Our attorneys handle real estate foreclosure, litigation, workouts, insolvency matters, distressed investing and sales and related tax issues arising from troubled properties, including office space, industrial, multifamily, retail, hospitality and resort properties and undeveloped land. Our clients include distressed investors, lenders, borrowers, developers, project managers, mechanics’ lien holders, owners, sellers, operators, purchasers, commercial banks, investment banks, REITs, REMICs, hedge funds, private equity funds, special purpose entities, developers and construction companies.

We develop innovative solutions to the most complicated issues facing distressed real estate. Our attorneys are drawn from across our offices and practices, including real estate, litigation, restructuring and insolvency, corporate, environmental law and tax.

Lending and Foreclosures

Our attorneys have significant experience in representing both lenders and borrowers on defaulted mortgage loans, in mortgage foreclosure proceedings, deeds in lieu of foreclosure or exercising a power of sale in connection with term and construction loans.

We also represent investors in strategic acquisitions of distressed mortgage debt, involving the negotiation of loan restructurings with the borrower, either before or after the acquisition of the debt and financing the purchase of the debt through secured loans.

Loan Workouts and Restructuring

Ice Miller’s attorneys handle complex out-of-court workouts and financial restructurings, including the restructuring of large revolving asset-based loans, real estate term loans and defaulted bond issuances.

We have significant experience representing lenders and owners in loan workouts involving retail properties from malls to single-store locations, office space, condominium and cooperative properties and hotel properties, among many others. These representations include pre-litigation strategy and file review, preparation and negotiation of default notices, forbearance agreements, workout agreements and standstill agreements. In addition, we have prepared and negotiated deeds-in-lieu of foreclosure and other consensual foreclosure agreements.

Bankruptcy

Our attorneys represent clients in bankruptcy or other insolvency proceedings, including debtors, creditors, trustees in chapter 11 cases, creditors’ committees and their chairpersons, DIP lenders, bank groups, franchisors, secured and unsecured creditors, indenture trustees and chapter 11 trustees.

Our bankruptcy lawyers are experienced distressed real estate litigators and strategic thinkers—having successfully represented distressed debt buyers in contested competing plans, cramdown plan confirmation hearings, stay relief motions and related matters in order to maximize the investors’ return or obtain ultimate title to the asset.

Distressed Investing, Sales and “DIG”

Distressed real estate projects present challenges, including sellers’ inability or will to provide customary due diligence documents, representations and warranties and post-closing indemnities. Our attorneys are experienced in counseling both purchasers and sellers in such situations and dealing with complex ownership structures and third-party liens and claims. We offer creative and unique solutions to protect owners from or settle mechanics’ liens and other third-party claims to allow the transactions to proceed. We also represent clients in the purchase of properties that have gone through or are in foreclosure or a bankruptcy proceeding.

With such a wealth of experience in distressed investing, Ice Miller launched its Distressed Investment Group (“DIG”) to identify and facilitate distressed investment opportunities and assist clients through creative and strategic acquisitions and investments in bankruptcies, in-court restructurings, out-of-court restructurings, and other insolvency-related transactions.

Litigation

Ice Miller’s litigators have substantial experience in all types of creditors’ rights, Uniform Commercial Code (UCC), construction, real estate and other commercial litigation, including landlord-tenant matters, seizures of collateral, attachments, injunctions, mechanics’ liens, garnishments and levies. Our litigators work seamlessly with our insolvency practitioners and real estate lawyers on all facets of any litigation. In addition, we regularly handle and defend major institutions, borrowers and other parties in loan-related litigation, lien priority disputes and enforcement of judgments, along with litigation involving piercing the corporate veil, fraudulent conveyance, receivership and other similar claims and litigation.