Michael Waters is counsel in the Firm's New York office, where he focuses on real estate matters. Mr. Waters' practice involves advising institutional investors and lenders, real estate opportunity funds and private developers on all aspects of their real estate-related business, with an emphasis on complex debt restructurings and workouts of senior and mezzanine loans and equity investments, including the acquisition and disposition of distressed loans and real estate assets. Mr. Waters has particular expertise in the negotiation and analysis of intercreditor and participation agreements and the complex inter-lender issues arising in distressed real estate projects. He also advises securitized mortgage borrowers and lenders in analyzing and renegotiating their rights and obligations under the securitization and servicing documents, including the relationships between borrowers, lenders and special servicers, and the role of the controlling holder class, as well as strategies for acquiring control of the loan pool.
Mr. Waters has co-authored the articles "Gaining Control of Collateralized Mortgage-Backed Securities Pools," Institutional Investor (December 2, 2009), "Purchasing Loan Participations: The Devil is in the Details," The Real Estate Finance Journal (Winter 2009), and "Mezzanine Loans and the Intercreditor Agreement: Not Etched in Stone," The Real Estate Finance Journal (Spring 2007).