L-R: Luis Salazar of Salazar Law, Joseph Pack of Pack Law and Aleida Martinez-Molina of Weiss Serota Helfman Cole & Bierman. Courtesy photos
Single-asset real estate filings fast-track bankruptcy reorganizations giving distressed borrowers 90 days to come up with a loan restructuring plan that the lender may not like.
July 17, 2020 at 10:02 AM
1 minute read
South Florida real estate reporter
A wrinkle in real estate bankruptcy law leaves an opening for property owners in tough times, which may feed an expected spike in bankruptcy filings.
Single-asset real estate bankruptcies, or SAREs, are streamlined reorganizations for debt taken out by borrowers on just one property, giving them a three-month window to propose a restructuring plan. That’s a much shorter time span than a typical Chapter 11 that also is subject to extensions.
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