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YVSM Confirms Chapter 11 Plan for Harborview Towers

YVSM successfully confirmed the Chapter 11 plan of reorganization for the Council of Unit Owners of the 100 Harborview Drive Condominium (“Harborview”) on April 10, 2018, after a four-day contested hearing before the Honorable Michelle M. Harner, U.S. Bankruptcy Judge for the District of Maryland. Both Harborview and its senior secured lender, Howard Bank, proposed plans of reorganization. The Court ultimately confirmed Harborview’s plan.

Harborview operates the thirty-story high-rise condominium building known as The HarborView Towers in Baltimore’s Inner Harbor. The HarborView Towers boasts the best views of the water and city skyline from every floor, every unit and every angle. With luxurious amenities, newly-renovated spaces and all of the benefits of urban living, The HarborView Towers offers waterfront living at its finest.

The confirmed plan, among other things, provides a means for Harborview to continue its operations, maintain
its reserve accounts at a sufficient level to provide for essential repairs, make capital improvements to the
building, resolve costly litigation, and provide a meaningful distribution to its creditors.

A key component of the plan was the settlement reached between Harborview and Penthouse 4C, LLC
(“PH4C”) that resolved all existing litigation between the parties and allowed Harborview to take ownership of PH4C’s unit. Additionally, the plan terms out Harborview’s secured lender’s loan, which is now amortized
over nine years at the contractual interest rate of five percent.

YVSM’s Paul Sweeney and Lisa Yonka Stevens successfully litigated the plan approved by the Court. Also
on the YVSM team advising Harborview on its litigation strategy was James R. Schraf, along with Andrew
Gerlowski who prepared the financial analysis supporting the confirmed plan.