CMBS and the Real Estate Law: Recent Trends, Perspectives and Developments
Commercial Mortgage Backed Securities (CMBS) have become an increasingly significant component of the commercial real estate debt market. However, critical issues are currently confronting the CMBS market, particularly the refinancing of the estimated $200 billion CMBS loans due to mature this year. CMBS lenders also face new regulatory requirements such as risk retention rules and the real estate mortgage investment conduit (REMIC) regulations. In addition, stricter underwriting and credit standards are now the rules in the industry. Further, concerns about the “borrower experience” in dealing with CMBS servicers is impacting new issuance of CMBS.
In this LIVE Webcast, a panel of key thought leaders and industry experts organized by The Knowledge Group will provide the audience with an in-depth discussion of the latest and critical issues in CMBS market and its potential implications to commercial real estate financing.
Key issues that will be covered in this course are:
- Overview of the CMBS Marketplace Economics
- Current Issues Affecting Real Estate
- The New Risk Retention Rules and The Impact on Real Estate Finance
- Real Estate Mortgage Investment Conduit (REMIC) Restrictions on CMBS loans
- Common CMBS Servicing and Workouts Issues Borrowers and Servicers Confront
Joshua J. Yablonski, Partner
Katten Muchin Rosenman LLP
- Impact of Risk Retention on deals during the first year.
- Possible legislative and/or regulatory changes.
- Possible impacts of the end of the “Wall of Maturities”?
Gary Eisenberg, Partner
Perkins Coie LLP
- Concerns about the “borrower experience” in CMBS – what has irked borrowers, and how are servicers responding
- Current central of areas of dispute in maturing CMBS debt
- Issues at the heart of CMBS disputes – and issues likely to remain prominent in disputes
- “Who is in control?” – who manages the workout process?
Who Should Attend:
- Real Estate Attorneys
- Commercial Property Developers
- Industry Analysts
Joshua J. Yablonski has extensive experience related to issues involving commercial mortgagebacked securities (CMBS) transactions, representing a wide range of clients. He has represented issuers and underwriters in both public and private (144A) offerings of CMBS, including successfully handling the first Regulation AB II offering of a CMBS for the related issuer.
Josh has experience working on behalf of purchasers and servicers of mortgage- and assetbacked securities, warehouse facilities and commercial paper. He also focuses on innovative financial transactions involving a variety of asset types as well as advises lenders in connection with loan originations and sales, and issuers and underwriters with respect to resecuritizations of mortgage-backed securities.
Prior to joining Katten, Josh was a CMBS attorney at Cadwalader Wickersham & Taft LLP.
Joshua J. Yablonski has extensive experience related to issues involving commercial mortgagebacked securities (CMBS) transactions, representing a wide range of …
Gary has represented CMBS special servicers and other lenders for over 25 years in enforcing rights and remedies on mortgages and other secured transaction documents. He has designed and crafted documentary structures for a wide range of collateral. He has represented CMBS-backed CDO issuers in “CDO-cracking” and other crucial litigation tied to the structure of CMBS transactions.
Gary has represented CMBS special servicers and other lenders for over 25 years in enforcing rights and remedies on mortgages …
Print and review course materials
Method of Presentation:
Basic understanding of real estate law
NASBA Field of Study:
Business Law - Technical
NY Category of CLE Credit:
Areas of Professional Practice
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About Katten Muchin Rosenman LLP
Katten is a full-service law firm with more than 600 attorneys in locations across the United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for counsel locally, nationally and internationally. The firm’s core areas of practice include corporate, financial services, insolvency and restructuring, litigation, real estate, environmental, commercial finance, intellectual property, structured finance and securitization, and trusts and estates. Katten represents public and private companies in numerous industries, including a third of the Fortune 100, as well as a number of government and nonprofit organizations and individuals.
About Perkins Coie LLP
With more than 1,000 lawyers in 19 offices across the United States and Asia, Perkins Coie LLP represents great companies across a wide range of industries and stages of growth—from startups to FORTUNE 500 corporations. Perkins Coie’s litigators have extensive experience in state and federal jurisdictions and at every appellate level including the U.S. Supreme Court. The group includes 17 Fellows in the American College of Trial Lawyers. It has a well-deserved reputation for business-minded and client-centric approaches to litigation. Whether the objective is immediate injunctive relief, timely resolution of a business dispute, private arbitration, or victory at trial, the client’s objective drives our strategy. Litigators counsel clients in a range of areas, from antitrust and unfair competition, to privacy, patent litigation, complex secured transactions, product liability, class action defense, insurance, securities, white collar and more.