SRZ represented Ableco Finance LLC, as administrative and collateral agent for a syndicate of lenders in connection with a $195 million term loan facility to Pierce Hardy Limited Partnership and Hardy Management Company Inc. In addition, a group of lenders led by SunTrust Bank provided a $450 million working capital facility to the term loan borrowers’ affiliate, 84 Lumber Co., which operates a building materials chain. Complicating the deal were the myriad affiliate relationships that needed to be rearranged, the requirement for title work on over 250 real properties so the term loan lenders could obtain first-lien priority mortgages prior to closing, the fact of different borrowers under the term loan and working capital facilities, and a complex relationship between the lending groups, with the working capital lenders obtaining a first-priority lien on 84 Lumber's assets and a second-priority lien on the term loan borrowers' assets, and the term loan lenders obtaining the reverse. The term loan lenders also focused their attention on securing continuing payments under a master real estate lease agreement, including during a bankruptcy. The proceeds of the facilities were used to refinance indebtedness and fund general corporate and working capital needs.