Represented the special servicer in negotiating and documenting a loan workout involving an approximately $53 million defaulted loan. The workout involved the modification of maturity extension terms, a mandatory principal repayment, restrictions on the use of excess cash flow, trapping of excess funds as security for the repayment of the loan, and a “deed in lieu” in escrow with lender's counsel, the enforcement of which is backed by recourse carve-outs to the limited recourse guarantor. We also negotiated a modification of an intercreditor agreement with an existing mezzanine lender. The loan is secured by an un-fractured condominium on a ground lease parcel located in the Northeast.