Retained by defendant Gamma Real Estate’s counsel, Kramer Levin, to render expert witness opinions on the conscionability of the interest rate charged and indicia of a loan-to-own scheme in U.S. Bankruptcy Court for the Southern District of New York.
Challenges
Client was involved in a high-stake litigation with a borrower who defaulted on an acquisition/predevelopment loan secured by 428-432 East 58th Street, NYC. The borrower originally intended to develop a 314,000-gross-buildable-square-foot, 80-unit, ultra-luxury condominium property. However, multiple capitalization strategies and deteriorating market conditions impeded the borrower from moving forward, leading to a maturity default and subsequent bankruptcy filing.
