The commercial real estate market has reached a crisis point. Over $1.4 trillion in commercial real estate loans are poised to reach term limits between 2010 and 2014; over half of the loans are considered “underwater.” Commercial property values have decreased almost 40% since the beginning of 2007. Borrowers, developers, private lenders and investors are scrambling to limit losses as loans come to term secured by property and assets worth less than their original value, at a scale “virtually unprecedented,” according to a recent report.
Jenner & Block has developed a cross-disciplinary Firmwide task force to respond to the crisis in the commercial real estate industry. Attorneys in the Real Estate Finance and Workout Task Force possess decades of experience in all phases of commercial real estate transactions, litigation and arbitration and are focused on finding the most favorable solutions for our clients hardest hit by the financial crisis. The Task Force brings together a set of experienced attorneys from Jenner & Block’s Real Estate, Complex Commercial Litigation, Bankruptcy, Corporate, Commercial, and Environmental practices. At all stages of potential fallout between deal makers, from transaction to trial, Task Force attorneys have the requisite transactional breadth and litigation skills to protect clients’ interests and achieve results called “astonishing” by The American Lawyer magazine.
Task Force attorneys represent clients coast-to-coast from our Chicago, Los Angeles, New York and Washington, DC offices, and include the Chair of the Real Estate Practice; the Chair of the Bankruptcy, Workout and Corporate Reorganization Practice; the Co-chairs of Jenner & Block’s Litigation Department, and a Co-chair of the Complex Commercial Litigation Practice. Many of the Task Force members are Martindale-Hubbell AV Peer Review Rated and are included in the prestigious Chambers USA listing and the Leading Lawyers Network for their respective fields.
Real Estate Finance Litigation
Tapping into a deep knowledge base of financial analysis, valuation of property and assets, deal and corporate structures, debt and equity financing, and complex transactions related to the commercial real estate industry, Task Force litigators have successfully represented REITs, financial services companies, developer groups and international hotel chains in real estate finance litigation. In court actions, arbitrations and mediations across the country, Jenner & Block attorneys have represented clients with respect to asserting or defending against claims of breach of contract or putative duties, negligence and fraud and statutory causes of action.
The Task Force has successfully challenged Wall Street and Big Four accounting firms in litigation and arbitration proceedings to achieve multi-million dollar results for clients.
Workout, Restructuring and Bankruptcy
Jenner & Block attorneys have represented numerous developers, realty and holding companies, and financial institutions in loan workouts and restructuring, as well as in bankruptcy proceedings. Bankruptcy clients include debtors, lenders, creditors’ committees, private and public companies, members of the hospitality industry and REITs. Task Force attorneys focused on corporate and commercial transaction work excel in finding creative and practical solutions for clients, achieving millions of dollars of relief or recovery.
The following is a select list of recent engagements in which we protected our clients’ interests in the face of financial crisis:
For further information contact:
Co-Chair of the Litigation Department
DAVID BRADFORD
(312) 923-2975
dbradford@jenner.com
Chair of the Bankruptcy, Workout and Corporate Reorganization Practice
DAN MURRAY
(312) 923-2953
dmurray@jenner.com
Co-Chair of the Complex Commercial Litigation
BARBARA STEINER
(312) 923-2611
bsteiner@jenner.com
Chair of the Real Estate Practice
DONALD I. RESNICK
(312) 923-2656
dresnick@jenner.com
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