Articles

04.04.14

When Litigation Strikes, Is the Jury Friend or Foe?

Many real estate agreements-particularly loan documents-contain waivers of the constitutional right to a jury trial. Apparently some parties, usually lenders and other large institutional players, fear that juries will harbor some prejudice against them.  But will a court really enforce a ...


03.05.14

A Victory for Easement Holders

Easements are not a fast evolving area of the law-common law has had the basics down for a few hundred years or so. Yet one should never underestimate the ingenuity of neighbors to craft new disputes-and make new law.


12.16.13

What Makes a Successful Public-Private Partnership?

If you've been through Los Angeles International Airport recently, you will have noticed that it is undergoing a major overhaul. To transform LAX, the sixth-busiest airport in the world, into a leading world-class airport, Los Angeles World Airports launched a multibillion-dollar airport ...


10.16.13

New Swap Rules Bring New Risks

In secured lending transactions, "swaps" have allowed borrowers to hedge against fluctuations in interest rates and currencies. Earlier this year, new swap rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) have come into effect, resulting in new and ...


08.15.13

When Disaster Strikes, That's Just the Beginning

When was the last time you read a really interesting insurance provision in a loan agreement? Unless you're one of those brave people who writes insurance for a living, the answer to the question is either (a) never, or, if you've ever had the misfortune to suffer a serious casualty to your ...


06.10.13

New Blood: Replacing Opportunity Investors

Necessity being the mother of invention, the market turmoil of the past few years gave birth to many creative solutions to the problem of illiquidity in a down real estate market. One of those solutions was the sale to opportunity investors of preferred equity interests in entities holding real ...


03.26.13

Real Property Buy Goes Bad: Who to Call?

Commercial property buyers spend a lot of time carefully negotiating for seller representations and warranties that the seller is authorized to do the deal, no litigation affects the property, the property is in good condition, and the seller is not a registered terrorist.Sellers counter by ...


02.08.13

Securitized Loans Re-Emerge: Borrowers Beware!

The securitized loan market, long dormant in the recession of the last four years, appears poised to recover much of its pre-recession share of the lending market in 2013.  These low-interest, high-transaction cost loans are often the best option for borrowers of large loans on well-stabilized ...


07.13.12

CMBS Concerns

Are securitized loans worth the trouble? Since becoming popular in the 1980s, commercial mortgage-backed securitization promised commercial real estate borrowers access to more loan capital, often at the most competitive interest rates. The trade-off was more complexity in loan structure and ...


04.20.12

CMBS 2.0: Still in Need of Work

Since their arrival in the 1980s, commercial mortgage-backed securities (CMBS) have held great promise for commercial real estate borrowers. They greatly increased capital flows into commercial real estate and offered lower-cost loans in exchange for cumbersome loan documentation and less ...