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Securities Commercial Real Estate Finance & Banking

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

The Fair-Haired Dumbbell Regulation A+ Offering

by Tonkon Torp LLP on

On the corner of NE MLK and Burnside in Portland, the new Fair-Haired Dumbbell building is nearly complete. The building has garnered attention for its unique architectural design and painting plans. But more important for...more

Japan Legal Update - Volume 26 | June 2017

by Jones Day on

The amendment to the Financial Instruments and Exchange Act ("Amended FIEA") was enacted on May 17, 2017, and promulgated on May 24, 2017. The Amended FIEA will come into force no later than one year from the date of...more

It’s Time to Bring Back the Square State Conduit:  If We Build It, They Will Come.

by Dechert LLP on

What in the world have we done to ourselves? Our CRE Securitization business, or at least the conduit part of our business, continues to shrink: $800 billion in outstanding principal balance in 2007 and now, $400 billion? ...more

2017 CREFC Annual Conference: Into the Heart of the Swamp

by Dechert LLP on

CREFC held its Annual Conference last week in Washington D.C. Given the current politically charged climate, 2017 felt like a very appropriate time to move the Annual Conference from its traditional home in New York to...more

Debt Dialogue: April 2017 - Minnesota Appeals Court Addresses Accounting for Trustee’s Fees and Expenses

In a short decision, In re that Certain Indenture Date as of April 1, 2010 (MN Ct. App. April 3, 2017), the Court of Appeals of Minnesota recently addressed a challenge to the award of trustee fees and legal expenses brought...more

Landmarks - Spring 2017

by Benesch on

There continues to be very strong demand for high-quality commercial real estate. From 2011–2015, the volume of commercial real estate transactions nationally grew at an annualized rate well in excess of 10%, and projections...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Publishes Compliance and Disclosure Guidance for Regulation Crowdfunding - On April 5, 2017, the Division of Corporation Finance of the Securities and Exchange Commission...more

Nutter Bank Report, March 2017

Fed Raises Threshold That Triggers Review of Systemic Risk of a Proposed Merger - In a recent decision on a proposed merger of two bank holding companies, the Federal Reserve indicated that it has increased the...more

Rating Agency Developments

On February 15, 2017, DBRS issued a report entitled North American Single-Asset/Single-Borrower Methodology. On February 15, 2017, DBRS issued a report entitled DBRS Commercial Real Estate Property Analysis Criteria....more

Rating Agency Developments

On February 8, 2017, Fitch updated its rating criteria for U.S. municipal short-term debt. Report. On February 8, 2017, Fitch updated its criteria assumptions for analyzing securities backed by UK residential mortgage...more

Capital Markets Disruptor: Real Estate Crowdfunding in the United States

by Goodwin on

Public REITs and other sponsors of real estate funds and projects have traditionally enjoyed the benefit of a broad range of choices to raise capital. Public REITs can obtain financing on a project-by-project basis or at the...more

Second Circuit Finds Special Servicer's Repurchase Claim Barred by Statute of Limitations, POLSINELLI'S Loan Originator Client...

by Polsinelli on

The Second Circuit recently REVERSED a S.D.N.Y decision granting summary judgment in favor of a CMBS Trust whose Special Servicer sued POLSINELLI'S commercial loan Originator client seeking repurchase of a loan due to the...more

Class X Litigation: Not So Appealing

by Reed Smith on

Following their loss at first instance in Titan Europe 2006-1 P.L.C. and others [2016] EWHC 969 (Ch), the Class X Noteholder appealed the decision in respect of the central issue in the proceedings – when calculating the...more

Risk Retention in CMBS: A Look Back and a Look Forward

by Katten Muchin Rosenman LLP on

Industry participants looked forward to 2016 with a great deal of anticipation considering both the implementation of the risk retention rules, and the expected wall of maturities. By mid-year the first commercial...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 20

by K&L Gates LLP on

In late 2011 and early 2012, the fragile green shoots of recovery began to peek out from the barren blasted heath of the crisis-blown financial markets. Market activity was spurred by a rare confluence of secular trends,...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 19

by K&L Gates LLP on

CRE has been an increasingly important asset class for Islamic-compliant transactions and banks since the publication of the first edition of this book in 2006. During this period, Islamic-compliant finance has proved to be...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 11

by K&L Gates LLP on

In the last edition of this title, in 2012, a view point was taken that loan servicers were front and centre of European CRE loan workouts and restructurings in the post GFC era and their role would become increasingly more...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

by K&L Gates LLP on

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

by Burr & Forman on

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

Quick Guide to REIT IPOs - 2016

Real Estate Investment Trusts (“REITs”) are endlessly inventive. They were first developed in the 1960s as a means for ordinary retail investors to hold interests in real estate. The REIT market has waxed and waned over the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

All those traders excited about a burgeoning US economy ahead may want to keep an eye on the commercial real estate market, which is seeing a rise in defaults and delinquencies as pre-crisis 10-year loans come due....more

CMBS Loans In Hard-Hit Detroit, Cleveland, Take Creativity

Kenneth Fields was quoted in Andrew McIntyre’s Law360 article looking at hard-hit markets, including Detroit and Cleveland, that are having difficulty refinancing commercial mortgage-backed securities (CMBS) loans as the...more

Risk Retention and the CRE CLO

by Dechert LLP on

As we are just inking one of the very first pre-risk retention effective date risk retention deals (Potemkin Village anyone?), we are also seeing an increased flow of what are generically referred to as CRE CLOs. It’s time to...more

[Webinar] Meritas Capability Webinar - Interest Rate Hedging for Commercial Real Estate Finance Transactions - November 16th,...

This webinar will cover the basics of hedging interest rate risks of commercial finance transactions. Including a brief overview of the state of the current derivatives market, an overview of the ISDA Master Agreement and...more

The Dawn of CMBS 4.0: Changes and Challenges in a New Regulatory Regime

by Alston & Bird on

Commercial real estate has been financed in the U.S. capital markets through creation of commercial mortgage-backed securities (CMBS) since the early 1990s, peaking at $240 billion in 2007 and representing about 25% of all...more

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