Kris E. Curran

Kris has represented clients in construction and permanent loan financing transactions; the acquisition and sale of a wide variety of commercial real estate, office leasing, and single-family development; and negotiation of workouts for all types of real property.

Recent examples of his real estate workout experience include representing:

• A major investment bank in connection with realization of its collateral for a $22.5 million mezzanine financing for the construction of multi-use development in the Streeterville area of Chicago. This representation involved the negotiation of settlement agreements with the developer and the holder of the $49 million first mortgage on the property, along with completion of settlements with multiple mechanics lien claimants. As a result of these settlements, the client took title to the property by deed-in-lieu of foreclosure and is in the process of re-starting construction of phase one of the project, which had been stalled by approximately 18 months of litigation prior to settlement.
• A major insurance company in the settlement of the foreclosure of a $30 million mortgage loan on a combination office/hotel complex. The settlement resulted in our client obtaining title to the property through the mechanism of a consent foreclosure judgment, which ended protracted and vigorously contested litigation.
• A Canadian insurance company in foreclosing on and/or taking title to a number of problem loans ranging from $1 million to $7 million. The loans were secured by various retail, office, and apartment projects in the Chicago Metropolitan area.
• A major developer in connection with the settlement, by deed-in-lieu of foreclosure, of a defaulted construction mortgage loan on a multi-use downtown Chicago property valued in excess of $140 million which was held by a consortium of U.S. and foreign banks. The transaction resulted in the client and its partners being released from all guaranty obligations related to the loan.
• A major fund manager in the workout and restructuring of defaulted tax-exempt bond indebtedness related to failed real estate developments in numerous jurisdictions, particularly Colorado and Florida. His representation has included negotiating new bond issues to refund defaulted bonds, representing the client in “forcing out” developers of those projects, and locating and installing new development entities in their place.