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Recent decisions on non-recourse carve-outs in CMBS loans

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 19 2012

Recent court decisions in the state of MichiganWells Fargo Bank, NA v. Cherryland Mall, ____ N.W.2d _____, 2011 WL 6785393 (Mich.App. 2011) (Cherryland) in the Michigan intermediate appellate court and 51382 Gratiot Avenue Holdings Inc. v. Chesterfield Development Company, 2011 U.S. Dist. LEXIS 142404 (E.D. Mi. Dec. 12, 2011) (Chesterfield) in a federal district courthave presented lenders, master and special servicers with new considerations in enforcing their rights and remedies, but confronted borrowers and guarantors in real estate finance markets with vastly different legal liability and unexpected economic consequences than had previously been understood or thought to have been documented in CMBS mortgage transactions

New CREFC mediation proposal: a response to SEC’s proposed breach enforcement regulation

  • Alston & Bird LLP
  • -
  • USA
  • -
  • October 4 2011

In response to the growing proliferation of CMBS mortgage loan put-back litigation for loan seller breaches of representations and warranties and the SEC’s new focus on issuerseller disregard (as well as some purchaser litigation abuse) of requests for repurchase, the Commercial Real Estate Finance Council has proposed a Model Dispute Resolution and Remedies Provision (“Model Provision”) to be incorporated into Mortgage Loan Purchase Agreements (MLPAs) and Pooling and Servicing Agreements (PSAs) industry-wide to provide consistency and transparency to a process that many CMBS investors have lost confidence in as a protection against poor originator loan underwriting

GGP: single purpose entity or all in the corporate family?

  • Alston & Bird LLP
  • -
  • USA
  • -
  • August 25 2009

On August 11, 2009, in a long-anticipated ruling in the Chapter 11 case of General Growth Properties, Inc. (GGP), the court denied the motions to dismiss that had been brought on behalf of several of the property-level lenders

The GGP bankruptcy so far: grounds for concern, sources for hope

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 8 2009

As the federal government and private markets make progress to quell economic recession and stimulate the engines of financial growth, recent headlines from the commercial real estate industry have focused on certain developments, such as the proposed changes in rating agency methodologies and the repeated false starts with the government’s TALF and PPIP programs