Subordinate Financing in CMBS Transactions: Rating Agency, Investor and Servicing Concerns
Structuring A/B, Pari Passu, Mezzanine, Preferred Equity, and Intercreditor Arrangements for Securitization
A live 90-minute CLE webinar with interactive Q&A
This CLE webinar will provide real estate finance counsel with guidance on how to structure A/B, pari passu, mezzanine, preferred equity and intercreditor arrangements for successful execution in a CMBS transaction. The panel will discuss how best to address the concerns of rating agencies and investors who evaluate loans with subordinate financing, and the issues presented in servicing loans with subordinate financing after securitization.
- CMBS distinguished from portfolio lending
- Securitization parties—rating agencies, investors, servicers
- Issues specific to mezzanine financing
- Issues specific to preferred equity
- A/B and pari passu loans
- Servicing and control rights
- Intercreditor agreements
The panel will review these and other critical issues:
- How do rating agencies and investors (including B-piece buyers) evaluate subordinate financing?
- Why might preferred equity be viewed more favorably at securitization than a mezzanine loan?
- What are some key provisions for any intercreditor agreement, and how are they addressed in the accepted CMBS form?
- How should servicing rights be addressed in A/B or pari passu loan structures?
Allen J. Dickey
Mr. Dickey practices in all aspects of real estate finance, securitization, acquisition, leasing and development. He... | Read More
Mr. Dickey practices in all aspects of real estate finance, securitization, acquisition, leasing and development. He also has experience in equity financing, mortgage backed securitization, mortgage, and mezzanine and subordinate loan origination. He has published several articles regarding real estate, structured finance, commercial lending, and loan enforcement, and often lectures to attorney and industry groups regarding real estate, lending and loan enforcement topics. Mr. Dickey’s experience includes working with lenders, developers, investors and business owners on all aspects of real estate transactions, including mortgage and mezzanine loan origination and enforcement, CMBS lending, mortgage backed securitization, construction finance, development finance andn loan workouts, modifications and extensions.Close
to be announced.
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