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Distressed Real Estate During COVID-19: Mezzanine Loans Behind Construction Loans—Special Considerations and Intercreditor...

Construction loans with companion mezzanine loans raise a host of concerns that are unique to more standard ICAs between a mortgage lender and a mezzanine lender. An intercreditor agreement (ICA) involving a construction...more

Distressed Real Estate During COVID-19: The Role of Intercreditor Agreements between Mortgage Lenders and Mezzanine Lenders

Mortgage lenders and mezzanine lenders considering amendments to loan documents, forbearance, loan transfers, the exercise of remedies or deeds in lieu of foreclosure, and other loan-related fact patterns will need to revisit...more

CMBS Disruptions in the Real Estate Market

The past few months saw, and continue to see, significant disruptions to the real estate market and the real estate finance market in particular. According to Trepp LLC, June saw the delinquency rate for commercial...more

Distressed Real Estate During COVID-19: Court Finds UCC Foreclosure “Commercially Unreasonable” Because of Coronavirus-Related...

A recent court decision in New York found that current market conditions in the real estate market justify delaying noticing mezzanine real estate foreclosures until October 15, 2020. A recent New York Supreme Court Order...more

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

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

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

Updated CDC Guidelines Impact Business Districts, Office Buildings and Their Tenants, and Users

From mask-wearing to physical separation to staggered schedules and crowding-related transit incentives, implementing these guidelines may reshape office life. Updated CDC guidelines provide information for minimizing the...more

Pillsbury Insights – Navigating the Real Estate Market During COVID-19

Until COVID-19 officially took hold in the U.S. in March of 2020, the U.S. real estate market was active, even robust. Starting in March, however, the possible scope of the pandemic and the sudden imposition of stay-at-home...more

Distressed Real Estate During COVID-19: New York State Court Order Finds UCC Foreclosures Are Not Suspended by New York E.O....

A recent court order found that a mezzanine lender may conduct a UCC foreclosure sale despite a temporary suspension of judicial foreclosures in New York State. A recent court order interpreting the scope of New York...more

Distressed Real Estate during the Coronavirus Pandemic: Conducting a Mezzanine Loan Foreclosure Under the UCC

Mezzanine lenders enforcing Uniform Commercial Code remedies that do not comply with applicable requirements may face economic losses, costly litigation and potential liability. Mezzanine lenders have specific and limited...more

Distressed Real Estate During the Coronavirus Pandemic: Tips for Negotiating Forbearance Agreements

In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into. A forbearance agreement can benefit both...more

Distressed Real Estate During the Pandemic: The Importance of Pre-Negotiation Agreements for Borrowers and

The coronavirus pandemic is resulting in a wave of forbearances and workouts. A frequent first step is the pre-negotiation agreement. A good PNA should be quickly negotiated but carefully considered, getting both parties to...more

New York Regulation Defines Required Mortgage Forbearance and Bank Fee Waivers for COVID-19 Financial Hardship

New York orders extraordinary measures requiring financial institutions to meet financial needs of and ameliorate the challenges being faced by customers affected by COVID-19. New York State has implemented extraordinary...more

3/31/2020  /  Coronavirus/COVID-19

New York Bankers Must Consider Forbearance, Other Consumer Protection in Response to COVID-19

New York orders extraordinary measures requiring financial institutions to meet financial needs of and ameliorate the challenges being faced by customers affected by COVID-19. - New York State has implemented...more

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