It was a struggle to get 30 investors on board, but a partner who owned 6 percent of an Aventura office tower used a rarely used clause to avoid foreclosure by selling not just its share, but the entire property, out of bankruptcy.
“If these people were to fight among themselves, the secured lender would have taken the property, and they would have lost everything,” said attorney Thomas M. Messana, who represented NNN Aventura Harbour Centre LLC, the partner that forced the sale.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]