Residential Real Estate
Residential real estate was one of the first sectors to be acutely impacted by the recent economic downturn. As the economy and capital and banking markets contracted, homebuilders and residential developers struggled with sharply declining demand and plummeting values of residential assets. As a result, builders were forced to write down land positions, realize eroding equity levels and caused them to breach bank covenants.
Having advised more than a dozen homebuilders and residential real estate developers, Odyssey is very active in the residential real estate space. Odyssey's homebuilding clients range from local operators to large regional players with operations located across the U.S.
In 2009, Odyssey advised a top 20 builder in one of the only successful Chapter 11 restructurings of a large homebuilder during the recent downturn.
Odyssey's approach is different from most of its competitors because the firm works exclusively on behalf of debtors thus avoiding any conflicts with financial institutions. This allows Odyssey's professionals to freely and aggressively represent clients in negotiations with lenders.