New York State lawmakers have reintroduced proposals to impose a tax on the creation of mezzanine debt and preferred equity. Both the New York Senate and Assembly have put forward similar bills that would require both...more
A New York State bill that seeks to charge a recording tax on mezzanine debt financings has been revised to extend the recording tax to preferred equity investments.
In January 2020, Senator Julia Salazar and Assembly...more
New York courts have become a battleground for challenges to foreclosure sales under the Uniform Commercial Code (UCC) amidst the COVID-19 pandemic. Another trial court of the New York State Supreme Court (New York County)...more
U.S. Representatives Van Taylor (R-TX) and Al Lawson (D-FL) introduced a bipartisan bill in Congress on July 29, designed to provide economic relief to commercial real estate borrowers hurt by the coronavirus pandemic with...more
Yesterday, in a turn of events that struck a hopeful chord for mezzanine lenders, New York County Supreme Court Judge Frank P. Nervo vacated his April 30, 2020 order which temporarily halted the sale of mezzanine loan...more
On April 30, 2020, Judge Frank P. Nervo of the New York State Supreme Court, New York County, granted a temporary restraining order preventing a public sale of collateral securing a junior mezzanine loan, issuing an order...more
On March 30, 2020, the U.S. Court of Appeals for the Second Circuit affirmed several holdings of the District Court for the Eastern District of New York requiring a commercial mortgage borrower to pay default interest at a...more
In the current economic climate there will be increased interest and volume in the sale and purchase of performing and non-performing commercial mortgage loans and mezzanine loans. The following is a list of threshold issues...more
In support of financial institutions and borrowers during the COVID-19 pandemic, the newly enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a number of provisions permitting lenders to suspend,...more
The coronavirus (COVID-19) has impacted the commercial real estate industry in an abrupt and significant way. In response to this new environment, lenders are taking many steps to prepare for a period that is anything but...more
On August 14, 2019, Mayor Jim Kenney signed a bill authorizing, through C-PACE loans, the financing of clean energy, alternative energy and water conservation projects for eligible commercial properties in Philadelphia....more
Preferred equity is an alternate form of financing that is provided either instead of, or subordinate to, mezzanine financing in commercial real estate transactions. It is an equity investment in a joint venture, which is,...more
Property Assessed Clean Energy (PACE) loans provide property owners with financing for “green” improvements designed to increase energy efficiency, water conservation, disaster resiliency and renewable energy solutions. PACE...more
A recent decision by the Supreme Court of New York, New York County, addressed the issue of whether the borrower's equity of redemption was being impermissibly "clogged" by a foreclosing lender. The case, HH Cincinnati...more
When entering into a long-term ground lease, one of the ground lessee’s principal concerns is assuring that its leasehold interest in the property is “financeable.” A mortgage lender providing financing to the holder of a...more