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In 2025, SPE Specialists served as independent director, independent manager, or springing member on $1.2 billion in loan transactions across structured finance, private credit, and our first aviation deal. Sponsors continue to choose us for speed, cost-efficiency, and deep transactional expertise—and many first-time users are already repeat clients. More announcements coming soon.

Via Mizner’s return to Chapter 11 headlines — this time involving the Mandarin Oriental hotel and residences — highlights a recurring lesson in complex real estate projects. While the multifamily component exited bankruptcy earlier this year, unresolved structural vulnerabilities remained elsewhere in the platform. This case underscores how distress that is not properly isolated can resurface, even after a project appears “resolved.”

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A downtown Austin property scheduled for foreclosure paused the process with a last-minute Chapter 11 filing, offering a clear look into how leverage, timing, and entity structure interact in today’s commercial real estate market. The case shows that while single-asset LLCs can isolate risk, they cannot compensate for high leverage and weak structural safeguards in redevelopment-driven assets.

The Bon Morro, LLC, owner of The Bon in Boston’s Fenway, filed Chapter 11 on Nov. 2, 2025, after a dispute with its landlord over refinancing consent. Despite 95% occupancy, a $165M senior loan and leasehold restrictions created timing pressure. The case highlights how consent-dependent refinancing under ground leases can drive distress even in well-leased assets.

Hasen Construction LLC, led by Brandon Chasen, rose quickly in Baltimore’s adaptive-reuse market by converting aging offices into housing, including the $11 million One Calvert Plaza project. But rapid expansion built on high leverage and short-term debt unraveled as rates rose and liquidity dried up, leading to defaults and bankruptcy. Weak governance and minimal reserves exposed deeper structural flaws, showing that in real estate, vision without structure is risky.

The Holiday Inn Port of Miami-Downtown, purchased for $65M in 2015, is headed for a Chapter 11 bankruptcy auction this December with a $175M listing price. Its owners defaulted on a $70M floating-rate loan as rising interest costs strained finances. Despite valuable air rights and redevelopment potential, the project’s timing and structure proved vulnerable, underscoring that resilience, not entitlement, defines real estate success.

When Moshe Silber’s $1.3B real estate empire collapsed, it wasn’t just a story of overleverage and market timing. It was a failure of governance. From hidden debt stacks to strategic bankruptcies and phantom guarantees, the fallout exposed deep structural flaws. This post breaks down what went wrong and how true bankruptcy remoteness requires more than just boilerplate documents. It requires real fiduciary architecture.

Bankruptcy offers a financial reset for those overwhelmed by debt. The two main types, Chapter 7 and Chapter 11, serve different needs. Chapter 7 liquidates non-exempt assets to clear most debts quickly, while Chapter 11 allows businesses to reorganize and continue operating under court oversight. Knowing which fits your situation is key to regaining financial stability.

KRCM Astoria Portfolio Corp., owner of three multifamily buildings in Astoria, Queens, filed for Chapter 11 bankruptcy on October 8, 2025. The single-asset real estate case reflects tightening refinancing conditions and valuation pressures across New York’s outer-borough markets. At SPE Specialists, we track such filings to assess regional stress and advise on restructuring strategies as smaller operators navigate rising costs and limited credit access.

On October 14, 2025, Weatherstone, LLC, a single-asset real estate entity in Dallas, Georgia, filed for Chapter 11 bankruptcy. SPE Specialists monitors such filings to spot market distress and guide stakeholders on restructuring. Weatherstone’s challenges stem from high leverage, rising rates, and slowing sales. Under SARE rules, the case will move quickly, with upcoming filings revealing creditor exposure and recovery options.

At SPE Specialists, transparency defines our approach to the Independent Director role. When asked who’s signing, the answer is clear—Arun Singh, our CEO. He personally reviews structures, signs documents, and brings deep expertise in structured finance, capital markets, and real estate governance. No handoffs, no delays—just direct access, accountability, and confidence that your transaction is handled with clarity and integrity.

Independent directors safeguard bankruptcy remoteness across CMBS, ABS, project finance, CTL, and private credit. They protect cash flows, meet rating agency standards, and bolster lender confidence. SPE Specialists provides experienced directors who ensure structures remain compliant, credible, and resilient.

Are independent directors always worth the cost and complexity in a deal? On one hand, they are essential for securing investment-grade ratings, protecting lenders, and improving market liquidity. On the other, they aren’t infallible and can be undermined by information gaps or compromised objectivity. Before you structure your next deal, dive into our breakdown of the crucial benefits and potential pitfalls to ensure you're making the right call.

An Independent Director in CRE isn’t a strategist or advisor—it’s a safeguard. Their sole role is to protect lenders by maintaining bankruptcy remoteness and preventing unauthorized filings. Simply put: Independent Directors protect lenders; Board Directors protect equity.

In structured finance, ratings live or die on deal structure. One element agencies often require for investment-grade, especially on $20M+ deals, is an independent director. Here’s why that role curbs bankruptcy risk, strengthens SPEs, and lowers financing costs, and how SPE Specialists helps issuers meet the mark.

Independent directors are widely used to help maintain bankruptcy remoteness, but is their power to block a bankruptcy filing truly enforceable? U.S. bankruptcy law is built on the principle that any eligible entity should have access to the protection of the courts when facing financial distress.

101 Via Mizner Bankruptcy Ends in Fire Sale. Sold for $235M, well below the non-bankruptcy reported value and and Grant Cardone, which will be merging this asset with a $100MM bitcoin fund with a planned condo exit

When lenders require a bankruptcy-remote structure in a structured finance transaction, the inclusion of an independent director isn’t optional, it’s essential. But how exactly are these directors appointed? And what qualifies someone to take on this critical role?

In structured finance, the role of an independent director isn’t about daily oversight or executive leadership, it’s about control at critical moments. Their job and responsibilities center on protecting the bankruptcy-remote status of a Special Purpose Entity (“SPE”), especially when the stakes are highest.