Success Stories

Block 216: Stabilizing Signature Tower Through Creative Restructuring

$600M Landmark Restructures Without Bankruptcy

Block 216 is a major mixed-use development in downtown Portland that includes retail, hotel, office, and residential condo units. After the project defaulted on its loans and faced serious solvency and liquidity challenges, Lance Miller was appointed CRO and Pivot > was brought in to assess the finances and craft a stabilization strategy.

Situation:

  • Block 216, a large mixed-use property in downtown Portland with retail, hotel, office, and residential condo units.
  • The project defaulted on its loans, facing major solvency and liquidity challenges.
  • Lance Miller was appointed CRO, and Pivot > was engaged to assess finances and develop a stabilization strategy..

Action:

  • Implemented strict cash controls to prioritize critical operating expenses and preserve asset value.
  • Led negotiations with lenders, counsel, and key stakeholders to evaluate restructuring options.
  • Built financial models to assess solvency, cash flow, and restructuring scenarios.
  • Coordinated communications between operational teams and stakeholders to maintain transparency and alignment.

Results:

  • Negotiated a Deed-in-Lieu of Foreclosure, avoiding a costly foreclosure or bankruptcy.
  • Maintained operations during the transition to protect value, tenants, and revenue.
  • Delivered a structured, collaborative exit that minimized disruption and financial loss.
Pivot > Team:

Lance Miller
Managing Partner

Peter Elkin
Partner

Seth Wellisch
Managing Director

Stan Ho
Managing Director

Mike Schlesinger
Managing Director