Olshan Advises on $185 Million Loan Modification for Luxury Retail Center

Olshan advised on the successful modification of a $185 million loan secured by a 110,000 square foot luxury retail center in a major U.S. tourist destination. The property features flagship locations for several leading luxury brands, including Chanel, Gucci, and Moncler. The modification addressed challenges that arose following a period of decreased tourism during the COVID-19 pandemic. As part of the revised loan terms, ownership interests in the property owner were pledged as collateral, and the borrower is required to meet increasing thresholds of leased space to approved tenants over the next three years. The Olshan team was led by Real Estate partner Eric Goldberg, associate Yael Mandel and Of Counsel Warren Gleicher, who provided tax guidance.