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Distressed Commercial Real Estate Debt: New Opportunities and Legal Risks

Date

Mar 11, 2010

Location

Webcast and Teleconference

View Event Website

Participants

George E. Covucci and Amy B. Rifkind

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

  1. Overview - impact of economic forces on real estate loans
  2. Opportunities for investors/buyers and lenders
    1. Note and REO sales
    2. Sales of assets in foreclosure
    3. Role of the special servicer
    4. Impact of bank takeovers
  3. Negotiating and structuring the deal
    1. Debt pricing
    2. Due diligence
    3. Representations and warranties
    4. Closing conditions
    5. Intercreditor rights
    6. Third-party rights
    7. 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?
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