Illustrative Assignments

• Lender required support managing a $30.5 million loan secured by 4 hotel properties.

• The Lender needed assistance negotiating a very complicated workout that included receiverships in 2 states, a large government contract, liquor licenses, gaming licenses and a borrower with complex tax needs.

• CusickFinancial was responsible for managing almost every aspect of the workout process including foreclosing on one hotel, negotiating friendly foreclosures on the remaining 3 hotels, operating all four properties as either an owner or through the appointed receiver, working with contractors to make capital repairs, selling one hotel on a negotiated basis and listing the three remaining hotels with a major brokerage company.

• Assignment lasted nine months and the remaining three properties were handed back to the client after they were stabilized and listed with the brokerage company.  The client sold the remaining properties during the following year and received a full recovery of principal and interest.

Hotel Workout

Multi-Asset Workouts Assignment

• Special Servicer needed assistance managing three non-performing loans secured by a shopping center and two office buildings.

• The first loan was a retail shopping center that was located in Las Vegas, NV.  The loan was involved in a complicated bankruptcy proceeding that involved a dispute regarding the borrower’s ownership.   CusickFinancial  worked with the trustee to resolve the dispute through a sale of the collateral to one of the partners.  The sale resulted in a full payoff of the loan.

• The second borrower requested a waiver of the prepayment  penalty.  After assessing the loan and collateral, meeting with the borrower and discussing the situation with the client, the request was denied and the performing loan was returned to the master servicer after the borrower withdrew its request.

• The last borrower stopped making monthly payments and requested a discounted payoff of its loan.  After retaining counsel, reviewing the collateral and informing the borrower that the client expected a full payoff, the borrower disclosed that it was in the process of selling the collateral.  Once the sale was disclosed,  CusickFinancial worked with the borrower to sell the property and facilitated an assumption of loan by the new purchaser.  The sale closed and the assumed loan was returned to the master servicer.

Single Family Land Development Project

• The assignment consisted of managing the development and sale of residential lots for three housing developments located in northern Virginia and Maryland.  All of the projects were in the final stages of development but the financial institution failed to perform the required improvements to seek the release of bonds and cash that had been placed with the county as security.  One property was fully sold out and the other two possessed under 100 salable lots.

• After the assignment was awarded, meetings were immediately held with the homeowner associations to quickly identify areas of deferred maintenance that needed to be repaired.  Most of the sensitive areas of deferred maintenance consisted of road repairs and landscaping.

• After meeting with the HOAs, punch lists were requested from each county to ascertain the actual work that needed to be completed to release the bonds and cash collateral.  In Fairfax County, I arranged a meeting to calm a very concerned official that wanted to call the bond and complete the improvements.

• Project engineers were already in place and possessed a good understanding of the remaining work.  Geotechnical engineers were retained to repair a failing storm water management pond.

• A local developer was retained to handle the remaining work and budgets were created to fund the remaining improvements.  Counsel prepared all of the appropriate AIA agreements.

• In less than one year, all of the remaining improvements were made, the bonds were released and the lots were sold.