On-Demand Learning

Real Estate

Transcripts

Recorded on: Mar. 14, 2013

S. LYNN MARTINEZ: OK. Can you hear me out there? Yes? OK. So we are now going to move into our sessions about more specific types of tenancies. This one will be about foreclosure, tenants living in foreclosed homes. I'm joined here by Dean Preston from Tenants Together. He's the founder and executive director of the organization, which is California's only statewide organization for renter's rights. Previous to founding Tenants Together, Dean was ...

Recorded on: Mar. 14, 2013

SPEAKER 1: OK, everybody, we're going to start. Take your seats. Philip Morgan-- SPEAKER 2: You should call out Dean Preston too. SPEAKER 1: We're moving on now to subsidized housing and evictions and program terminations for subsidized housing tenants. You all know Kent. We're also joined this session by Navneet Grewal, who also works at Western Center on Law and Poverty, in Los Angeles, with me. She's the staff attorney there, focusing solely ...

Recorded on: Mar. 14, 2013

S. LYNN MARTINEZ: OK, you all. It's four o'clock. We're going to get started for our last session. One more hour to go. Hang in there. OK, so our last session is Fee Waivers, Requests for Jury Trials, and Appellate Division Writs. And we now are formally being introduced to Christian Abasto, who is the Director of Litigation at the Public Law Center in Santa Ana. Previous to joining PLC, he was with the Legal Aid Foundation of Los Angeles for many ...

Recorded on: Mar. 14, 2013

LYNN MARTINEZ: So at this point, we're going to start with our first session. To my far right is Laura Lane. Laura Lane has directed the housing practice at East Bay Community Law Center in Berkeley for many years. She joined in 1997 as a supervising attorney. She also teaches housing law and policy at the University of California Berkeley School of Law as well as the Golden Gate University School of Law. She recently authored a chapter on residential ...

Recorded on: Mar. 14, 2013

S. LYNN MARTINEZ: So we are now being joined by Phong Wong, who is the pro bono director of Legal Aid Foundation of Los Angeles. Prior to becoming the pro bono director, she worked in housing for many years, mostly around slum housing litigation, eviction defense, and subsidized housing, and housing redevelopment. Phong has also worked on access to court issues, including fee waiver issues with Western Center on Law and Poverty and at LAFLA. And ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: But for now, we're going to turn to our Rob Hellman and Dan Rubock, who are going to speak about the current state of the market and the current world of CMBS. Rob has 30 years of experience in the commercial real estate industry. He's an attorney, although he functions now as a Head of Asset Management and Head of the Investment Committee of Pembrook. He's also served as president, CEO, or CFO for a number of public real estate funds ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: We're going to be moving now to CMBS 2.0, and, if there is such a thing, what it means, how documentation has changed, how deal structures have changed, if they have changed. Our speakers are going to be Dan Rubock, again, joined now by Dave Stewart, who's a partner in the real estate practice of Mayer Brown, just down the street. Dave focuses his practice on secured lending and loans in the secondary market, including purchase of CMBS ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: --was terrific. Our next speaker is Michelle Kelban, who was a partner if mine at Latham & Watkins. And she's been identified as "a name to note and a skilled and extremely competent lawyer" by Legal 500 US. She specializes in complex real estate financing transactions. And I've asked her to speak about how to get a deal closed. MICHELLE KELBAN: Hi, everybody. I just want to make sure I've got this slide thing down right. ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: OK, thank you everybody, for coming back for the afternoon session. I shouldn't touch the microphone. Sorry about that. That's to wake everybody up. I'm going to be speaking about ground leases because ground leases are a very common ownership structure, particularly in New York, California, Florida, Texas, Maryland, and a few other places, perhaps everywhere. They come up again and again, and a certain set of issues keep coming up again ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: Ok we're in the final lap for the day. And thank you for coming back for that final lap. We are turning now to the closing process for loans. The due diligence and loan documentation process. And I've asked Jim Carolan to focus on how loan documents work, where some of the problems are, and how you can mess up a commercial loan transaction. He added the concept of rescuing the commercial loan transaction. But that's OK. Jim heads the ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: Good afternoon, everyone. I think our audience is petering out. But our next speaker is going to be Ken Lore, who is a nationally recognized expert on government-assisted commercial real estate financing. This is the first time I've included a segment on this topic in this program. Ken is co-chair of the real estate practice group at Bingham and has a wide-ranging real estate practice, which includes a substantial element of affordable ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: Our next topic's going to be how a borrower negotiates loan documents. Our speaker is Andy Herz. Andy is a partner at Patterson, Belknap, Webb, and Tyler here in New York City, member of the American College of Real Estate Lawyers, and a lawyer listed in the Best Lawyers in America. Chambers described Andy as quote, "an incredible leasing lawyer, probably the best in the city in terms of leasing. He's not bad on loan documents, ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: OK, thanks for returning after the break, everyone. Our next speaker is Guy Dempsey who is going to speak about derivatives, specifically interest rate caps and swaps as used in commercial real estate transactions. These features do appear in deal after deal after deal. And we all kind of look at them from a real estate perspective. Guy is an expert on derivatives from the perspective of how they're structured, how you set them up, ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: It needs to be cleaned up. On that note, we are going to turn to nondisturbance issues, and issues of how mortgagees look at space leases. And our speaker is Andrea Ascher, who was actually-- weren't you on the very first panel in '97 that I chaired for PLI? And I'm very happy to welcome Andrea back. She is a partner in the New York office of what used to be Schoeman, Updike, and Kaufman, but is now Schoeman, Updike, Kaufman, Stern, ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: OK, we're going to conclude the program today with about an hour on legal ethics. We're pleased to have Pery Krinsky speaking on legal ethics. His practice is devoted exclusively to attorney ethics matters as well as art law ethics, litigation, representing law school students before the committees on character and fitness. And he's chair of the Ethics Committee of the Entertainment, Arts, and Sports Law section of the state bar association. ...

Recorded on: Feb. 19, 2013

JOSHUA STEIN: Good morning, everybody. We are reconvening for day two. We're going to focus for the first hour on-- actually it's an hour and 15 minute slot focusing on multiple lender issues. We're going to start off with Mezzanine loans and inter-creditor issues, and then move to A/B loans, Junior/Senior participations. For this segment we are fortunate to have two leading real estate lawyers from New York City and nationally. Our first speaker ...

Recorded on: Feb. 19, 2013

KEN: Good. Thanks. JOSH: Our next speaker is going to be Steve Wilner who's at Cleary Gottlieb Steen & Hamilton here in New York. Steve has a wide-ranging real estate and corporate practice with an emphasis on real estate financing, hospitality, development work, foreclosures, restructurings, and bankruptcies. And we're going to be focusing on foreclosures, restructurings, bankruptcies, and workouts in this particular segment of the program. ...

Recorded on: Feb. 12, 2013

We'll move on to the second part of our presentation, and this presentation is from the bank's perspective. And Peter Barwick is going to speak about the way mortgage securities are held by the banks, the corporate trust issues. And Rich Haber and Jeff Jaffee are going to talk about the economics of mortgage servicing. And thank you very much gentlemen. PETER S. BARWICK: Good afternoon. Thanks, Joe. Thank you all for braving the elements to get here. ...

Recorded on: Jan. 31, 2013

MAEVE ELISE BROWN: Turn it over to them. LISA SITKIN: Thanks. Good morning. I'll just give a disclaimer that I have the cold that's going around, so I apologize if I sneeze, or cough, or make any weird sounds. So we wanted to start just with a little bit of background and overview. What we're going to try to do today is to familiarize you with where we are now. And where we're going to be in about a year when a lot of the rules we're discussing ...

Recorded on: Jan. 17, 2013

MEGAN: And now it is with great pleasure that I introduce to you the chairs of today's program, Adam Emmerich and Warren Gorrell. Adam is a partner at Wachtell, Lipton, Rosen & Katz where he focuses his practice primarily on mergers and acquisitions, particularly in the REIT and publicly traded real estate areas as well as on corporate governance and securities law matters. Adam is the co-author of a number of books and articles and is a frequent ...

Recorded on: Jan. 17, 2013

GIL MENNA: Welcome back. Here we are at the session on real estate M&A, titled REIT M&A 101 Changing Continuity. I'd like to introduce my panelists, and then we'll jump into the session. To my immediate left is Jim Hanks, a partner at Venable who defines the Maryland general corporation law, some of us would say, and is also a hero from years past. From the miracle on the Hudson, when he left here at the PLI event and ended up in the Hudson ...

Recorded on: Jan. 17, 2013

ADAM EMMERICH: Hi. Good morning again. I'm Adam Emmerich. As Warren mentioned-- one of the co-chairs today-- we're going to talk on this panel about some case studies-- REIT Acquisitions in a Globalizing World. And we're fortunate to have-- I guess it's as was mentioned in the first panel kind of some sort of ageist criteria to participate today. Because everybody on this panel also has upwards of 25 years of experience in the REIT and Real Estate ...

Recorded on: Jan. 17, 2013

EUGENE A. PINOVER: Good afternoon. The last panel today is an extraordinary panel with people from somewhat unusual backgrounds for this kind of program, but who have a tremendous amount to offer. On my far right is Glenn Rufrano. Glen is now the President and CEO of Cushman and Wakefield. He was, before that, the chief operating officer of Centro Properties in Australia. And he became the CEO of Centro because he had sold New Plan Excel to Centro ...

Recorded on: Jan. 17, 2013

JODI SCHWARTZ: Good afternoon, everyone. My name is Jody Schwartz. I'm a partner at Wachtell, Lipton. And I'm delighted to be here this afternoon to talk a little bit about the tax aspects of REIT M&A. I have a very excellent and distinguished panel of Cristina Arumi, who's a partner at Hogan Lovells, a leader of their global tax practice, who practices primarily in the area of corporate and partnerships. And her experience includes, among other ...

Recorded on: Jan. 14, 2013

MALE SPEAKER: Good morning to everyone in the room here, and on the web. Welcome back for day two of our program. This morning, for the first segment, we're going to talk about more financial products, a different type. And then we're going to have a pause to hear from a tax practitioner about some of the tax issues that arise in this area of practice. We can never cover everything, so each year, we choose topics that seem to be topical and interesting. I ...