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:
Pre-approved for participatory or non-traditional/alternate format credit in: CA, HI*, NY*, WV*.
Pre-approved for self-study credit in: AK, AZ, GA, MO, MT, NC, TX, VT, WA.
Upon request, also available in: CO, CT*, FL, ID, KY, LA, ME, ND, NE, NH, NM, NV, OR*, SC, TN, UT, WI*, WY. If you are applying for credit in one of these states, make sure to select those states when placing your order.
(*Indicates that Strafford must report attendance.)
Online CLE Audio $149.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, GA, HI, MO, MT, NC, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.
MP3 Download (Audio with Slide PDFs) $49.00
Available 24 hours after the live event
Webinar Download (Slide Presentation with Audio) $49.00
Available three business days after the live event
CD (Audio with Slide PDFs) $49.00
plus $9.45 S&H
Available ten business days after the live event
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plus $9.45 S&H
Available ten business days after the live event
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Program Materials
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Program Materials
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CLE Credit
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Customer Reviews
The webinar provided good practical advice.
Peter Bado
Thrivent Financial
The analyses of the various cases brought the subject matter together in a coherent manner.
Michael Minter
Miles & Stockbridge
Speakers were knowledgeable enough to talk about the subject matter in an easily digestible manner.
Daniel M. Cleary
Gotham Insurance/New York Marine & General Insurance
I found the content very useful and was impressed by the high quality of each speaker's ability to articulate his presentation.
Andrew Lillie
Hogan & Hartson
The panelists covered the topic well and in depth.
Andrea Mealey
Edwards Angell Palmer & Dodge
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
Howrey