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April 27, 2020 | Issue No. 11
Partner | Real Estate

The ongoing COVID-19 pandemic has had an unprecedented impact on all sectors of the U.S. economy in a remarkably short period of time, but one of the largest and earliest impacts has been on the hospitality industry. Hotel owners and operators are facing cash flow issues, employment-related concerns and, in many cases, difficulty with respect to their loan obligations. 

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Partner | Real Estate
Special Counsel | Real Estate

On April 14, 2020, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued an interim final rule to temporarily defer real estate appraisals and evaluations under interagency appraisal rules.

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Partner | Real Estate
Associate | Real Estate

The Coronavirus Act 2020 became legislation on 25 March 2020. This legislation provides, amongst other things, emergency measures to combat the economic effects of the pandemic. We discuss in this article the temporary ban on landlords exercising right of re-entry or forfeiture under a commercial lease agreement over non-payment of rent.

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Partner | Real Estate
Special Counsel | Real Estate

While the ramifications of the COVID-19 pandemic for real estate lenders and borrowers will unfold over time, at this point we know that lenders and borrowers will be communicating frequently and extensively regarding potential loan modifications and other accommodations. Lenders are well advised to insist on a pre-negotiation agreement, often referred to as a “PNA,” as a prerequisite to these communications.

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Our Tax Group colleagues recently wrote an exceptional article, titled "Securitization Guidance on Coronavirus-Related Forbearances." It examines the Internal Revenue Service's helpful revenue procedure that permits loans that are subject to certain forbearances and related modifications as a result of the COVID-19 pandemic to be contributed to, and held in, real estate mortgage investment conduits (REMICs) and grantor trusts without jeopardizing these vehicles’ U.S. tax status. You can access it here in our BrassTax newsletter. Also take a look at our Tax Group's REMIC flow chart and article, "Unrecorded Mortgages Pose Unique Issues for REMICs."

Associate | Real Estate

The primary concern for the holder of any mortgage is ensuring the priority and perfection of its lien. When the collateral is a ground leasehold mortgage, this concern is significantly heightened.

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Key Contacts

William P. McInerney
Partner
T. +1 212 504 6118
william.mcinerney@cwt.com

 

Duncan Hubbard
Partner
T. +44 (0) 20 7170 8525
duncan.hubbard@cwt.com

Fredric L. Altschuler
Senior Counsel
T. +1 212 504 6525
fredric.altschuler@cwt.com

 

Melissa C. Hinkle
Partner
T. +1 212 504 6972
melissa.hinkle@cwt.com

Holly Marcille Chamberlain
Partner
T. +1 704 348 5121
holly.chamberlain@cwt.com

 

Alan W. Lawrence
Partner
T. +1 212 504 6332
alan.lawrence@cwt.com

Jeremy Cross
Partner
T. +44 (0) 20 7170 8530
jeremy.cross@cwt.com

 

Bonnie A. Neuman
Partner
T. +1 212 504 5625
bonnie.neuman@cwt.com

Christopher J. Dickson
Partner
T. +1 704 348 5159
christopher.dickson@cwt.com

 

Matthew Robertson
Partner
T. +1 704 348 5257
matthew.robertson@cwt.com

Steven M. Herman
Partner
T. +1 212 504 6054
steven.herman@cwt.com

   
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