Gardere Closes Recapitalization of Philadelphia Ritz-Carlton Residences for The Gencom Group


Congratulations to The Gencom Group and Gardere's Hospitality Industry Team for completing the recapitalization of The Ritz-Carlton Residences project in Philadelphia. This branded high-rise condominium project in center city Philadelphia was completed earlier this year, but most of the condominium units remain unsold.

The Gardere team was comprised of hospitality industry team attorneys with real estate, tax, corporate, and bankruptcy and reorganization experience who worked for almost a year on this project. The closing involved the simultaneous (1) equity infusion by our client The Gencom Group and its new Argentine capital partner, (2) restructure and extension of approximately $250,000,000 of senior debt with a group of foreign banks and pension funds, (3) purchase at a significant discount of approximately $70,000,000 of mezzanine debt from a Caribbean insurance company currently in liquidation, (4) restructure of the equity interest in the deal owned by the Lehman Brothers bankruptcy estate, and (5) purchase of certain minority interests in the project.

The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.

Search Tips:

You may use the wildcard symbol (*) as a root expander.  A search for "anti*" will find not only "anti", but also "anti-trust", "antique", etc.

Entering two terms together in a search field will behave as though an "OR" is being used.  For example, entering "Antique Motorcars" as a Client Name search will find results with either word in the Client Name.


AND and OR may be used in a search.  Note: they must be capitalized, e.g., "Project AND Finance." 

The + and - sign operators may be used.  The + sign indicates that the term immediately following is required, while the - sign indicates to omit results that contain that term. E.g., "+real -estate" says results must have "real" but not "estate".

To perform an exact phrase search, surround your search phrase with quotation marks.  For example, "Project Finance".

Searches are not case sensitive.

back to top