Seth Eaton Discusses Modifications and Workouts of Commercial Real Estate Loans during the COVID-19 Pandemic
Paul Ayoub and Joseph Jannetty evaluate the Commercial Real Estate Outlook for 2024. They analyze key issues and data from the prior year to provide perspective on the challenges and opportunities in the real estate industry...more
The SEC released the final Securities Act Rule 192 relating to conflicts of interest in asset-backed securities transactions on November 27, 2023. In this OnPoint, we summarize the provisions of the final Rule 192 and...more
Corporate CLO issuers, regardless of whether they are organized onshore or offshore, should generally be exempt from Corporate Transparency Act reporting requirements, although onshore CLO co-issuers will likely be subject to...more
Who may be interested: Registered Investment Companies. Quick Take: The SEC recently settled charges against two credit rating agencies for alleged violations relating to recordkeeping, disclosure and internal controls....more
In recent years, U.S. banks have been tightening lending conditions. This trend is expected to continue for commercial loans because of various factors, including the ongoing effects of the COVID-19 pandemic, changes in...more
The Federal Reserve's most recent Financial Stability Report addressed what many industry watchers had been convinced of for some time: the commercial real estate sector is in a precarious state. The Federal Reserve Bank...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
The U.S. commercial real estate market, valued at $20 trillion in 2021 by some estimates, touches nearly every facet of urban and suburban dwellers’ lives – from where they live (multi-family housing or apartment buildings)...more
Key Takeaways - CRE CLOs are attractive exit strategies for lenders of commercial bridge loans, in part due to the flexibility the structure provides in the modification of performing loans. n light of adverse...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
A roundup of news and multimedia from the Unfamiliar Terrain team...more
Parties engaging in rescue capital transactions should prepare to meet the recapitalization demands of real estate entities. Many real estate investment vehicles are suffering from an “equity gap” in their capital...more
European commercial real estate (CRE) lending markets face a difficult environment, resulting from a higher than usual cost of debt and declining property valuations. In the face of such uncertainties, we examine how private...more
A Sarbanes-Oxley Act (SOX) antiretaliation claim requires a showing of retaliatory intent, a unanimous panel of the Second U.S. Circuit Court of Appeals has ruled, creating a split of authority with the Fifth and Ninth...more
Whether CCRC residency agreements are treated as leases or contracts under state law could impact the recovery of CCRC bonds in the event of the insolvency of the CCRC owner. Some states treat CCRC residency agreements as...more
ESG securitisation has the potential to play a key role in achieving sustainable finance objectives in the European Union. There have been a number of regulatory developments and other advances in this area, including the...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
In this first installment of the Finance Forum Focus Series, Cadwalader special counsel Michael Ruder is joined by Alan Todd, Head of CMBS Strategy at BofA Securities. Michael and Alan discuss Environmental, Social and...more
The latest round of quarterly results from Netflix shows that while the grand-daddy of streaming “still rules” that universe, a combination of upstart and old-guard rivals “have cut into Netflix’s share of viewers’...more
Tim Conduit and Isabel Tinsley assess the key ESG-related milestones in the securitisation market and more widely. They highlight some key features of ESG-compliant securitisations and share their views on significant future...more
The Alternative Reference Rates Committee (“ARRC”) convened by the Federal Reserve Board and the Federal Reserve Bank of New York, with the assistance of its Securitizations Working Group released a report (the “Report”) on...more
The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) is a powerful tool in the prosecutorial arsenal. Due to its long statute of limitations, expansive penalty provision, and low civil burden of...more
On February 16, 2021, the SEC filed a litigated civil complaint in the Southern District of New York against Morningstar Credit Ratings LLC, a former Nationally Recognized Statistical Rating Organization (“NRSRO”) alleging...more
On February 16, the Securities and Exchange Commission (SEC) filed a civil action in federal district court in the Southern District of New York against the former credit ratings agency, Morningstar Credit Ratings LLC,...more
CMBS Delinquency Rate Continues to Decline - Trepp’s February Delinquency Report revealed that the Trepp CMBS Delinquency Rate dropped 78 basis points in February to 6.8%, representing the largest decline over the past...more