Firm handles quick sale of distressed real estate in Chapter 11

December 23, 2011
Bradley L. Drell

Bradley L. Drell successfully represented St. James Episcopal Housing Development Corporation in the sale of substantially all of its assets.  The Chapter 11 case was filed less than thirty days before the sale occurred.

The client was a non-profit corporation who was plagued by a high interest rate on a HUD backed loan as well as regulatory requirements that were expensive to meet.  The corporation found itself without any residents nor cash to maintain the facility pending a normal sale.  The assets have been sold to a health care provider who will now turn the project into a for profit assisted living facility.

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