Robert Verrone, Christopher Herron and John Wood

If ever there was a time to need an experienced workout advisory firm you can rely on, this is it. Between looming maturities and displacement in the capital markets, it gives new meaning to things that go bump in the night. And with $10 billion of restructurings completed in 2025, the proof is in the pudding that when the call has to be made, Iron Hound Management is “Who you gonna call!”

The firm’s $10 billion total almost doubles its 2024 total of $5.3 billion and spanned asset classes. When it came to office, those restructurings helped some borrowers buy more time when leasing issues popped up, while others were allowed new investment into properties as values eroded. Notable restructurings in 2025 included a four-year extension for Tamares Group’s $505 million CMBS loan on 1500 Broadway; an extension of the $660 million loan tied to a federal office portfolio owned by NGP Group that spans 18 states; a four-year extension of the $1.4 million loan on Triple Five Group’s Mall of America in New Jersey; a restructuring of the $714 million in  debt on Chetrit Group’s Yorkshire Towers and Lexington Towers on the Upper East Side; and an extension on the $425 million CMBS loan on Rudin’s 32 Avenue of the Americas, to name but a few. 

Chris Herron puts the big uptick in volume down to timing, with more maturities than you can shake a stick at, but also prestige. “Our reputation feeds the pipeline pretty strongly, and business begets business,” he said. “It’s also reps — the more we close, the better we get at it.” 

The team, which includes Robert Verrone and John Wood, has been hard at it for 17 years, and a big part of its success when working on restructurings is working with clients who understand their nuances and are well capitalized. 

“Every single deal requires a capital contribution of some sort, and so we do a lot of upfront work to try to pencil out all the scenarios that we believe could be the possible outcome, and familiarize everybody with how much money will need to be put in,” Herron said. 

In addition to $10 billion of restructurings, the Iron Hound team also arranged $1.2  billion in financings in 2025, and this year is shaping up pretty darn nicely, too. “There’s been a steady sign-up rate, and some of the things we were working on last year are still in the pipeline now and closing this year,” Herron said. “That said, we always have capacity, because we make sure that, if something comes along — especially for clients we’ve done multiple deals with — we never say, ‘No, we can’t work on it.’ There are others in our space who are smart and capable, but nobody who has been doing it as long as we have with the relationships we have, or the reps.”