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ARTICLE · 03 NOVEMBER 2013

Single Asset Real Estate Case: How Single Is Single?

Pepper Hamilton LLP
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The debtor owned units in two apartment buildings. Shortly after it filed bankruptcy, its mortgage lender sought a determination that it was a "single asset real estate" debtor under Section 101(51B) of the Bankruptcy Code...

United StatesInsolvency/Bankruptcy/Re-Structuring
Vicki Harding
Vicki Harding

In re Yishlam, Inc., 495 B.R. 328 (Bankr. S.D. Tex. 2013) –

The debtor owned units in two apartment buildings.  Shortly after it filed bankruptcy, its mortgage lender sought a determination that it was a "single asset real estate" debtor under Section 101(51B) of the Bankruptcy Code – which would trigger special provisions regarding relief from the automatic stay under Section 362(d)(3).

The debtor was formed for the purpose of purchasing, improving, and developing real estate in defined geographic areas.  The debtor started with 57 units in two separate apartment buildings, which it improved and then offered for sale as condominium units.  The two properties were not adjacent, but were within 500 feet of each other.

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