Zachary J. Bancroft

Represented a special servicer in connection with the foreclosure of a securitized loan with an amount in controversy of $78 million secured by a retail center in Florida, prevailing in a bench trial and appeal.

Completed the resolution of a suburban office loan for a special servicer with amounts due in excess of $38 million through receiver sales under Florida’s version of the Uniform Commercial Real Estate Receivership Act.

Represented a special servicer in connection with the foreclosure of a regional mall secured by a loan in excess of $54 million, including the appointment of a receiver.

Represented a special servicer in the successful completion of the foreclosure of a $135 million loan secured by an office park.

Successfully defended a CMBS lender in a matter where the borrower sued to recover a late fee paid on the balloon payment due at maturity. The court granted summary judgment in favor of the lender and dismissed the case.

Represented a special servicer in connection with the assumption of a $13 million loan secured by a nationally flagged hotel located in Orlando, Florida.

Represented a special servicer in the successful completion of the foreclosure of three assisted living facilities with a total debt of over $75 million.

Obtained full payoffs for special servicers on a $9 million loan secured by a retail center in the Tampa Bay area, a $4 million loan secured by a retail center in the Jacksonville area, and a $6 million loan secured by a restaurant property in Miami Beach, Florida. 

Represented a special servicer in connection with multiple workouts and the subsequent foreclosure of an $11 million loan secured by a medical office complex in Orlando, Florida.

Negotiated a consensual Chapter 11 plan on behalf of a special servicer, resulting in the recovery of all attorneys' fees incurred in connection with a loan default both pre-and post-bankruptcy. 

Completed the foreclosure of a mixed-use property on behalf of a CMBS lender involving a loan in excess of $12 million, including the appointment of a receiver and a confidential settlement with a guarantor.

Completed the modification and extension of a $68 million loan secured by a new multifamily apartment complex for a national bank. The deal structure involved modifications to the existing loan documents and a separate agreement with an equity investor in the project, providing credit enhancements to the bank.

Represented the bank lead lender in the foreclosure of a $57 million participation loan on a condo-hotel located in Orlando, Florida. The foreclosure was the result of a settlement involving the inclusion of additional adjacent property, which allowed the lenders to quickly re-sell the property after foreclosure. The negotiations also involved the hotel maintaining its flag.

Represented the lead bank in the successful completion of the foreclosure of a large mixed-use development in Orlando Florida, with total debt of over $100 million.

Assisted two banks in recovering on a defaulted $21 million loan secured by a Florida assisted living facility. Successfully petitioned for the appointment of a receiver and obtained a full payoff of all principal, interest, and legal fees.

Successfully represented a national bank in the foreclosure of a student housing apartment complex in Tallahassee, Florida. The representation involved obtaining a rents sequestration order, appointment of a receiver, and a favorable ruling as to the contest maturity date of the loan. The foreclosure was complicated by the fact that there were over 30 borrowers structured as a "TIC Loan."

Represented a life insurance company lender in connection with the workout of a $20 million agricultural loan, including multiple forbearance agreements, a Chapter 11 bankruptcy, two foreclosure filings, and a settlement agreement which resulted in a full payoff to the lender.

Completed the foreclosure of a retail center secured by a $4 million loan held by a life insurance company lender.

Successfully represented a private lender in a Chapter 11 bankruptcy case with respect to a § 363 sale of its collateral.

Obtained complete relief from the stay for a private lender to complete foreclosure of a $24 million loan of secured by a medical office complex located in San Jose, California.

Obtained summary judgment of more than $3.5 million for a commercial property owner against a tenant and its guarantor for the breach of a lease, and successfully defended against a counterclaim alleging structural defects, which the court dismissed.