cmbs - borrower representation: distressed office portfolio

• Renuta was engaged by the owner of a 21-property office portfolio to restructure over $170 million in cross collateralized, securitized debt

• In addition to financial issues, the company had management/family disputes and multiple investor complaints

Restructuring

• Renuta was able to underwrite all the assets thoroughly and efficiently

• Renuta worked with the management team to restructure the company and operations. Certain family members left the company taking some non-portfolio assets

• Working with the master servicer and special servicer, Renuta was able to negotiate a pre-negotiation letter, and forbearance agreement

Outcome: Renuta negotiated new loan terms with the controlling class. The borrower invested additional capital into the portfolio but was able to receive long-term, favorable terms which gave them time to manage several troubled assets. The borrower was subsequently able to maintain the portfolio and realize value with recovery