Representative Real Estate Litigation Matters:
- Retained by counsel to the Defendant to render expert opinions regarding both the financability and feasibility of a proposed 75,000 Sq Ft medical office building located in Glendale, California. Opinions were also provided regarding procedural issues concerning the lender’s loan approval process. Litigation support responsibilities included the coordination of the activities of the appraisal and other financial experts pertaining to the determination of value and the calculation of potential damages, preparation of trial exhibits, etc.
- Retained by counsel to Plaintiff, a Japanese real estate investment and development company, to quantify damages caused by a former corporate officer who had made loans to himself from corporate credit lines at below-market interest rates. Testimony was also rendered comparing the due diligence and underwriting procedures performed when the loans were made; compared to standards in the commercial lending industry.
- Retained by Defendant’s counsel in a partnership dispute to testify regarding the fairness of interest rates charged by an investor group, which included the Defendant.
- Retained by counsel to Defendant, a trade union pension fund, regarding assertions made by a developer that specific commitments had been made by the pension fund to provide both debt and equity financing the development of an outlet mall on a former hazardous waste site.
- Retained by counsel to partners of an international developer of “telecom hotels? Allegations were made by another partner who accused the defendant of conflicts of interest between the defendant partners and private investors. Focus was on the comparison between loan terms arranged for development with those available in the commercial lending markets.
- Retained by Plaintiff to testify regarding the standards of care taken by a mortgage broker in a dispute with a former client.
- Retained by Defendant’s counsel to render expert opinions regarding the feasibility and financability of a proposed $110 Million office project. The issues included the market acceptability of a proposed bond lease, as well as the terms that were available for financing the equity and both the construction and permanent debt at the time that the building was to be built.
- Retained by counsel to a co-owner and anchor tenant of a 300,000 Sq Ft office building, to render expert opinions at an arbitration proceeding. The issues related to the determination of the ownership’s imputed equity and its ability to finance renovation costs via securing secondary financing. The analysis considered these issues in the context of the current markets for commercial real estate finance.
- Retained by Plaintiff’s counsel to render expert opinions at arbitration proceeding. The issues regarded the amount of equity dilution that one general partner should assume by virtue of his non-performance on his obligations to fund additional equity for the development of a 110 unit apartment building in Southern California.
- Retained by Plaintiff which brought suit against a municipality for failure to use good faith in resolving property boundaries on a ground lease property located on a city pier.
- Retained by counsel for the Defendant, a major title company, to render expert opinions re¬garding the project feasibility and the availability and pricing of construction financing for a proposed condominium project located in Malibu, California.
- Retained Plaintiff’s counsel to determine the damages created by the loss of financing opportunities due to a general contractor’s two-year delay in the completion of an anchored retail property, located in Southern California.
- Retained by Plaintiff’s counsel to render expert opinions regarding the documentation that life insurance companies would typically require from a borrower, as a condition precedent to entering negotiations regarding the restructure of a loan in default.
- Retained by an attorney’s insurance carrier (Defendant) in a malpractice case. The assignment was to render expert opinions regarding the damages arising from the loss of a major Southern California multiplex cinema property through foreclosure when financing, which was allegedly arranged by the attorney, did not close.
- Retained by counsel to a union pension fund which advanced real estate development money to help create jobs for its members. An analysis and report was needed to help persuade the U.S. Department of Labor from filing an administrative action against the pension fund for purported improper lending for improper lending practices.
Representative Bankruptcy Matters:
- Represented Creditor, a major offshore bank, as the interest rate expert on the bankruptcy of a 390,000 Sq Ft office building situated on an unsubordinated participating ground lease in Irvine, California.
- Represented Debtor, a partnership owning a 500+ unit apartment property, as interest rate expert. Testimony was provided by report, declaration and in court testimony. The judge adopted approximately 90% of GSP’s conclusions.
- Retained by Creditor, a major credit company, to provide interest rate analysis and expert opinions pertaining to the bankruptcy of a mixed-use apartment and office property located in Pasadena, California.
- Retained by Debtor’s counsel to perform a lender survey and to render expert opinions by declaration, deposition and bankruptcy court testimony regarding the market rate of interest for a first mortgage on a 210-unit apartment property located in Long Beach, California.
- Retained by Creditor’s counsel to opine on the Debtor’s plan of reorganization for a 75,000 Sq Ft Mid-Wilshire Boulevard office building. Testimony was given by written declaration and testimony in U.S. Bankruptcy Court resulting in an order for a relief from automatic stay thereby allowing the Creditor’s foreclosure to proceed.
- Retained by Debtor’s counsel to render expert opinions by declaration and deposition as to the market rate of interest for a restructured first mortgage on 114,000 Sq Ft anchored shopping center located in Thousand Oaks, California.
- Retained by Debtor to render expert opinions and prepare a declaration regarding the fair rate of interest that a lender should charge for a first mortgage on a fully leased industrial property located in Brea, California.
Real Estate Advisory:
- Retained by a $2 Billion Taft Hartley pension fund as its mortgage advisor on real estate development loans that they provide to developers. The responsibilities have included making recommendations regarding future financing and the restructuring of over $80 Million in outstanding underperforming development financings as well as evaluating and advising on the sale of assets taken back in foreclosure on loans made before GSP’s involvement with the Fund. Additional responsibility includes the development of comprehensive underwriting and lending guidelines to guide the Fund’s future lending activities.