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Standing, from left: Richard Mongelli, Esq., Bruno Genova, Esq., Thomas S. Garlick, Esq., John Suwatson, Esq., Angelo J. Genova, Esq., Matthew Kertz, Esq., Avi D. Kelin, Esq., William F. Harrison, Esq., Gerard D. Pizzillo, Esq., Don W. Clarke, Esq.; Seated, from left: Jeffrey R. Rich, Esq., Emily K. Montagna, Esq., Charu Mehta, Esq., Eugene T. Paolino, Esq.; missing from photo: Dan Stolz, Esq.
OUR CLIENTS
In today’s economic climate, commercial real estate properties can face distress from various factors impacting financial viability. Economic downturns, market uncertainties, changes in consumer behavior, technological advancements or unforeseen events
like the global health crisis can all disrupt industries and render properties obsolete. Tightened credit markets add further strain, making it challenging for owners to meet mortgage obligations.
At Genova Burns LLC, our legal specialists are uniquely positioned to assist clients facing challenges with distressed assets. With deep expertise in commercial real estate, we provide strategic guidance for debt restructuring, negotiate with creditors and offer innovative financial solutions. Leveraging
our proficiency in property valuation and portfolio assessment, we offer insightful analyses to maximize asset value. Trust us as your strategic legal partner in navigating the complexities of distressed commercial real estate assets.
OUR ADVANTAGE
Why choose us for your distressed assets? Because our team doesn’t just offer legal expertise — we provide strategic vision and unparalleled dedication to your success. With a deep understanding of the complexities inherent in distressed assets, we navigate turbulent waters with finesse, turning challenges into opportunities.
Our attorneys bring a wealth of experience to the table, having tackled a diverse array of cases and transactions in finance and commercial real estate. From debt restructuring to negotiation with creditors, from property valuation to portfolio assessment, our team possesses the breadth and depth of knowledge necessary to guide you through every stage of your distressed asset journey.
494 Broad Street Newark, NJ 07102
YEAR FOUNDED: 1989
NUMBER OF REAL ESTATE ATTORNEYS: 14
AREAS OF EXPERTISE IN REAL ESTATE: Commercial and Residential Real Estate Leasing, Redevelopment, Financing, Condemnation, Condominium Law, Land Use and Approvals, Zoning Ordinance, Site Plans and Subdivisions, Variances and Distressed Commercial Real Estate
TRANSACTION SPOTLIGHT
Turning Adversity into Opportunity: Shedding Distressed Assets
Our client, once a shrewd property investor, had a portfolio of thriving real estate investments. Sadly, he succumbed to the ravages of Alzheimer’s disease, leaving behind a trail of financial mismanagement. He had kept detailed coded notes for many years. His deteriorating mental state went unnoticed by his family until it was too late. Partners took advantage of his vulnerability, properties fell into disrepair, loans defaulted and even in lucid moments he could not remember his encryption code. The once- thriving portfolio now teetered on the brink of collapse.
A Lifeline in Bankruptcy:
Recognizing the urgent need for intervention, we guided our client and his wife toward Chapter 11 bankruptcy. This pivotal decision not only provided a shield against creditors but also paved the way for a comprehensive restructuring of their financial affairs. With a guardian appointed for our client, we embarked
on a journey of rehabilitation and recovery. Drawing upon our expertise, we enlisted the aid of a seasoned real estate consultant to assess the portfolio’s value and chart a course toward stability.
From Despair to Triumph:
Through strategic asset sales and refinancing initiatives, we began to unravel the tangled web of financial distress. Each transaction brought us closer to the ultimate goal: emerging from bankruptcy with renewed financial health.
A Fresh Start:
As the dust settled, our clients emerged from bankruptcy essentially debt-free, with their remaining interests safeguarded in valuable properties. Bankruptcy, once viewed as a last resort, had transformed into a catalyst for a brighter future.
What began as a tale of adversity ended as a triumph of resilience and strategic planning.
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