Mezz Piece on Entitled Land —> UCC

I know the question about the difference b/n pref and mezz has been covered here numerous times, but I still struggle a bit with the most basic, high-level concepts.

Here's a real-world example that I'd appreciate some feedback on: a client has the mezz piece on a piece of entitled land in FL which is now headed to UCC foreclosure. They are asking us (debt broker) to see if we can find them a senior lender and keep their basis where it is.

My question is- how would this situation differ if our client had a pref piece instead? Thanks.

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Jun 9, 2019