Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation,...

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Register Today at www.pli.edu/WJE6 or Call (800) 260-4PLI • 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, 2016 Chicago April 18-19, 2016 New York City New Brunswick Groupcast Location Live Webcast ® Satisfy Your CLE, CPE and CPD Requirements! Commercial Real Estate Financing 2016 Earn One Hour of Ethics Credit

Transcript of Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation,...

Page 1: Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation, such as nonrecourse carve-outs, partial guaranties, new regulatory requirements for

Register Today at www.pli.edu/WJE6 or Call (800) 260-4PLI

• 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

Page 2: Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation, such as nonrecourse carve-outs, partial guaranties, new regulatory requirements for

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

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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

Page 4: Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation, such as nonrecourse carve-outs, partial guaranties, new regulatory requirements for

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

Page 5: Commercial Real Estate Financing 2016 - Moses & Singer LLP · mortgage financing documentation, such as nonrecourse carve-outs, partial guaranties, new regulatory requirements for

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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