Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation,...
Transcript of Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation,...
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• The state of the commercial mortgage financing market • Ground leases as collateral, for both landlords and tenants • Title insurance coverage and endorsements in multi-state,
multi-property transactions • Lessons learned on nonrecourse carve-outs and single-purpose
entity covenants • Environmental law 101 for real estate lawyers • Best practices for UCC filings • Learning to live with the rating agencies and how
to solve problems
April 4-5, 2016Chicago
April 18-19, 2016New York CityNew Brunswick Groupcast LocationLive Webcast
®
Satisfy Your CLE, CPE and CPD Requirements!
Commercial Real EstateFinancing 2016
EarnOne Hour ofEthics Credit
Register Online at www.pli.edu/WJE6 or Call (800) 260-4PLI
Why You Should AttendThis year’s seminar will explore new and advanced topics in commercial real estate financing. Our faculty of experienced attorneys, in conjunction with non-attorney real estate professionals,will discuss (i) capital stack structuring vehicles such as joint ventures, mezzanine financing and (in New York City only) crowdfunding; (ii) how interest rate hedging works for borrowers andlenders; (iii) issues relating to leasehold mortgage financing; and (iv) the use of development rightsas collateral for New York mortgage loans. We will explore “hot button” issues in traditionalmortgage financing documentation, such as nonrecourse carve-outs, partial guaranties, newregulatory requirements for acquisition and construction loans, and common and not-so-commonproblems with UCC-1 financing statements. Our Chicago program will include discussion of a fewparticularly difficult elements of the closing process: tenant estoppels; subordination, non-disturbance and subordination agreements (SNDAs); and legal opinions.
What You Will Learn• The state of the commercial mortgage financing market • Ground leases as collateral, for both landlords and tenants • New rules on “High Volatility Commercial Real Estate Loans” • Why you may want to skip delivering or accepting an SNDA (Chicago only) • Title insurance coverage and endorsements in multi-state, multi-property transactions • Title coinsurance and reinsurance • How completion guaranties work • Lessons learned on nonrecourse carve-outs and single-purpose entity covenants • Environmental law 101 for real estate lawyers • How to prevent malpractice in loan closings • Legal opinion negotiations (Chicago only) • Best practices for UCC filings • Learning to live with the rating agencies and how to solve problems
Who Should AttendCommercial real estate attorneys, executives, in-house counsel, investment bankers who acquireand sell real estate, asset managers, and acquisition managers.
Commercial Real EstateFinancing 2016
Save the Date — Upcoming 2016 Seminars!
CMBS and the Real Estate Lawyer 2016 – Lender and Borrower Issues in the Capital Market, February 11, 2016 – New York City & Live Webcast
Negotiating Commercial Leases 2016, March 10-11, 2016 – New York City & Live Webcast
For a complete list of PLI offerings, visit www.pli.edu
Morning Session: 9:00 a.m. – 12:30 p.m.
9:00Opening Remarks and Introduction
9:15Ground Lease Financing• Lender Protections• Condemnation Clauses• Rent Resets• Other Problem Areas CHI: Melissa Schmucker Vandewater, Everett S. WardNYC & WEB: Joshua Stein
10:15Leases, Tenants, Estoppels and SNDAs (Chicago Only)• Common Problems That Come Up
Again and Again• Arcane Problems• Common Solutions• Arcane SolutionsCHI: Soo Yeon Lee, Ruth A. Schoenmeyer
10:15Development Rights as Collateral (New York City Only)• Due Diligence• Perfection• SurprisesNYC & WEB: Caroline Harris
11:15 Networking Break
11:30Construction Loans• Troublesome Closing Requirements• The Negotiation Battlegrounds• How Disbursements Work; Where the
Problems Lie• Completion Guaranties; Measure of Liability• “High Volatility Commercial Real Estate Loans”CHI: Linda S. Schurman NYC & WEB: Warren J. Bernstein, Mario J. Suarez
12:30 Lunch
Afternoon Session: 1:45 p.m. – 5:00 p.m.
1:45Interest Rate Protection Products for Real Estate Lenders• Swaps vs. Fixed-Rate Loans• Pricing and Auctions• Caps and Swaps as Collateral• Swap Termination Payments and Security Issues• Clearing Requirements• New Regulatory RequirementsCHI: Chris MooreNYC & WEB: Jeffrey S. Page
2:45Common UCC Issues in Mortgage and Mezzanine Loans• Common Problems with Financing Statements• Recent Changes in NY and Delaware Law• Security Interests in Limited Liability Companies
and Other Equity Interests• Best Practices for Fixture Filings• Security Interests in Deposit Accounts
and Securities AccountsCHI: Jonathan M. Cooper NYC & WEB: Christopher J. Carolan, Lawrence Safran
3:45 Networking Break
4:00 Title Insurance in Complex Financing Transactions• Multi-State and Multi-Property Deals• Title Endorsements• Coinsurance and Reinsurance• Mezzanine Loans and Preferred Equity• Running the Transaction and Getting to ClosingCHI: James W. McIntoshNYC & WEB: Fred Glassman, Paul P. Reisman
5:00 Adjourn
Day One: 9:00 a.m. – 5:00 p.m.
Program Schedule
Morning Session: 9:00 a.m. – 12:30 p.m.
9:00Joint Ventures as a Financing Vehicle• Deal Terms and Structure• Hurdles and Internal Rate of Return• Legal Issues• Pension Funds and Other Special Types
of InvestorCHI: Robert F. Messerly NYC & WEB: Steven G. Horowitz, Audrey L. Sokoloff
10:15Legal Opinions (Chicago Only)• The Bid and the Asked• Opinion Negotiations• Practical Realization • Nonconsolidation Opinions• “The Delaware Opinions”• Unreasonable Opinion RequestsCHI: Kenneth M. Jacobson
10:15Crowdfunding for Debt and Equity Capital (New York City Only)• How It Works• Securities Law Issues• What the Documents Should Say• Exposure When the Deal Goes BadNYC & WEB: Thomas D. Kearns
11:15 Networking Break
11:30Environmental Law 101 for Real Estate Finance Lawyers• How to Think About Environmental Issues• Lender Exposure• How to Mitigate• What the Documents Should SayCHI: Anne E. Viner NYC & WEB: Christine Leas, Lawrence P. Schnapf
12:30 Lunch
Afternoon Session: 1:45 p.m. – 5:00 p.m.
1:45CMBS Criteria• What the Rating Agencies Want• Why They Want It• Where Loans Fall Short• How to Solve ProblemsCHI: Daniel J. Hartnett, Erin E. Stafford NYC & WEB: Ellen M. Goodwin, Daniel B. Rubock
2:45Guaranties and Nonrecourse Carveouts• Language at Issue• Cases Favoring Guarantors• Lessons for Drafting• SPE CovenantsCHI: Michael S. KurtzonNYC & WEB: Janice Mac Avoy
3:45 Networking Break
4:00Legal Ethics for Real Estate Finance Lawyers• Who’s the Client?• Direct Communications• Conflicts of Interest• Waivers• Malpractice PreventionCHI: Peter L. Apostol NYC & WEB: Devika Kewalramani
5:00 Adjourn
Day Two: 9:00 a.m. – 5:00 p.m.
Please plan to arrive with enough time to register before the conference begins. A networking breakfast will be available upon your arrival.
“Nicely done and very informative.”– Eric Schiller, Dentons US LLP
“All presenters were excellent.” – Mark Patterson, Akin Gump Strauss
Hauer & Feld LLP
“Program was really good andspeakers were interesting.” – 2015 Attendee
Warren J. Bernstein Kaye Scholer LLPNew York City
Christopher J. Carolan Seyfarth Shaw LLPNew York City
Fred Glassman Vice President and
Senior CounselFidelity National Title
Insurance Company New York City
Ellen M. GoodwinAlston & Bird LLPNew York City
Caroline HarrisGoldman Harris LLCNew York City
Steven G. HorowitzCleary Gottlieb Steen &
Hamilton LLPNew York City
Thomas D. KearnsOlshan Frome Wolosky LLPNew York City
Devika KewalramaniMoses & Singer LLPNew York City
Christine LeasSive, Paget & Riesel P.C.New York City
Janice Mac AvoyFried, Frank, Harris,
Shriver & Jacobson LLPNew York City
Jeffrey S. Page Reed Smith LLPNew York City
Paul P. ReismanVice President/New York
State CounselOld Republic National Title
Insurance CompanyWestbury, New York
Daniel B. Rubock Senior Vice PresidentMoody’s Investors
Service, Inc.New York City
Lawrence SafranLatham & Watkins LLPNew York City
Lawrence P. SchnapfSchnapf LLCNew York City
Audrey L. SokoloffSkadden, Arps, Slate,
Meagher & Flom LLP and Affiliates
New York City
Mario J. SuarezThompson Hine LLPNew York City
Faculty
Chair:
Joshua SteinJoshua Stein PLLCNew York City
CHICAGO
Peter L. Apostol Senior CounselAttorney Registration and
Disciplinary CommissionChicago
Jonathan M. CooperGoldberg KohnChicago
Daniel J. Hartnett Kaye Scholer LLPChicago
Kenneth M. Jacobson Katten Muchin
Rosenman LLPChicago
Michael S. KurtzonDykema Gossett PLLCChicago
Soo Yeon Lee Gordon & Centracchio, LLCChicago
James W. McIntoshVice President and
Sales ManagerFirst American Title
Insurance CompanyChicago
Robert F. Messerly Quarles & Brady LLPChicago
Chris MooreDirectorChatham FinancialKennett Square,
Pennsylvania
Ruth A. Schoenmeyer Pircher, Nichols & MeeksChicago
Linda S. SchurmanGoodSmith Gregg &
Unruh LLPChicago
Erin E. StaffordManaging Director Dominion Bond
Rating ServiceChicago
Melissa SchmuckerVandewaterSeyfarth Shaw LLPChicago
Anne E. Viner General Counsel and
Director of EnvironmentalRisk Management
WCD GroupEvanston, Illinois
Senior Program Attorney:Meghan K. Carney
NEW YORK CITY, GROUPCAST LOCATION & LIVE WEBCAST
Co-Chairs:
Steven R. DavidsonDentons US LLPChicago
Everett S. Ward Quarles & Brady LLPChicago
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