This seminar will explore major issues and problems, and recent changes, in how lenders and borrowers negotiate commercial real estate loans in the still-lingering shadow of the recent financial crisis. Speakers will show how today’s lower valuations and the renewed conservatism of lenders will shape the terms, legal negotiations, and closing process of commercial real estate financing in 2013. This year’s program will turn back toward the basics, such as loan document negotiations, rental income, leases, nondisturbance agreements, and drilling down on the documents. A faculty of seasoned practitioners will help you understand old principles that are new again, beef up your knowledge of how to structure and close real estate loans, and revisit legal principles for troubled loans that date back to law school or earlier downturns. The speakers will explore categories of financing and categories of distress, and how borrowers and lenders might respond. And they’ll offer some predictions about how commercial real estate financing might look in the next cycle, and lessons to be learned from today’s transactions and continuing workouts.
Lecture Topics [Total time 12:29:15]
Segments with an asterisk (*) are available only with the purchase of the entire program.
- Opening Remarks and Introduction* [00:03:16]
- State of the Commercial Real Estate Finance Market; Overview of Securitization Today [01:05:34]
Robert J. Hellman, Daniel B. Rubock
- Evolving Deal Structures and Documentation for Securitized Loans [00:59:54]
Daniel B. Rubock, David Stewart
- Interest Rate Protection in Commercial Real Estate Loans [01:03:09]
Guy C. Dempsey, Jr.
- Leasehold Mortgages; Ground Lease Issues [01:00:05]
Joshua Stein
- How Lenders Look at Leases; Nondistrubance Agreements [01:01:02]
Andrea D. Ascher
- Drilling Down on the Documents - The Ten Easiest Ways to Mess UP [00:59:53]
James M. Carolan
- Junior/Senior Participations (A/B Loans); Mezzanine Loans; Intercreditor Issues [01:15:44]
Robert J. Ivanhoe, Joseph Philip Forte
- Getting the Deal Closed [00:59:22]
Michelle V. Kelban
- Borrower's Agenda [01:00:06]
Andrew L. Herz, Robert J. Ivanhoe, Joseph Philip Forte
- Getting to Know Your New Best Friends Fannie and Freddie [00:59:27]
Kenneth G. Lore
- Working Out the Troubled Loan [01:01:46]
Steven L. Wilner
- Ethics in Commercial Real Estate Financing [00:59:57]
Pery D. Krinsky
The purchase price of this Web Program includes the following articles from the Course Handbook available online:
- US CMBS 2013 Outlook: Credit Quality of New Loans to Slip But Not to Peak Levels
Daniel B. Rubock
- CMBS Rating Methodology
Erin E. Stafford
- Evolving Deal Structures and Documentation for Securitized Loans
M. Christine Graff, David A. Viklund
- Michigan Nonrecourse Mortgage Loan Act Has Mixed Credit Effects for CMBS
Daniel B. Rubock
- Evolving Deal Structures and Documentation for Securitized Loans
David Stewart
- Interest Rate Risk Management in Commercial Real Estate Loans
Chris Moore
- The Most Important Issue in Every Ground Lease
Joshua Stein
- Leasehold Mortgages: Ground Lease Issues
Suzanne L. Cartledge
- The Lender's View of Leases: Nondisturbance--A Fair Trade for Subordination and Attornment?
Andrea D. Ascher
- The Lender's View of the Leasing Transaction
Eric J. Fuglsang
- Drilling Down on the Documents--Some of the Easiest Ways to Mess Up or Rescue a Commercial Loan Transaction
James M. Carolan
- Subordinate Real Estate Debt Structures in the Current Marketplace
Robert J. Ivanhoe
- Mezzanine Financing: The Basics
Steven R. Davidson
- Intercreditor Battles: Lessons Learned, and How They May Affect Intercreditor Agreements as We Get Back to Business
Steven R. Davidson
- Mechanics of Closing a Real Estate Loan Transaction and Best Practices for a Smooth Transaction
Michelle V. Kelban
- The Borrower's Agenda
Andrew L. Herz
- The Borrower's Agenda: Negotiating Loan Documents
Daniel J. Flanigan
- Sample Fannie Mae Opinion Form
Everett S. Ward
- Fannie Mae and Freddie Mac Multifamily Financing
Kenneth G. Lore
- Working Out the Troubled Loan
Steven L. Wilner
- Issues in Commercial Real Estate Loan Workouts
Marcia W. Sullivan
- Ethical Issues Facing Real Estate Attorneys
Tracy L. Kepler
- Overview of Securitization Today: Rating Agencies (PowerPoint Slides)
Erin E. Stafford
- Index to Commercial Real Estate Financing 2013
Presentation Material
- Interest Rate Protection in Commercial Real Estate Loans
Guy C. Dempsey, Jr.
- Interest Rate Protection in Commercial Real Estate Loans
Guy C. Dempsey, Jr.
- Drilling Down on the Documents - The Ten Easiest Ways to Mess Up
James M. Carolan
- Junior/Senior Participations (A/B Loans); Mezzanine Loans; Intercreditor Issues
Joseph Philip Forte
- Junior/Senior Participations (A/B Loans); Mezzanine Loans; Intercreditor Issues
Joseph Philip Forte
- Junior/Senior Participations (A/B Loans); Mezzanine Loans; Intercreditor Issues: Section A
Robert J. Ivanhoe
- Getting the Deal Closed
Michelle V. Kelban
- Working Out the Troubled Loan
Steven L. Wilner
PLI makes every effort to accredit its On-Demand Web Programs and Segments. Please check the CLE Calculator above for CLE information specific to your state.
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14 and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Minnesota approves live webcasts ONLY
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. PLI programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*PLI will apply for credit upon request. Louisiana and New Hampshire: PLI will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, call Customer Service (800) 260-4PLI (4754) or e-mail info@pli.edu.