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Larger commercial real estate mortgage loans are often originated by a group or “syndicate” of lending institutions that each contribute a portion of the overall loan proceeds and have been brought into the syndicate to share the benefits and risks of the loan. The loan is administered by an agent on behalf of the lender group, which agent generally has the relationship with the borrower and/or the largest stake in the loan. Sometimes the structure is a “loan syndication.” This article describes several significant features of a “syndicated” real estate loan that are not commonly known or understood.
Third Circuit: Pre-Bankruptcy Commercial Lease Termination Not Fraudulent Transfer
By Michael L. Cook
Is an insolvent debtor’s pre-bankruptcy termination of a commercial lease a fraudulent transfer? The circuit courts seem to be split, however a close reading of cases in the Third and Seventh Circuits shows that the reasoning of both courts can be reconciled on their facts.
Municipality’s Refusal to Permit Expansion of a Pre-Existing Nonconforming Use Doesn’t Violate Constitution
By Stewart E. Sterk
Can a municipality’s refusal to permit expansion of a pre-existing nonconforming use constitute a federal constitutional violation? The federal district court for the Eastern District of New York faced that question and awarded summary judgment to the municipality, rejecting the landowner’s substantive due process and takings claims.
5 Most Commonly Required Guaranties In Commercial Real Estate Loans
By Peter E. Fisch and Salvatore Gogliormella
In general, commercial real estate loans are non-recourse in nature and the lenders ultimately look to their collateral for the satisfaction of the borrowers’ obligations if the loan goes into default. However, lenders typically require guaranties from individuals or entities, making the guarantors personally liable for certain obligations.
The Future of the Office Real Estate Market
By Anthony F. DellaPelle
It appears that at least some form of hybrid work schedules — much more than existed pre-pandemic — are likely here to stay. How these increased trends may impact the office market and demands for office space in the foreseeable future remains to be seen.