SSA’s Expertise in Asset Management Crucial to one of the Largest Restructurings of 2012 

Westport, CT (January 8, 2013) – Steven Jason, Managing Director of Summer Street Advisors, recently completed strategic advisory duties working with the Special Servicer in the restructuring of the defaulted $475 Million “Alliance PJ” Portfolio Mortgage Backed Securities (CMBS) loan.

“Our multi-disciplinary background and capabilities in real estate debt and equity enabled us to provide critical guidance to this many layered transaction,” said Jack Mullen, Founder and Managing Director of SSA. “From analytics and valuation, to complicated debt, legal and asset level issues, we deployed a wide range of transactional tools in order to create a strategy appropriate for resolving this complex and multi-faceted deal.”

Understanding the intricacies of the transaction combined with the ability to work with the numerous constituencies was imperative to designing a roadmap to resolution. There were multiple levels to the restructuring, including formulating a unique auction process in the bankruptcy for debt and equity and recapitalizing the properties to facilitate their rehabilitation, all within the framework of maximizing mortgage debt recovery.

“Restructuring 32“Class B/C” properties across five states which were in need of a turnaround plan at the asset level, coupled with a borrower who had both defaulted and filed for bankruptcy, presented a multitude of complexities,” stated Steven Jason, Managing Director at Summer Street Advisors. “Our goal was to maximize proceeds for bondholders through the restructuring of the debt while compelling capital to be dedicated for the properties’ turnaround and thereby increase the probability of debt recovery within a reasonable timeframe.”

The loan has been returned to the CMBS Trust as a performing loan.

For additional information, please contact Jack Mullen at 203-293-4844.