Olshan Frome Wolosky Advises on $185 Million Loan Modification

Olshan Frome Wolosky LLP has successfully advised on the modification of a $185 million loan secured against a 110,000 square foot luxury retail center, considered a major tourist destination in the US. The retail center hosts flagship stores for renowned luxury brands like Chanel, Gucci, and Moncler. This loan modification was necessitated by the challenges posed by a dip in tourism due to the COVID-19 pandemic. Key changes in the loan terms include the pledging of ownership interests in the property owner as collateral and a requirement for the borrower to achieve increasing thresholds of leased space to approved tenants over the next three years. The legal work was led by Olshan’s Real Estate partner Eric Goldberg, with associate Yael Mandel and Of Counsel Warren Gleicher providing tax advice.