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Hartford's Jim Tancredi in the Hartford Courant: "Northland's City Place II in Hartford is in Foreclosure"
Publisher: Hartford Courant
12/11/2009
Northland Investment Corp.'s City Place II building in downtown Hartford has sank into foreclosure three months after another Northland building in Hartford suffered the same fate. It remains unclear what this will mean for the company, which is the region's largest commercial landlord. The company, which has not paid it's mortgage since June 1, said foreclosure is a way to negotiate new loan terms. But first Northland will have to deal with a servicer for the investors.
Attorney James Tancredi, co-chairman of bankruptcy and distressed assets practice at Day Pitney in Hartford, said some servicers could require legal action - such as a foreclosure - before negotiations can begin.
"Most have real tough standards," Tancredi said. "They don't want to make it easy for them to default and get their loans modified."
Often borrowers have to come up with additional money, perhaps from another investor, to win new terms, Tancredi said.
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Related Practices: Bankruptcy and Creditors' Rights, Distressed Assets Team
Related Professionals: James J. Tancredi
email to your friend
Publisher: Hartford Courant
12/11/2009
Northland Investment Corp.'s City Place II building in downtown Hartford has sank into foreclosure three months after another Northland building in Hartford suffered the same fate. It remains unclear what this will mean for the company, which is the region's largest commercial landlord. The company, which has not paid it's mortgage since June 1, said foreclosure is a way to negotiate new loan terms. But first Northland will have to deal with a servicer for the investors.
Attorney James Tancredi, co-chairman of bankruptcy and distressed assets practice at Day Pitney in Hartford, said some servicers could require legal action - such as a foreclosure - before negotiations can begin.
"Most have real tough standards," Tancredi said. "They don't want to make it easy for them to default and get their loans modified."
Often borrowers have to come up with additional money, perhaps from another investor, to win new terms, Tancredi said.
View Article
Related Practices: Bankruptcy and Creditors' Rights, Distressed Assets Team
Related Professionals: James J. Tancredi
email to your friend