On September 24, Governor Gavin Newsom signed into law California Senate Bill 1286 that will impact the collection of "covered commercial debt" and "covered commercial credit" in the state after July 1, 2025 (the law's...more
In this episode of Terra Firma, Conversations on Commercial Real Estate, Stacey Tyler and Stephen Tanico are joined by Lowenstein Real Estate partner Kimberly E. Lomot for a discussion on financing term sheets. They review...more
In this ongoing article series with Citybiz, members of the Goulston & Storrs Commercial Real Estate Workouts Group keep you up to date on the current and emerging issues related to workouts and the Commercial Real Estate...more
We are pleased to introduce the latest episode of Navigating Mortgage M&A, a collaborative effort between Mayer Brown and Mortgage Advisory Partners. In this episode, Third Party Consents – Warehouse Facilities and Regulatory...more
A New York Bankruptcy Judge held that a debtor must pay default-rate interest and fees to a secured lender as a condition to reinstatement of defaulted and accelerated debt under a chapter 11 plan. A debtor must pay...more
Background. As part of an international effort to recalibrate how banks calculate their risk‑based capital, U.S. bank regulatory agencies (the “Agencies”) recently proposed major changes to how banks would be required to...more
Introduction - We are often asked by clients about cross-border commercial mortgage warehouse transactions. Over the past ten years there has been substantial growth in the number of facilities that we advise on that have...more
Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more
CRE CLO technology is languishing in the toolbox. A combination of high interest rates, a mispriced legacy book, an anxious investor base and no real need to refresh capital until borrowers start borrowing again is largely...more
Today’s high interest rate environment presents a challenge to many commercial real estate borrowers whose loans are now reaching maturity. Some borrowers are unable to repay their loans, while others are approaching the loan...more
The Commercial Mortgage Alert article “Master Servicer Wins Clawback Case” covered a summary judgment ruling in two related Minnesota trust instruction proceedings that have broad implications for the CMBS industry. Our...more
On June 9, 2022, the California Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations requiring providers of commercial financing, including...more
In response to the COVID-19 pandemic, many states enacted, by executive order or otherwise, rules that have created both legal and procedural hurdles to a lender's ability to exercise its contractual rights, including the...more
Just a few weeks back, I penned a sunny and optimistic piece about the growth of the CRE CLO market in 2022 and by implication, the general amicable economic conditions on which the growth of that technology would depend....more
Our fine little CRE CLO business has exploded over the past couple of years, hasn’t it? Last year, around this time, I recklessly predicted for my friends at Commercial Mortgage Alert that we might hit $30 billion of...more
On Tuesday May 4, 2021, Governor Cuomo signed an extension of the “COVID-19 Emergency Protect Our Small Businesses Act of 2021” (collectively, the “Act”) prohibiting residential and commercial evictions, foreclosure...more
2020 was a challenging year, to say the least. The real estate industry continues to feel the effects of the global COVID-19 pandemic and subsequent economic consequences going into 2021 as industry leaders are still...more
The California Department of Financial Protection and Innovation (fka Department of Business Oversight) is one step closer to issuing final regulations that would impose new early disclosure requirements on covered commercial...more
By Executive Order 202.70, New York Gov. Andrew Cuomo has further extended – through Jan. 1, 2021 – the moratorium prohibiting the initiation of a proceeding or enforcement of (i) an eviction of a commercial tenant for...more
Part I — Introduction - It has become common practice in commercial mortgage lending for the borrower to be structured as a “single purpose” or “special purpose” entity. In its simplest form, a special purpose entity is...more
The abrupt halt in commercial activity caused by the 2019 Novel Coronavirus (“COVID-19”) has had a significant impact on the global economy, and in particular, the commercial real estate market. As a result, the commercial...more
Legislation requires rent payment plans, mortgage relief, and foreclosure and eviction moratoriums. Residential and many commercial landlords may not increase rent and must make rent payment plans available to eligible...more
In a deed in lieu of foreclosure, a defaulting borrower agrees to convey the mortgaged property to the mortgage lender. But handing over the keys can raise a number of potential pitfalls. Below, we discuss some of these...more
Amidst the growing uncertainty caused by the COVID-19 pandemic, Florida’s newly enacted receivership law, the Uniform Commercial Real Estate Receiver Act (“UCRERA”), codified in Chapter 714 of the Florida Statutes, endeavors...more
Decisions by state and local governments in the U.S. to control the spread of the COVID-19 virus through shelter-in-place orders and business closures have resulted in both a sharp increase in unemployment and a sharp...more