News & Analysis as of September 25, 2024

Foreclosure › Commercial Real Estate Market

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Bankruptcy in Real Estate: What to Do When Faced with Foreclosure?

Lowenstein Sandler LLP on 9/12/2024

This episode of “Terra Firma: Conversations on Commercial Real Estate” features hosts Stacey C. Tyler and Stephen Tanico talking with Eric Chafetz, partner in Lowenstein’s Bankruptcy and Restructuring Group, about office...more

Understanding Workout Agreements for Commercial Real Estate Loans in Default

Tonkon Torp LLP on 7/25/2024

When commercial real estate loans go into default, workouts are often pursued to resolve the default by agreement. What are the common forms of workout agreements? For commercial real estate borrowers in default, it’s...more

IRS Private Letter Ruling Concludes REMIC Can Hold C-PACE Assessments

Dechert LLP on 6/13/2024

Dechert LLP recently obtained an IRS private letter ruling (“PLR”) on behalf of an asset manager concluding that certain C-PACE assessments are “obligations . . . secured by an interest in real property” for purposes of the...more

Rising Vacancy Rates in Downtown Office Buildings May Cause Wave of Commercial Foreclosures

Kohrman Jackson & Krantz LLP on 7/19/2023

The COVID-19 pandemic has brought about significant changes in work dynamics, leading to a rise in vacant office buildings across the United States. Remote work arrangements and the adoption of flexible work models have...more

New Law Will Soon Improve Commercial Receivership Rules, Appointment Process in Connecticut

McCarter & English, LLP on 6/23/2023

Lenders, investors, and mortgage servicers will have a more favorable and standardized framework for protecting their interests in distressed debt when applying for appointments of commercial receivers beginning July 1, 2023,...more

Acquisition of Distressed Loans: Bankruptcy Considerations and the 363 Sale

Pillsbury - Gravel2Gavel Construction & Real... on 12/16/2022

There are no shortage of bankruptcy considerations that must be understood by an incoming lender who acquires a distressed commercial real estate loan and whose borrower shortly thereafter files for bankruptcy protection. For...more

Preparing for the Coming Storm: CMBS Litigation and Securities Enforcement

King & Spalding on 12/22/2020

The Commercial Mortgage Market Since the Covid-19 Pandemic - The COVID-19 pandemic has caused disruption to many facets of what was once everyday life. As Americans sheltered in place, brick-and-mortar retail shopping and...more

Update to Michigan’s Receivership Act

Foley & Lardner LLP on 12/21/2020

In 2018, Michigan adopted the Uniform Commercial Real Estate Receivership Act (the “Act”), which only applied to receiverships over commercial real estate. In October 2020, Michigan enacted an amendment to the Act. The...more

Distressed Real Estate During the COVID-19 Pandemic: Deeds in Lieu of Foreclosure Involving Commercial Real Estate

Pillsbury Winthrop Shaw Pittman LLP on 8/13/2020

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

Distressed Real Estate During COVID-19: Options Beyond PPP Loans

Pillsbury Winthrop Shaw Pittman LLP on 8/13/2020

Commercial real estate owners may find relief under the Main Street Lending Program, but with many unable to qualify, the recently introduced HOPE Act, if enacted, will fill a much-needed gap. Although the possibility may...more

2018 Legislative Update: New Laws Impacting Commercial Real Estate Clients

Sands Anderson PC on 7/30/2018

Below is our annual update on legislative changes impacting the real estate industry. All common interest communities are based on a foundation of real estate law, and thus changes to these laws can often impact common...more

Cobras, Mortgages, and Violas: What are Your Contracts and Policies Incentivizing?

Whitman Legal Solutions, LLC on 4/30/2018

Recently, I heard a parent express concern that her child had been encouraged by the school music teacher to switch from violin to viola because the orchestra needed more violas. For switching to viola, the child would...more

2017-18 Arizona Case Law Affecting Commercial Real Estate and Lending

Clark Hill PLC on 4/12/2018

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on March 13, 2018. Arizona Case Law – Trustee’s Sale Statute of Limitations;...more

Appellate Court Notes

Pullman & Comley, LLC on 4/24/2017

Supreme Court Advance Release Opinions: SC19661 - ARS Investors II 2012-1 HVB, LLC v. Crystal, LLC - Owner recorded an unapproved subdivision map of its commercial property into three lots and then granted a...more

Resolving Shopping Center Foreclosures in Florida - Considerations for Lenders

Carlton Fields on 10/12/2016

Shopping centers in Florida—and across the country—are increasingly facing financial stress due to factors such as Internet commerce and rent pressures. Rents generated from a shopping center are usually pledged as...more

What Do I Do With This Stuff? Dealing With Abandoned Property After Foreclosure

Snell & Wilmer on 10/6/2016

You’ve successfully foreclosed on a commercial building in California, and, thankfully, the borrower moved out after foreclosure or after a period of tenancy. But the borrower left behind all sorts of property – furniture,...more

Can a Guarantor Waive his Right to a Foreclosure Confirmation Proceeding in Georgia?

Bryan Cave Leighton Paisner on 2/24/2016

Yes. On Monday, February 22, 2015, in a case closely watched by commercial real estate lenders, borrowers and guarantors, the Supreme Court of Georgia issued its opinion in PNC Bank, N.A. v. Smith, et al., S15Q1445. ...more

Bringing Unity To Commercial Real Estate Receivership

Carlton Fields on 12/4/2015

The National Conference of Commissioners on Uniform State Laws (NCCUSL) recently approved and has recommended for enactment in all states the Uniform Commercial Real Estate Receivership Act. The appointment of a receiver of...more

Guarantors Can Use Anti-Deficiency Statute in North Carolina

Spilman Thomas & Battle, PLLC on 10/28/2015

The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a...more

The Case of the Vanishing Guaranty—Issues Facing Commercial Real Property Lenders Regarding Revocable Trust Borrowers

Ervin Cohen & Jessup LLP on 9/28/2015

I have recently received numerous questions from commercial lender clients regarding structuring and enforcing commercial real property loans involving revocable trusts. Their concerns have largely centered on how to...more

Nevada Amends Law Regarding Deficiency Judgment Calculation

Ballard Spahr LLP on 7/22/2015

By amending a statute that limits deficiency judgment amounts in certain cases, Nevada lawmakers have attempted to restore balance as the law applies to commercial properties. The amendments follow a recent wave of litigation...more

Extraordinary Florida Foreclosure Remedies

Baker Donelson on 9/26/2013

When servicers or lenders think of having to foreclose on commercial property in the State of Florida, what immediately comes to mind is a lengthy judicial foreclosure process, and difficulty in enforcing rights provided in...more

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Foreclosure › Commercial Real Estate Market

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