Akin Gump Launches Distressed Real Estate Asset Services Practice
(New York, New York) – Akin Gump Strauss Hauer & Feld LLP announced today the launch of a distressed real estate asset services practice to help clients control the risks and take advantage of the opportunities presented by the unparalleled disruptions in the real estate markets and the rapidly evolving federal regulatory and legislative environment.
Led by Peter Miller in New York and Peter Gurfein and Hushmand Sohaili in Los Angeles, the multidisciplinary practice group helps private equity, opportunity and hedge funds; investment banks; developers; REITs; mortgage and mezzanine lenders; and servicers address issues related to the credit crunch, the subprime mortgage crisis, declining real estate values and the surge in foreclosures. The 15-member group advises on the acquisition and disposition of distressed real estate assets and debt; intercreditor, participation, and pooling and servicing agreements; the restructuring of debt secured by distressed real estate assets; “loan-to-own” opportunities; foreclosure against collateral; and the pursuit of remedies against guarantors.
Mr. Miller stated, “The current financial crisis is the greatest challenge ever facing the real estate industry. Having attorneys with expertise in multiple disciplines such as real estate, real estate finance, securitizations, litigation, financial restructuring and tax is essential to dealing successfully with the issues facing the real estate community. At Akin Gump, we have put together a world-class team to address issues in all of these interrelated areas.”
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 900 lawyers in the United States, Europe, Asia and the Middle East.
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