Foreclosures & Receiverships

Miles & Stockbridge lawyers were appointed as substitute trustees in connection with a foreclosure proceeding on a $95 million loan secured by a Washington office building, following the departure of a co-working tenant that had occupied the entire first floor. The foreclosure was filed by an affiliate of a major alternative asset manager against the building's owner.

Represented a Boston-based real estate developer as substitute trustee in connection with the foreclosure auction of a prominent 12-story office building in Northwest Washington, D.C. The engagement evolved from a local-counsel role into lead-counsel representation, with expanded scope of work expected in connection with the property going forward.

Represented a major university in its $31 million acquisition of a distressed office building in Northwest Washington, D.C., structured as a loan sale followed immediately by a deed in lieu of foreclosure. The agreement was structured to allow the buyer to exit the transaction at no risk if a clear path to ownership did not emerge and to avoid bankruptcy and similar risks, ultimately resulting in successful acquisition of the property.

Represent purchasers of assets in bankruptcy, commercial real estate foreclosures, Article 9 foreclosures of personal property and the disposition of special assets, including all aspects of due diligence, contract negotiations, stalking horse procedures, auctions and closings, as well as related litigation.

Served as counsel to court-appointed receiver in various commercial, industrial and residential properties, including a multifamily project in the capital region currently undergoing significant physical and operational rehabilitation.

Represented a lender in a suit by its borrower challenging the validity of a foreclosure sale of property in North Carolina.  The Court dismissed the case under the Rooker-Feldman doctrine, which bars a federal court from considering issues previously raised and decided in state court.