DLA Piper secures summary judgment win for Devonshire in loan sale suits
DLA Piper won summary judgment on behalf of Devonshire Campus, LLC, one of multiple lenders involved in a multi-tranche loan secured by a mortgage on a Florida continuing care retirement community in two related cases.
Judge Sullivan found that the plaintiffs, S-Devonshire, LLC and S1-Devonshire, LLC had breached the servicing agreement governing the lenders by refusing to effectuate Devonshire’s loan sale, and that they had not effectively exercised their option to buy the loan. Sullivan ordered the plaintiffs to sell the loan as directed by Devonshire, and awarded Devonshire attorney’s fees and costs.
Thomas Califano, vice-chair of the restructuring practice, and litigation partner Michael Hynes led a team that included Joe Alonzo, Gabriella Zborovsky and Connie Tse.
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