Mezzanine Finance

Our extensive experience in the origination, sale and purchase of mezzanine loan financings, in many cases with numerous tranches of mezzanine loans and complicated intercreditor arrangements amongthe mortgage lender and various mezzanine lenders, means that we are uniquely qualified to analyze and evaluate the rights and remedies, and related risks, facing mezzanine lenders. Cadwalader has been at the forefront of revising and redefining these intercreditor arrangements as various new transactions have come to market. Our attorneys regularly represent investment funds and financial institutions in the workout and enforcement of troubled mezzanine loans.

  • An investment fund in the workout and restructuring (and sale in certain instances) of numerous mezzanine loans and B participation interests of various levels of seniority with respect to single- and multiple-property transactions in securitized and non-securitized formats.
  • The first mezzanine lender in connection with the workout of an approximately $800 million loan to a Harry Macklowe entity relating to the Macklowe EOP acquisition.
  • A major financial institution in the complex workout of the mezzanine debt on a Florida hotel.
  • A major financial institution in an extended workout of the mezzanine debt on a hotel project in Chicago, including the transfer of the business licenses held by the fee owner, forming the entity to hold the hotel property on behalf of the securitization trust, and coordinate with a Chicago-based firm regarding litigation of the title-insurance policy as well as the negotiation of the owner's title insurance policy for after the transfer of the fee interest.
  • A major investment bank in a $110 million restructuring of a senior/subordinate structure mezzanine loan with respect to eight Ian Schrager hotels.
  • A mezzanine lender in the restructuring and refinancing of a mezzanine loan in conjunction with the purchase of the mortgage loan from a securitization and refinancing thereof and refinancing of multiple other layers of mezzanine debt, all with respect to a large condominium conversion loan.
  • The mortgage and mezzanine borrowers in connection with a mortgage and mezzanine financing to facilitate the acquisition of more than 30 acres of land and six hotels and casinos in downtown Las Vegas, and in connection with the subsequent alleged default and attempted foreclosure of the mezzanine loan and negotiated settlement involving the purchase of the mezzanine loan.
  • A wholly-owned subsidiary of a British developer as mezzanine lender, in connection with the bankruptcy of the mezzanine borrower and mezzanine lender's foreclosure of a mezzanine loan secured by a pledge of the equity interest in a limited liability company that owned an office building in downtown Chicago.
  • A wholly-owned subsidiary of a British developer as mezzanine lender, in connection with a mezzanine loan on the Tides Hotel in Miami, Florida, which subsequently went into default and was ultimately purchased by the owner of the property.
  • The Japanese branch of a major U.S. financial institution in the proposed foreclosure of shares of certain U.S. subsidiaries of a group of affiliated Japanese companies securing a ¥119.5 billion loan to the Japanese companies.

14 Attorneys

Altschuler, Fredric L. Senior Counsel New York
T. +1 212 504 6525
Anglin, Michael S. Special Counsel New York
T. +1 212 504 5657
Brandfon, Nicholas E. Special Counsel New York
T. +1 212 504 6039
Chamberlain, Holly Marcille Partner Charlotte
T. +1 704 348 5121
Cross, Jeremy Partner London
T. +44 (0) 20 7170 8530
Dickson, Christopher J. Special Counsel Charlotte
T. +1 704 348 5159
Herman, Steven M. Partner New York
T. +1 212 504 6054
Hinkle, Melissa C. Partner New York
T. +1 212 504 6972
Lawrence, Alan W. Partner New York
T. +1 212 504 6332
McInerney, William P. Partner New York
T. +1 212 504 6118
McManus, Matthew S. Associate New York
T. +1 212 504 5770
Neuman, Bonnie A. Partner New York
T. +1 212 504 5625
Tsourounis II, Emanuel Associate New York
T. +1 212 504 6148
Wong, Jessica Special Counsel New York
T. +1 212 504 6929


William P. McInerney
+1 212 504 6118


SFIG Vegas 2019 | February 24-27

Our speakers include Sophie Cuthbertson, Stuart Goldstein, Lary Stromfeld and Nick Shiren.

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