Estudios de caso

La administración judicial de una comunidad de viviendas para adultos mayores de 32 acres genera una recuperación del 89 % para los tenedores de bonos

J.S. Held adquiere Shechter & Everett para expandir los servicios de contabilidad forense en litigios de derecho de familia en Florida

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Inicio·La administración judicial de una comunidad de viviendas para adultos mayores de 32 acres genera una recuperación del 89 % para los tenedores de bonos

La situación

The owner and developer of a 55+ active senior living community in Plano, Texas, with 318 rental units on 31.5 acres ("Borrower"), defaulted on its $80M+ loan funded via senior living bonds, filed for bankruptcy, and was in violation of the bankruptcy plan for failing to pay debt service on the bonds. A large national bank serving as Trustee on behalf of bondholders ("Trustee") sought a receiver to take control of the property and its operations, protect the underlying collateral for the benefit of bondholders, and design and implement an exit strategy.

After a heavily contested hearing and multiple rounds of cross-examination, the Trustee appointed one of our Texas-based experts to serve as Receiver based on our proven track record of turning around and optimizing the value of large, complex real estate entities. Within ten months of the appointment, the receivership, supported by our team, delivered an 89% recovery to bondholders by running a competitive property sale that yielded $71M in proceeds and working with counsel and the Trustee through the technically complicated process of terminating the bonds' regulatory agreement and transferring funds in concert with the sale process.

Nuestro asesoramiento

With our Texas-based expert serving as the court-appointed Receiver, and supported by our broader team, the property was effectively operated throughout the sale process, ultimately resulting in a successful recovery for the bondholders by:

  • Stabilizing & Managing the Community: We took over operations and worked closely with the property manager to stabilize the community, including obtaining the final occupancy certificate and completing other key work that the Borrower failed to address. Our team generated $1.1M+ in cash flow through improved operations during the receivership period, helping fund bondholders’ recovery.
  • Negotiating with Key Vendors & Property Management Company: The property manager was overwhelmed and received very little guidance from the Borrower. Upon taking control, our team negotiated past-due balances with key vendors and established a new property management agreement that better aligned the property manager with the goals of the property, including increasing occupancy and retention.
  • Successfully Completing a Competitive Sale Process: Our team interviewed multiple qualified real estate brokers and investment bankers to sell the property, then selected a top agent who supported our experts throughout the process. We obtained multiple bids and ran a “best and final” bidding round, resulting in a $71M offer with the best financing terms. Additionally, we facilitated due diligence among numerous bidders and negotiated the purchase agreement.
  • Navigating the Complex Nature of the Bonds & Related Regulatory Agreements: Our team collaborated closely with counsel and the Trustee and proposed creative solutions that ultimately enabled a quicker closing process for all parties.

Los obstáculos y nuestras soluciones

  • The Borrower's operations were in disarray, and the in-place property manager lacked visibility into the property's performance. To address these challenges, our team took the following actions:
    • Renegotiated the property management agreement to better align the property management’s incentives with the goals of the property.
    • Worked closely with on-site managers to properly maintain the property and related accounting.
    • Terminated certain contractors and vendors who were taking advantage of the property and absentee ownership.
  • The Borrower lacked a marketing or leasing strategy and had leased units at well below-market rates. We addressed gaps in marketing and leasing execution by:
    • Working with digital marketing agencies to establish a lead generation strategy and reduce spending on underperforming channels.
    • Revamping the property’s website and other marketing materials and confirming that the on-site leasing team had up-to-date collateral for prospective tenants.
    • Ensuring new leases were at market rates and negotiating renewals as close to market rates as possible.
  • The Borrower was expected to object to the property sale if it disagreed with the terms. We proactively managed this risk by:
    • Hiring a competent broker who advised and helped negotiate to achieve the highest and best offer.
    • Maintaining clear and consistent communication throughout the sale motion process.
  • We addressed deferred maintenance-related issues, including HVAC systems and the fire protection system, by:
    • Engaging an internal construction expert to work with vendors and resolve issues.

Áreas de práctica relacionadas

> Sindicaturas
Los tribunales federales y estatales, los acreedores y los asesores legales eligen a nuestro equipo para actuar como Síndico de empresas y entidades inmobiliarias en dificultades. Estabilizamos las operaciones y el flujo de caja, protegemos los activos del negocio y buscamos métodos para maximizar la recuperación financiera. Nuestro equipo multidisciplinario aplica una amplia experiencia en reestructuración e industria como Síndico para tomar el control de compañías que enfrentan problemas financieros, operativos y legales.

 

> Soluciones para situaciones de crisis
Ofrecemos soluciones integradas para empresas en dificultades o insolventes que maximizan la recuperación, mitigan riesgos y restauran el valor de la organización. Nuestros expertos son contratados para ayudar a las organizaciones en crisis a estabilizar sus operaciones, proteger los intereses de las partes involucradas y ejecutar estrategias de recuperación. Adoptamos un enfoque operativo que va más allá del balance general para minimizar un mayor deterioro y construir un camino hacia un crecimiento sostenible.

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