Distressed Commercial Real Estate Debt: New Opportunities and Legal Risks
Strategies for Buying and Selling Loans Facing Default
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Thursday, March 11, 2010
Recorded event now available
This CLE webinar will discuss best practices for counsel to investors and lenders in negotiating and structuring distressed real estate deals to take advantage of the opportunities currently available while mitigating inherent legal and financial risks.
Description
The depressed credit market and economic downturn are pushing more real estate loans into default, forcing lenders to either take back properties, restructure debt, or sell loans at current market values.
In this environment, real estate investors are identifying new opportunities to purchase distressed real estate loans at bargain prices. However, these opportunities present a myriad of legal and financial risks for developers, purchasers of debt and/or foreclosed properties, and lenders.
Counsel for investors and lenders must act strategically to negotiate a deal that maximizes the value of the purchase and sale to their clients’ respective benefits.
Listen as our panel of real estate and finance attorneys discusses the new opportunities available in distressed real estate and offers best practices for investors and lenders for negotiating and structuring deals.
Outline
- Overview — impact of economic forces on real estate loans
- Opportunities for investors/buyers and lenders
- Note and REO sales
- Sales of assets in foreclosure
- Role of the special servicer
- Impact of bank takeovers
- Negotiating and structuring the deal
- Debt pricing
- Due diligence
- Representations and warranties
- Closing conditions
- Intercreditor rights
- Third-party rights
- Alternative structures (deed in lieu of foreclosure, receiver)
Benefits
The panel will review these and other key questions:
- What are the key factors driving the increase in distressed real estate deals?
- What are the potential legal pitfalls in negotiating distressed real estate deals?
- What are best practices for counsel on both sides of the deal to tailor terms in distressed transactions?
- How has the U.S. Treasury Department's Public-Private Investment Program impacted investors' opportunities to purchase distressed real estate?
Faculty
George E. Covucci,
Partner
Arnold & Porter, Washington, D.C.
He serves as counsel to creditors' committees of lenders, developers, and limited partners in foreclosures and real estate workouts. His experience also includes sales and purchases of commercial real estate for foreign and other investors, and structuring joint ventures and limited partnerships involving tax, partnership, and financial issues. He lectures often on distressed real estate topics.
Ren R. Hayhurst,
Partner
Bryan Cave, Irvine, Calif.
He represents lenders in real estate and commercial loan documentation, real estate loan workouts and foreclosure, receivership and loan/guaranty enforcement litigation. He is a frequent speaker on a wide variety of real estate topics.
Thomas O'Connor,
Partner
Cooley Godward Kronish, New York
He chairs the firm's Real Estate Group. He focuses on commercial real estate transactions, with an emphasis on real estate finance, acquisitions and sales. He has experience with the lender and borrower side of real estate lending (including origination, workout and restructuring). He represents institutional lenders and borrowers in originating and restructuring mortgage and mezzanine financing.
Amy B. Rifkind,
Counsel
Arnold & Porter, Washington, D.C.
She has experience in all aspects of commercial real estate transactions and financings including construction, term loan, conduit, mezzanine, and securitized debt financings. She counsels clients regarding debt and equity restructurings, buying distressed debt and workouts. She also focuses on large-scale leasing, public-private partnerships, and real estate development.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
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Program Materials
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Program Materials
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Customer Reviews
I liked the combined depth of information and speed of presentation. Well done!
Andre Dalbec
SAANYS
All the speakers seemed extremely knowledgeable on the subject matter. Overall a very good seminar.
Stephan R. Silen
American AgCredit
Very informative — one of the best run programs in a plethora of on-line offerings.
Jeff Michelman
Stinson Morrison Hecker
The program was very to the point — no fluff.
Brian McNamara
Wright Lindsey & Jennings
Content was excellent.
Jonelle Burnham
Kimberly-Clark
Real Estate Law Advisory Board
Partner
Ballard Spahr Andrews & Ingersoll
Partner
Stroock & Stroock & Lavan
Partner
Robinson & Cole
Of Counsel
Jenner & Block
Partner
Bryan Cave
Partner
K&L Gates
Counsel
Thompson Hine
Partner
Jones Day
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