving multiple banks. In one such transaction, Peter D. Aufrichtig represented one of the firm’s banking clients on a $1.9 billion secured financing in which the firm’s client was one of the lead lenders in the financing to build two separate oil drilling platforms. The security for the financing was a long term lease of the oil drilling platforms by a significant multi-national oil company. Peter was able to enhance the security and viability of the transaction for his bank client.

 


Commercial Finance – Commercial Foreclosure 

Representation of a Private Lending Client, as Lender on a Defaulted loan

Our commercial finance lawyers sometimes represent private lenders in foreclosure actions. Here, Michelle L. Santoro represented one of the firm’s private lending clients on a defaulted commercial mortgage, successfully obtaining a final judgment of foreclosure and sale. The property was later acquired by the lender and a private sale took place.


Commercial Finance – Successful Work-Out/Modification of Defaulted Mortgage Loans

Commercial foreclosure, then Negotiation & Documentation of Work-Out/Modification of a Defaulted Mortgage Loans for private lender

 

In addition to closing commercial loan transactions for its banking clients, the firm from time to time assists those clients and private lenders with commercial foreclosures, which sometimes leads to the work-out and/or modification of a problem loan. On behalf of one of the private lending clients, Michelle L. Santoro, with the assistance of Joseph P. Harrington, successfully obtained a final judgment of foreclosure and sale; however, on the eve of the scheduled sale, negotiated and documented a settlement and modification of the defaulted loans, to be secured by a first mortgage on a community center, thereby enabling the client to convert the defaulted loans into a performing asset.

 


Commercial Finance – Syndicated Secured Lending Transaction

Representation of Banking Client, as Lender & Administrative Agent, in $90 Million Multi-Bank Secured Financing

Our commercial finance lawyers often represent banks in transactions involving multiple banks. In one such transaction, Joseph P. Harrington represented one of the firm’s banking clients on a $90 million secured financing in which the firm’s client was the lead lender and acted as Administrative Agent for the transaction.

Business Litigation - Commercial Finance - Lender Liability Claims

St. Andrews Condominium Corp. v. Chemical Bank (Sup. Ct., Westchester County)

Our Business Litigation and Commercial Finance lawyers have experience in all types of commercial lending issues, including lender liability claims. Here, Robert M. Redis successfully resolved lender liability and related claims including alleged violation of the condominium offering plan, construction and design defects against our client, a major national bank, which  acted as a $70 million construction lender. The project was a large cluster zoned residential condominium and a redesign of the adjacent St.  Andrews Golf Club course. The project was developed by various Jack Nicklaus entities. Mr. Nicklaus also redesigned the St.  Andrews Golf Club course, which was adjacent to the condominium and which the owners of the condominium units were able to join. As part of his work, Bob  was able to negotiate a settlement among the home owners, the St. Andrews Golf Club and curling rink, the Nicklaus group  and the Town of Greenburgh,  so that  all claims were dropped against our client, the lender. We were also able to establish necessary rights of way and easements for the units, saving our client, the lender, significant exposure and defense costs in what would have been  protracted litigation.


Commercial Finance - Corporate & General Business - Extending Term of Maturity of Secured Note

Extending Term of Maturity of Secured Note

Our Corporate lawyers have much experience in representing clients making loans or investments. Here, Milton R. Gleit represented a note holder to obtain a three year extension of maturity for approximately $2 million of additional cash consideration and a security interest in all assets of the corporate maker.