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Unwinding a Commercial Real Estate Transaction Gone Bad, Part 1

Total Credits: 1 including 1 CLE

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Real Estate
Anthony Licata
Original Program Date:
May 16, 2024
Never expires.


When a real estate project goes bad for whatever reason – sales are slow or at prices below projections, leasing is slow, or there are extensive cost-overruns or regulatory delays – developers, investors, lenders, and others are left scrambling to restructure the project and salvage any value or at least limit losses. This often involves restructuring or possibly refinancing a loan.  It may also involve additional equity.  Another option is selling the project, if possible.  These processes can be complicated by the nature of the investors and lenders involved.  This program will provide you with a practical guide to restructuring troubled real estate projects. 


•    Practical strategies for unwinding real estate deals outside of bankruptcy or litigation
•    Negotiating, structuring and drafting the restructuring of failed real estate projects
•    Underlying economics and tradeoffs of real estate restructuring
•    Types of sellers and their impact on restructuring – individual owner, institutional, joint venture, private equity
•    Complications and limitations involving syndicated loans, CMBS loans, and REMICs
•    Navigating seller issues – personal guaranties, ongoing management fees, upside participation, reputation



Anthony Licata Related Seminars and Products

Taft Stettinius & Hollister LLP

Anthony Licata is a partner in the Chicago office of Taft Stettinius & Hollister LLP, where he formerly chaired the firm’s real estate practice.  He has an extensive practice focusing on major commercial real estate transactions, including finance, development, leasing, and land use.  He formerly served as an adjunct professor at the Kellogg Graduate School of Management at Northwestern University and at the Illinois Institute of Technology.