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As you approach closing, a bankruptcy-remote SPE with an independent director can feel like a last-minute hurdle, but precise execution prevents costly delays. Borrowers and counsel should clarify material action requirements, engage a qualified provider early, align governance documents, streamline conflict checks, and execute service agreements efficiently. Early coordination ensures a smooth, on-time funding process.

Independent directors, registered agent services, loan compliance, and bankruptcy-remote structuring are not separate checklist items. They are interconnected safeguards within commercial real estate capital design. In this comprehensive post, we outline how governance, documentation management, and risk mitigation work together to support durable real estate transactions nationwide.

An independent director’s role extends far beyond the brink of insolvency. By monitoring material actions such as asset transfers, dissolutions, and changes to business purpose—independent directors protect the fundamental structure of an SPE. Learn how these safeguards prevent "structural drift" and keep the interests of the transaction balanced against the goals of the equity.

SPE Specialists is proud to support the Atlanta community as a Blue Diamond Sponsor for the Our House gala. While we specialize in the stability of commercial real estate entities and independent director services, we believe the strongest foundations are built through community support. Our House provides vital housing, healthcare, and education to families experiencing homelessness. Learn more about our commitment to corporate responsibility and the transformative work of O

Built in 1898 and located in downtown Atlanta’s Fairlie-Poplar District, the Grant Building was acquired in late 2022 for conversion into a 155–165 room serviced apartment and hotel concept. With limited in-place occupancy, layered financing, and the inherent complexity of historic redevelopment, the project faced mounting structural pressure as market conditions shifted. The subsequent Chapter 11 filing offers a clear case study in how capital structure and entity design inf

This update on the 340 Biscayne Boulevard Chapter 11 bankruptcy examines how capital structure, auction process, and entity design shaped outcomes for a Downtown Miami redevelopment site. A court ordered second auction, a higher credit bid, and the wind down of hotel operations highlight why resilient structuring, governance, and bankruptcy ready design matter in long duration commercial real estate projects.

When a sponsor faces financial distress, pressure can quickly shift to otherwise stable special purpose entities. This hypothetical scenario examines how an independent director’s fiduciary duty and governance authority are tested when a solvent SPE is asked to file for bankruptcy for reasons unrelated to its own financial condition. The case illustrates why judgment, structure, and experience matter at the exact moment bankruptcy-remote protections are meant to function.

The delivery of a multifamily asset does not guarantee financial stability. Neo on First’s Chapter 11 filing highlights how post-delivery liquidity strain, leverage, and governance gaps can converge, turning a completed project into a distressed one. The case underscores a growing reality: structural resilience matters as much as physical completion.

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.