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Business Law
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Case Details
D.V.P. v. IberiaBank, Saint Johns, Florida. A real estate developer owned a medical/retail project for the development of eleven office and retail buildings. Financing was held by IberiaBank. When the developer did not get the market traction that was anticipated and the loan reserve began to erode, the bank eventually called a default. The developer entered into a 'friendly foreclosure' whereby the bank simultaneously took ownership and transferred the project on the same day to allow for the original developers to exit from the transaction and be released from their personal guarantees.
Additional Notes
The construction and development seamlessly moved forward in the eyes of the tenants, thus allowing for the project to be able to continue with no prejudice to any party. The key to structuring the transaction was that the bank agreed to a 'take out' price of 40 cents on the dollar.