This is a webcast of the live New York session.Why you should attend
Many things have changed in the world of real estate: the structuring of transactions, availability of financing availability of equity capital, bankruptcy remote structures, the role of the bankruptcy process, joint venture considerations, work out pitfalls, carve-out guaranties and unanticipated judicial interpretations, global market gyrations, interest rate setting irregularities, evolving neighborhoods, mega public/private projects, special servicer rights and objectives, and many other factors. This one-of-a-kind program will provide insights into the most effective way to recognize and address these concerns. Some of the best real estate lawyers in the country will be participating in this Program to give you cutting-edge advice for a challenging market place.
What you will learn
- Explore the best techniques for negotiating real estate transactions under current market conditions.
- Who has the advantage in negotiating real estate contracts, and what are realistic expectations.
- How to deal with the “auction” process in or out of bankruptcy proceedings
- What are lenders prepared to negotiate in their loan agreement?
- What sponsors need to be wary of in signing "good guy" guaranties?
- What does and does not belong in a Pre-Negotiation Agreement?
- Practical considerations in loan defaults and foreclosures and their impact on achieving workout and restructuring objectives.
- How do special servicers view their role in dealing with distressed real estate, and what can be accomplished?
- Critical aspects of negotiating joint venture agreements.
- How has the leasing world changed?
- How has the financing world changed?
- How do these public/private mega projects actually get done?
Who should attend
Real estate attorneys, investment bankers who acquire and sell real estate, real estate executives, asset managers and acquisition managers, investment advisors, bankers and real estate advisors and consultants.
PLI Group Discounts
Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.
PLI Can Arrange Group Viewing to Your Firm
Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.
Cancellations
All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.
All times are E.D.T.
Morning Session: 9:00 a.m. - 12:30 p.m. (E.D.T.)
9:00
State of the Market and Representing Special Servicers
A. State of the Market
- Leasing fundamentals
- Sales trends
- Recapitalizations
- Lending environment
Darcy A. Stacom
B. Representing Special Servicers
- Standards governing special servicer decisions
- Trends in loan modifications
- Note sales
- Cooperative sales
- Differences between CMBS and MBS structures
- Recent court decisions
Courtney Capute, Gregory A. Cross
10:15
Recent Trends in Real Estate Lending: 2013 Edition
- Current activity in commercial mortgage finance; major events in 2012
- Recent case law impacting real estate lending practices
- Rating agency trends
- Recourse guaranties - the dance continues
- Latest developments in mortgage-mezzanine intercreditor agreements
- Changes in the title insurance world
Louis J. Hait, William P. McInerney
11:15
Networking Break
11:30
Closing Complex Transactions
A. Successfully Closing Purchase and Sale Transactions
- Manage the due diligence process
- Shape Seller's representations and warranties
- Outline covenants of Purchaser and Seller to govern the contract period
- Establish conditions to the parties' obligations to close
- Manage the closing process
- Define default and provide for remedies
B. Complex Leasing Transactions
- Casualty in the Post-Sandy Era
- Coordinating the technical aspects of a large lease transaction
- Techniques to determine fair market value
- Creating financeable leasehold estates
- Special considerations in leasing to a foreign tenant
Ronald D. Sernau, Robert Sorin
12:30
Lunch
Afternoon Session: 1:45 p.m. - 5:00 p.m. (E.D.T.)
1:45
Distressed Loan Workouts and Lender Remedies
- Defaults and acceleration
- Latest trends in loan enforcement
- Recourse and election of remedies
- Defenses and lender liability
- Workout strategies, forbearance agreements and other workout models
Richard S. Fries, Jamie A. Levitt
2:45
What Provisions do Joint Venture Partners Negotiate the Most?
- Governance and Control - micro managing v macro managing, shifts in control
- Dispute Resolutions - dealing with deadlocks, buy-sell provisions
- Capital Contributions - when to fund more and what to do when a partner fails to fund
- Distributions - straight by percentage interest v preferred returns, carried and promoted interests
- Exit Strategies and Other Transfer Restrictions - includes sponsor equity hold requirements, indirect transfers, transfers of management rights and affiliate agreements, and transfers to competitors
- Tax Provisions - special allocations, deferral of taxable gain for seller
- Evaluation of foregoing issues in context of debt restructuring and recapitalizations; replacement guarantors
Steven G. Horowitz, Steven D. Klein
3:45
Networking Break
4:00
Ethics in Real Estate Transactions: Dealing with Conflicts of Interest
This segment will build on realistic hypotheticals about real estate transactions. These hypotheticals will capture situations frequently faced by sophisticated real estate lawyers. As the hypotheticals unfold, the panelists will cover topics such as:
- Conflicts with current clients
- Advance waivers of future conflicts
- Obtaining informed consent to conflicts
- Imputation of conflicts to an entire firm
- Firewalls to prevent imputation of conflicts
- Conflicts caused by lateral hires
- Conflicts caused by multiple representation
Bonnie J. Host, Roy D. Simon
5:00
Adjourn
PLI makes every effort to accredit its Live Webcasts. Please check the CLE Calculator above for CLE information specific to your state.
PLI's Live Webcasts are approved for MCLE credit (
unless otherwise noted in the product description) in the following states/territories: Alabama, Alaska, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois, Indiana
1, Iowa*, Kansas*, Kentucky*, Louisiana, Maine*, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, New Hampshire*, New Jersey, New Mexico, Nevada, New York
2, Ohio
3, Oklahoma, Oregon*, Pennsylvania
4, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia
5, Virgin Islands, Washington, West Virginia, Wisconsin, and Wyoming*.
*PLI will apply for credit upon request.
Arizona: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
Arkansas and Oklahoma: Audio-only live webcasts are not approved for credit.
1Indiana: Considered a distance education course. There is a 6 credit limit per year.
2New York: Newly admitted attorneys may not take non-transitional course formats such as on-demand audio or video 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.
3Ohio: To confirm that the live webcast 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 biennial 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.
4 Pennsylvania: A live webcast may be viewed individually or in a group setting. Credit may be granted to an attorney who views a live webcast individually. There is a 4.0 credit limit per year for this type of viewing. A live webcast viewed in a group setting receives live participatory credit if the program is open to the public and advertised at least 30 days prior to the program. Live webcasts viewed in a group setting that do not advertise at least 30 days prior the program will be considered "in-house", and therefore denied credit.
5Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
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.
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, refer to your state CLE website or call Customer Service at (800) 260-4PLI (4754) or email: info@pli.edu.
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.