On January 22, 2021, several New York State Assembly Members reintroduced legislation (Bill No. A03139) that seeks to amend New York’s Real Property Law and Tax Law, New York’s Tax Law and New York’s Uniform Commercial Code...more
2/17/2021
/ Borrowers ,
Financial Statements ,
General Assembly ,
Legislative Agendas ,
Lenders ,
Mezzanine Lenders ,
Mortgagee ,
Mortgages ,
Property Tax ,
Proposed Legislation ,
State and Local Government ,
State Legislatures ,
State Taxes ,
Tax Code ,
Uniform Commercial Code (UCC)
The new Presidential administration has set off a renewed emphasis on sustainability and climate change. While owners and other stakeholders involved in New York City real estate have been grappling with many of these issues...more
2/15/2021
/ Borrowers ,
Carbon Emissions ,
Clean Energy ,
Climate Change ,
Compliance ,
Energy Sector ,
Environmental Policies ,
Governor Cuomo ,
Investors ,
Lenders ,
Popular ,
Property Owners ,
Purchasers ,
Sellers ,
State and Local Government ,
State Budgets ,
Tenants
Construction loans with companion mezzanine loans raise a host of concerns that are unique to more standard ICAs between a mortgage lender and a mezzanine lender.
An intercreditor agreement (ICA) involving a construction...more
10/27/2020
/ Borrowers ,
Construction Loans ,
Coronavirus/COVID-19 ,
Foreclosure ,
Intercreditor Agreements ,
Loan Transfers ,
Mechanics Lien ,
Mezzanine Lenders ,
Mortgages ,
Real Estate Market ,
Repurchase Options ,
Right To Cure ,
Uniform Commercial Code (UCC)
The past few months saw, and continue to see, significant disruptions to the real estate market and the real estate finance market in particular. According to Trepp LLC, June saw the delinquency rate for commercial...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
8/13/2020
/ Borrowers ,
Commercial Mortgages ,
Commercial Real Estate Market ,
Coronavirus/COVID-19 ,
Deed-in-Lieu of Foreclosure ,
Deeds ,
Deficiency Judgments ,
Foreclosure ,
Income Taxes ,
Intercreditor Agreements ,
Lenders ,
Mezzanine Lenders ,
Non-Recourse Loans ,
Popular ,
Transfer Taxes
A recent court order found that a mezzanine lender may conduct a UCC foreclosure sale despite a temporary suspension of judicial foreclosures in New York State.
A recent court order interpreting the scope of New York...more
The coronavirus pandemic is resulting in a wave of forbearances and workouts. A frequent first step is the pre-negotiation agreement.
A good PNA should be quickly negotiated but carefully considered, getting both parties to...more