Background: Ajax was engaged by the owner of a 21-property office portfolio to restructure over $170 million in cross collateralized, securitized debt In addition to financial issues, the company had management/family disputes and multiple investor complaints. 

Restructuring: Ajax was able to underwrite all the assets thoroughly and efficiently Ajax worked with the management team to restructure the company and operations. Certain family members left the company taking some non-portfolio assets Working with the master servicer and special servicer, Ajax was able to negotiate a pre-negotiation letter, and forbearance agreement.

 

Outcome: Ajax negotiated new loan terms with the controlling class. The borrower invested additional capital into the portfolio but was able to receive long-term, favorable terms which gave them time to manage several troubled assets. The borrower was subsequently able to maintain the portfolio and realize value with recovery.