Tenant in Common Workouts
Negotiating the Real Estate, Tax, Finance and Securities Issues When Exiting TIC Deals
Recording of a 90-minute premium CLE webinar with Q&A
This seminar will review current trends in Tenant-in-Common (TIC) workouts and provide strategies for legal counsel to TIC sponsors, investors, broker-dealers, registered representatives and lenders to protect their clients’ interests during a workout.
Outline
- Introduction
- Impact of real estate slowdown on TICs
- Impact of the involvement of special servicers in TIC loan workouts
- Impact of troubled TIC sponsor situations
- Overview of TIC structure
- Master lease structure
- Asset management structure
- Types of TIC workouts
- Financially troubled sponsor
- Financially troubled property
- Poorly managed property
- Situations involving fraud
- Key issues/complexities in TIC workouts
- Multi-party structure of TICs
- Lack of control over borrower/property owner
- Conflicts of interest in selecting counsel
- Replacing the existing TIC Sponsor
- Lender consent/non-recourse carve-out guarantees
- Lender reaction to TIC workouts
- Expansion of recourse liability
- Change in structure
- Required capital calls
- Collateral issues to be considered in a TIC workout
- Tax issues
- Securities issues
Benefits
The panel will review these and other key questions:
- How is the real estate slowdown impacting TIC deals?
- What are the unique complexities of TIC workouts?
- What collateral issues should be considered during a TIC workout?
- How can counsel representing parties to a TIC deal best advise their client during a workout of the deal?
Faculty
Edward J. Hannon
Partner
Freeborn & Peters
He provides tax and structural advice to developers and owners of real estate. He has been involved in a number of real... | Read More
He provides tax and structural advice to developers and owners of real estate. He has been involved in a number of real estate oriented lender workouts, including several transactions involving the restructuring of co-ownership structures using both Delaware Statutory Trusts and the tenant in common structure.
CloseConi S. Rathbone
Partner
Davis Wright Tremaine
She focuses on real estate, corporate and securities law, mergers and acquisitions, and general business transactions.... | Read More
She focuses on real estate, corporate and securities law, mergers and acquisitions, and general business transactions. She regularly helps clients in the purchase, development and sale of commercial property. She has significant expertise in representing tenant-in-common (TIC) sponsors and investors. She also serves as General Counsel for several Oregon corporations.
CloseMichael A. Moynihan
Partner
Freeborn & Peters
He focuses on a broad range of commercial real estate and financing transactions. A significant portion of his practice... | Read More
He focuses on a broad range of commercial real estate and financing transactions. A significant portion of his practice involves representing developers of large-scale commercial, residential and mixed use developments, principally in major metropolitan areas. He represents clients in the acquisition, financing and leasing of office properties, retail centers and other real property assets.
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