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Real Estate/Development

Jul. 28, 2011

Bingham partner guided State Street Bank in El Toro development restructuring

Edward "Doc" Merrill guided State Street Bank in negotiating a highly complex restructuring of hundreds of millions of dollars in debt owed by the developer of a massive master-planned community in Orange County.


When Lehman Brothers filed for bankruptcy in September 2008 amid the broader financial meltdown, a massive, $1.4 billion master-planned community at the former Marine Corps Air Station El Toro in Orange County was thrown into question.


But in December, a federal bankruptcy judge in the Lehman action approved Boston-based State Street Bank's acquisition of the mortgage note of more than $500 million for the "Heritage Fields at El Toro" development f...

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