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Bring On Q4
September 29, 2021
Associate | Real Estate

Preferred equity − what is it? The question confounds many who encounter this unique and flexible financing alternative because it generally exhibits features of both debt and equity. The range of structures and terms for a preferred equity investment, which can often prove chameleon-like and result in inconsistent treatment and expectations by the preferred equity holder and others in the capital stack, makes it tricky to deal with if you are a lender considering making a mortgage or mezzanine loan to a borrower with a preferred equity investor. Whether you provide special recognition rights to the preferred equity holder may, in fact, come down to whether you consider preferred equity to be − or, just as importantly, must require it to be treated as − debt or equity, among a host of other considerations.

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Partner | Real Estate
Associate | Real Estate

On September 2, 2021, New York Governor Kathy Hochul signed into law a new moratorium on evictions and foreclosures for residential tenants and small businesses. Recently, in the case Chrysafis v. Marks, the U.S. Supreme Court enjoined the enforcement of the previous residential moratorium in New York (which expired August 31), finding that the tenant’s ability to self-declare financial hardship while precluding a landlord from contesting that declaration violated the landlord’s due process rights. Additionally, in the case Alabama Association of Realtors v. Department of Health and Human Services, the U.S. Supreme Court held that the CDC exceeded its statutory authority in issuing its latest residential eviction moratorium and blocked the enforcement of such moratorium. In response, and citing the rise in cases due to the Delta variant of COVID-19, the New York legislature passed a new moratorium, which expires January 15, 2022. 

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Associate | Real Estate

In this Part 3 of the limited recourse financing series, we discuss some common issues and considerations with respect to the security package in a typical limited recourse structure.

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Here is a rundown of some of Cadwalader's recent work on behalf of our clients.

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Steven M. Herman
Partner
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steven.herman@cwt.com

 

Duncan Hubbard
Partner
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duncan.hubbard@cwt.com

Fredric L. Altschuler
Senior Counsel
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fredric.altschuler@cwt.com

 

Holly Marcille Chamberlain
Partner
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holly.chamberlain@cwt.com

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

 

Melissa C. Hinkle
Partner
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melissa.hinkle@cwt.com

Alan W. Lawrence
Partner
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alan.lawrence@cwt.com

 

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

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

   
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