Distressed acquisitions case for private investment fund

Thomas H. Curran Associates advised its client, a private investment fund, on the acquisition of a non-performing commercial loan from a regional New England bank that was secured by a large mixed-use urban multifamily property in central Massachusetts. The subject loan was cross-collateralized and personally guaranteed by certain limited liability companies and their main business principal who had filed for bankruptcy protection in Illinois. The same entities were the subject of adversary proceedings in bankruptcy court. As part of its engagement, Thomas H. Curran Associates assisted in negotiating the letter of intent with the Bank, conducted due diligence on the loan note, mortgage, guaranty and other security instruments, conducted litigation due diligence on pending state law and bankruptcy litigations, interacted with the bankruptcy trustee, conducted real estate title and municipal due diligence, proceeded to foreclosure, obtained title insurance, negotiated with tenants’ counsel and handled a number of various tasks necessary to advise its client to ensure a successful closing and post-closing assurances. As a result of Thomas H. Curran Associates’s efforts, its client was able to obtain ownership of the underlying real estate asset at a substantially discounted price relative to the asset’s fair market value.