- within Wealth Management, International Law and Insolvency/Bankruptcy/Re-Structuring topic(s)
Pryor Cashman represented Cirrus Real Estate Partners in a 10-month transaction that combined distressed debt-restructuring, complex joint ventures, loan origination, unique cross collateralization and collateral security structures, bankruptcy and creditors rights issues and negotiation of development and management agreements. Pryor Cashman's use of its expertise in these varied disciplines culminated in Cirrus gaining control of the remaining high-profile development sites of the Pacific Park project encompassing more than two City blocks adjacent to the Barclays Center in Brooklyn, New York, and stabilizing distressed assets in Los Angeles.
The transaction required extensive diligence and sophisticated structuring involving Pryor Cashman's real estate, financing, joint venture, tax and litigation departments. The firm's diverse team delivered a unique business solution for multiple counterparties with divergent needs involved in this transaction. This deal is regarded as one of the most important transactions in New York City and among the most complex real estate transactions in the firm's history.
The Pryor Cashman team was led by Partners Todd Soloway, Danielle Schechner, and Daniel Devine, with key contributions from Associate Benjamin Gleitman. Additional support was provided by Partners Michael Dunworth, Michael H. Levison, Todd Marcus, Kyle I. Miller, Joseph A. Shifer, and Taylor Weinstein, as well as Associates Michael Kumar, James Dileo, Wren Keating, and Jacob Orgel.
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