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Alterations Provisions
April 28, 2022
Partner | Real Estate
Law Clerk | Real Estate

In real estate financing, most loan documents restrict a Borrower’s right to alter the collateralized real property. Alterations provisions in loan documents pertain to any alterations, improvements, or demolition of any improvements to the property. Since most real estate financing is non-recourse in nature, the Lender is rightly concerned that alterations to the collateralized property may impact the Lender’s only asset in the event of a Borrower default. Even when a financing is not non-recourse, a Lender is also rightly concerned with alterations to the real estate collateral since it is looking, either wholly or partially, to that collateral as security for its loan.

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Partner | Real Estate
Associate | Real Estate

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that evidence a concurrent mortgage loan does not have standing and, therefore, no basis, to preclude a mortgage lender’s motion for summary judgement in a foreclosure action against a mortgage borrower that is an affiliate of a mezzanine borrower.

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Associate | Real Estate

Whilst the Green Loan Principles (“GLP”) are intended to support the general expansion of the market for sustainable finance products, they are also intended to be used in a real estate-specific context, and in October 2020 the LMA published two guidance papers to specifically address some of the more frequently asked questions on the application of the GLP in real estate financing.

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

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