This is the news we’ve been waiting for but have been a bit reticent to say out loud: the rebound of real estate finance is upon us.
Special Counsel | Real Estate
The Appellate Division of the Fourth Department of the Supreme Court of New York recently reviewed a claim that a right of first refusal (ROFR) was void, in part, because it violated the rule against perpetuities.
By William Lo
Associate | Real Estate
Negative pledges are contractual constructs widely used in many financings − from simple mortgage loans to complex, large-scale real estate financing transactions − and, as a result, are often taken as a market standard inclusion in finance documents. That said, why do lenders insist we have them? Why are they necessary even in secured financings where the lender has the benefit of first ranking security? Why do lenders insist that they feature in the security documents even though the loan agreement has them? This article seeks to provide a wider understanding of negative pledges' existence and purpose.
Special Counsel | Financial Restructuring
By Peter Dodson
Senior Counsel | Financial Restructuring
Springing Members are a tool that a structured finance Lender can use to reduce the risk that a Borrower will dissolve under state law. Under most state laws, an LLC that does not have at least one member will dissolve. The risks of a state law dissolution proceeding are similar to those of a bankruptcy, and typically involve the liquidation of the LLC’s assets and the distribution of proceeds in accordance with the LLC Agreement.
Cadwalader’s Real Estate Finance team finalized the two biggest transactions in the CMBS markets in recent weeks.
Here is a rundown of some of Cadwalader's recent work on behalf of our clients.