REF News & Views

You Can Get Anything You Want at Alice’s Restaurant -- A Thanksgiving Tradition -- Best Wishes to All

November 22, 2024

Heir and Square

Sovereign Immunity and the New York Statute of Limitations

Cadwalader Once Again Shortlisted for ‘Law Firm of the Year' Award

Recent Transactions

Spooky and Scary: No, We're Not Talking About the Election!

October 29, 2024

A Halloween Scare: Ambiguity in Loan Terms

Holly Chamberlain Once Again Named Law360 MVP

Bonnie Neuman Named Among 2025 Lawdragon 500 Leading Dealmakers in America

Recent Transactions

Jeopardy Question: Rates and Leaves -- Answer: What Are Things That Are Dropping?

September 30, 2024

FinCEN Issues Final Rule Designed to Combat Money-Laundering in Residential Real Estate Transactions: Money It’s a Gas, Grab That Cash With Both Hands and Make a Stash

Cadwalader Finance Forum: Commercial Real Estate Agenda and Speakers Announced!

Celebrating Cadwalader's Renovated Headquarters

Recent Transactions

Summertime Done Come and Gone My Oh My

August 29, 2024

Fool Me Once, Shame on You; Fool Me Twice, Shame on Me: Res Judicata and Ownership Claims Post Foreclosure

Cadwalader Lawyers Featured in Inaugural Lawdragon Real Estate Guide

Cadwalader Real Estate Team Recognized in The Best Lawyers in America 2025

Meet Your Real Estate Moderators! Cadwalader 8th Annual Finance Forum - October 23

July Is Not Just for Olympic Gold: Some Notable and Well-Deserved Awards and Recognition

July 29, 2024

Stay Just a Little Bit Longer: Not Jackson Browne but the Statute of Limitations

Crain’s Names Bonnie Neuman to Its 2024 “Notable Leaders in Real Estate”

Why CMBS Is Growing More Attractive for Investors

Cadwalader’s Molly Lovedale Recognized Among Bloomberg Law’s 2024 ‘40 Under 40’ Honorees

Recent Transactions

Rolling Into Summer With a Fever - Happy Fourth to All!

June 28, 2024

COVID Decision of Interest

In Conversation With Larry Silverstein

Recent Transactions

May Is for Flowers and Cautious Optimism

May 31, 2024

An Update to the New York LLC Transparency Act

An option to dispose of property does not necessarily give rise to a taxable disposal

Recent Transactions

May the 4th Be With You This Saturday

April 30, 2024

I Would Prefer Not to – a Scriveners Tale – Not Bartleby

UK Court ruled debenture is void for non-registration despite there being a Companies House registration certificate

UK Financial Regulator Publishes Guidance on New Anti-Greenwashing Rule

Recent Transactions

Fed Cuts Interest Rates by 4%: Check the Date!

April 1, 2024

Not So Sweet Home Alabama

The UK's Spring Budget 2024 and Its Impact on Real Estate

Ex Parte Appointment of a Receiver Confirmed

Recent Transactions

Leap Year Insights

February 28, 2024

FinCEN’s Proposed Rulemaking: Enhancing Transparency in Residential Real Estate

Government response to consultation on Building Safety Levy suggests it may not just apply to ‘higher-risk buildings’ in England

There’s No Going Back: The Finality of Mortgage Foreclosures

Recent Transactions

Dry January Is Hard Enough Without Transparency Disclosure Too!

January 31, 2024

In This Issue ...

Finance Bill 2023-2024 Introduces Changes to REIT Rules

Nowhere to Run to Baby, Nowhere to Hide: An Overview of the New York LLC Corporate Transparency Act and Its Disclosure Requirements

Key Takeaways From the 30th Annual CREFC Conference in Miami

Recent Transactions

Year's End Perspectives

December 15, 2023

In This Issue ...

Slips Happen – A Reminder on the Importance of Defining Terms

High Court Ruled That Lender Suffered No Loss Despite Negligent Valuation of Security

Recent Transactions

Happy Holidays!

The Leaves Are Changing But Is the Market?

October 27, 2023

Wire You Foreclosing?

Building Safety Act 2022: Key Provisions for Property Owners

Recent Transactions

Changing Seasons, Changing Perspectives

September 29, 2023

Miscellaneous Provisions: Least Important or Most Important

Hargreaves Property: What Does the Latest Decision Mean for UK Withholding Tax?

Recent Transactions

Summer's Last Hurrah

August 31, 2023

Gimme Shelter: But Cash Only, Please

Building Safety Act 2022: What Lenders Need to Know

Loans Are Not Securities

Four-Part Series: National Security and Investment Act 2021

August 1, 2023

National Security and Investment Act 2021, Part 1 – Background and Key Features

National Security and Investment Act 2021, Part 2 – Notification and Intervention Provisions

National Security and Investment Act 2021, Part 3 – Sanctions for Non-Compliance

National Security and Investment Act 2021, Part 4 – Impact on the Real Estate Finance Market

Four-Part Series: How to Prepare for a Real Estate Enforcement in Europe

August 1, 2023

How to Prepare for a Real Estate Enforcement in Europe, Part 1

How to Prepare for a Real Estate Enforcement in Europe, Part 2 – The Importance of Valuation in Enforcements

How to Prepare for a Real Estate Enforcement in Europe, Part 3 – Implementation (or Getting the Deal Done!)

How to Prepare for a Real Estate Enforcement in Europe, Part 4 – Challenges

Markets Heating Up in the Dog Days of Summer

July 31, 2023

A Primer on New York’s One Action Rule

Banking Agencies Finalize Interagency Policy Statement on CRE Loan Workouts

How to Prepare for a Real Estate Enforcement in Europe, Part 4 – Challenges

National Security and Investment Act 2021, Part 4 – Impact on the Real Estate Finance Market

Recent Transactions

Set for Summer?

June 29, 2023

Forbearance Agreements: I Can’t Help You With Your Troubles If You Won’t Help With Mine

New EPC Regulations: What You Need to Know

How to Prepare for a Real Estate Enforcement in Europe, Part 3 – Implementation (or Getting the Deal Done!)

National Security and Investment Act 2021, Part 3 – Sanctions for Non-Compliance

Chris Dickson and Molly Lovedale Named ALM Southeastern Award Winners

The Start of Summer

May 31, 2023

We Can Work It Out: The Need for Pre-Negotiation Agreements

New 8th Edition CLLS Certificate of Title: What You Need to Know

How to Prepare for a Real Estate Enforcement in Europe, Part 2 – The Importance of Valuation in Enforcements

National Security and Investment Act 2021, Part 2 – Notification and Intervention Provisions

Molly Lovedale Named to Charlotte Business Journal's ‘40 Under 40’ List

Exploring UK Regulatory Reform Amid Global Bank Failures

LMA Publishes Model Provisions for Sustainability-Linked Loans

Recent Transactions

Where Things Stand

April 30, 2023

A Transitional Period

Gimme Shelter: New York Local Law 18

No Need to Pretend – Just Extend – if Borrowers Ask to Delay Repayment

How to Prepare for a Real Estate Enforcement in Europe, Part 1

National Security and Investment Act 2021, Part 1 – Background and Key Features

LMA Senior/Mezzanine Facility Drafting Guide and LMA Intercreditor Agreements for Real Estate Finance Transactions – Updates Published

Welcoming Our New Partners: Smridhi Gulati and Ryan McNaughton

Recent Transactions

Keep Calm and Carry On

March 31, 2023

Market Disruption

UK Budget 2023 – Key Tax Measures Impacting Real Estate

UK Budget 2023 – Sovereign Wealth Funds Not Subject to Corporation Tax

Basel 3.1 – Implications for the Real Estate Finance Market

It’s Time for a New Damages Calculation: SDNY Bankruptcy Court Applies the Time Approach to Limit Damages in Lease Terminations

Strafford Webinar on ‘Special Purpose Entities in Real Estate Transactions: Structuring and Documentation’

Steven Herman and William Lo Named Real Estate Thought Leaders

Recent Transactions

REF News and Views Alert: SVB/Signature Receiverships

March 13, 2023

Key Impacts of SVB/Signature Receiverships on Real Estate Finance Transactions

Spring's Coming

February 28, 2023

FinCEN’s Final Rule for Beneficial Ownership Reporting Requirements – You Can Run But You Can’t Hide

Hedging in UK Real Estate Finance Transactions - Part 2

Biden-Harris Administration Issues White Paper Addressing Tenants’ Rights

Recent Transactions

What Comes Next?

January 31, 2023

A Tumultuous 2022 for CRE and What Comes Next

Breaking Up Is Hard to Do: Partition and Possible Land Mines (or What to ‘Mind’) for Lenders and Tenants-in-Common

Title (Coverage) Not Available

Hedging in UK Real Estate Finance Transactions - Part 1

Cadwalader Named a ‘Hospitality Group of the Year’ by Law360

Recent Transactions

November Already?

October 31, 2022

Should I Stay or Should I Go: Second Circuit Holds That Mortgagee Violated Automatic Stay by Foreclosing on Property Where Bankrupt Tenant Was a Named Defendant

Interest Rate Hedging in Volatile Markets

Bonnie Neuman and Holly Chamberlain Named Law360 MVPs; London RE Team Recognized

Recent Transactions

Turning to Fall

September 29, 2022

‘You Can’t Always Get What You Want’ – Exercising an Option

Sustainability-Linked Loans Series, Part 5 – Application of Sustainability-Linked Loans Principles to Real Estate Finance Transactions

Second Circuit Rules in Favor of Citibank in Accidental $500m Transfer in Revlon Loan Transaction

Recent Transactions

Action Required

August 30, 2022

Local Law 97 Compliance Deadline Looming: ‘One Way or Another – This Darkness Got to Give’

Economic Crime (Transparency and Enforcement) Act 2022 – Register of Entities

Sustainability-Linked Loans Series, Part 4 – SLLP Core Components in Detail (Continued)

The Future of the CRE Market

Tax Provisions in the Inflation Reduction Act of 2022

Recent Transactions

What's the Use (Clause)?

July 28, 2022

Use Clauses and Sublet Provisions in Ground Leases

Sustainability-Linked Loans Series, Part 3 – The SLLP Core Components in Detail

Recent Transactions

ABCD ... ROFR and SLL

June 30, 2022

The Strengths of Rights of First Refusal

Sustainability-Linked Loans Series, Part 2 – The Sustainability-Linked Loans Principles

Recent Transactions

That's 'Interest'ing

May 31, 2022

A Primer on Interest Rate Caps

Sustainability-Linked Loans Series, Part 1 – Introduction to Sustainability-Linked Loans

Lombard v Skyjets: Key Takeaways for Lenders and Restructuring Professionals

Recent Transactions

Alterations Provisions

April 28, 2022

Alterations Provisions in Loan Documents

Further Developments in Mezzanine Foreclosures

Green Loans Series, Part 3 – Green Loan Principles in Real Estate Finance

Recent Transactions

No Celebrations

March 31, 2022

Resilience in the Face of Humbled Concern

Understanding Future Advance Conditions

Navigating the Latest on Russia Sanctions – A Perspective from European Real Estate Financing

Green Loans Series, Part 2 – The Four Core Components of the Green Loan Principles

Recent Transactions

Going Green

February 28, 2022

Further Developments in Mezzanine Foreclosures

Green Loans Series, Part 1 – Green Loans and the Green Loan Principles

Law360 Practice Group of the Year: Hospitality

Cadwalader Shortlisted in Real Estate Capital USA Inaugural Awards

Recent Transactions

The ESG Factor

January 31, 2022

2022 and Beyond – The Rise of ESG in the UK and Europe

One of These Things Is Not Like the Other: New York State Court Upholds Commercial Reasonableness of Mezzanine Sale

Recent Transactions

Turning to '22

December 30, 2021

Looking Back, Looking Ahead: A U.S. Perspective

The Way Forward: A European Perspective

Congratulations

Steven Herman and Eunji Jo Named Real Estate Thought Leaders

Recent Transactions

Closing the Books

November 30, 2021

You Win Some, You Lose Some: The Second Circuit Affirms Dismissal of Landlords’ Free Speech Challenge to Harassment Laws and Reverses Dismissal of Landlords’ Contract Clause Challenge to Guaranty Law

The UK's Autumn Budget 2021: Implications for Real Estate

Recent Transactions

Real Estate Reserves

October 28, 2021

Basics of Reserves

Limited Recourse Finance Series, Part 4: Other Common Issues in Limited Recourse Structures

Recent Transactions

Bring On Q4

September 29, 2021

Do I Recognize You (Preferred Equity)?

COVID-19 Update: New York Governor Signs New Moratorium Effective until January 15, 2022

Limited Recourse Finance Series, Part 3: Security Package and Considerations

Recent Transactions

See You in September

August 30, 2021

U.S. Supreme Court Holds That CDC Exceeded Its Authority in Issuing Eviction Moratorium

Mean What You Say, Say What You Mean: Tenant Estoppels Do Work

Limited Recourse Finance Series, Part 2: Structural Features

There Was No 'Gap' in the Lease Language: COVID Is Not a Casualty

Substantive Consolidation and Non-consolidation Opinions

Recent Transactions

Summer Reading

July 30, 2021

Note Prevails over Mortgage in the Event of a Conflict

Limited Recourse Financing Series: The Need for Limited Recourse Structures

COVID-19 Update: Supreme Court Denies Request to Lift CDC’s Eviction Moratorium

Recent Transactions

The New Normal?

June 30, 2021

Coming Back

Make Me a Right of Refusal I Can't Refuse

Negative Pledges in Commercial Real Estate Financings – Why Do We Need Them?

The Importance of Springing Members

Cadwalader Advises on Major Real Estate Finance Transactions

Recent Transactions

Summer's Coming

May 27, 2021 | Issue No. 24

One Way Out: New York’s One-Action Rule

A Further Blow to the Landlords? The Virgin Active Case and the New Restructuring Plan Regime

COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until August 31

COVID-19 Update: Can't Lose What You Never Had: Court Rejects All Legal Theories Asserted by Retail Tenant

Recent Transactions

Something Special

April 29, 2021 | Issue No. 23

What’s So Special about Special Purpose Entities?

Don’t Be Cruel: Appellate Division Upholds Waiver of Fiduciary Duties But Denies Motion to Dismiss Claim for Breach of Good Faith and Fair Dealing

Insurance Broker Letters in Commercial Real Estate Financings: Why Do We Need Them?

Recent Transactions

Springing Forward

March 30, 2021 | Issue No. 22

Making Sure the Ground Tenant Builds

LIBOR Update

COVID-19 Update: Federal Eviction Moratorium Struck Down

COVID-19 Update: Governor Cuomo Extends Eviction Protections for Small Businesses That Demonstrate a Financial Hardship

Recent Transactions

The Changes Continue

February 25, 2021 | Issue No. 21

Ch-Ch-Ch-Changes: NY Commercial Landlords’ Duty to Mitigate

Brexit Update – Changes to Loan Documentation

New York Assembly-Sponsored Legislation Proposes New Tax on Mezzanine Debt and Preferred Equity

Upcoming Webinar: Defeasance in Real Estate Finance: Process and Timing, Prepayment and Lockout Provisions

Recent Transactions

Bouncing Back

January 28, 2021 | Issue No. 20

Congratulations to Bonnie Neuman

(Don’t) Stand By Me: NY Court of Appeals Judge Unravels Confusion Surrounding Doctrine of Standing in Residential Foreclosure Actions

You Can Run But You Can’t Hide: The Corporate Transparency Act

COVID-19 Update: Governor Cuomo Extends Residential Eviction and Foreclosure Moratorium

COVID-19 Update: Can’t Lose What You Never Had: New York State Court Rejects Argument That a Pledge of the Equity Interests in an Entity That Owns Real Property Requires Foreclosure under RPAPL Article 13

English Courts Consider Material Adverse Effect Clause Invoked by the Effects of the COVID-19 Pandemic

Recent Transactions

Turning the Page

December 21, 2020 | Issue No. 19

Welcoming 2021

Take Another B-Piece of My Heart, Now Baby

Don’t Lend No Hand to Raise No Flag Atop No Ship of Fools: Breach of SPE Provisions by Non-Borrower Exposes Non-Borrower to Potential Tort Liability

Hotel Financing Series, Part 6: Cash Control

Recent Transactions

Don't 'Fall Back' on LIBOR

November 30, 2020 | Issue No. 18

LIBOR Remediation Raises Lien Priority and Title Insurance Questions

LawWise Podcast: A Closer Look at Real Estate Workouts and Restructurings, Part 2

Hotel Financing Series, Part 5: Hotel Management Arrangements and Related Issues

Recent Transactions

Talking About Workouts and Restructurings

October 28, 2020 | Issue No. 17

LawWise Podcast: Real Estate Workouts and Restructurings

CFIUS Basics for Real Estate Lenders

The Only Guarantee in Life Is That There Are No Guarantees

Executive Order Extending Moratorium on Commercial Evictions until January 1, 2021

Hotel Financing Series, Part 4: Deciphering the Pitfalls in Dealing with Franchise and Non-Disturbance Agreements

Bill Ackman Keynote, Real Estate Panels at Fifth Annual (Virtual) Finance Forum on November 12

Recent Transactions

Heading into Q4

September 30, 2020 | Issue No. 16

New York State Legislature Considering Imposition of Mortgage Recording Tax on Mezzanine Loans and Preferred Equity

Hotel Financing Series, Part 3: Use of OpCo/PropCo Structures

COVID-19 Update: CDC Order Temporarily Halts Residential Evictions Nationwide until December 31, 2020

Virtual 5th Annual Finance Forum Set for November 12

Recent Transactions

The Changing Landscape

August 31, 2020 | Issue No. 15

The Commercial Real Estate Landscape in the Post-COVID World

Hotel Financing Series, Part 2: Covenants

What is 'Physical Loss'? Court Opens the Door for Policy Holders

COVID-19 Update: Governor Cuomo Extends Tenant Protections, Including Eviction and Foreclosure Moratorium

New York State Supreme Court Temporarily Halts UCC Foreclosure of Mezzanine Loan

Some Thoughts on Late Charges and Default Rate Interest

Taking Notice

Recent Transactions

Accepting the Challenge

July 30, 2020 | Issue No. 14

Social Distancing for Distressed Loan Negotiations: The Role of Reservation of Rights Letters

Hotel Financing Series, Part 1: How a Hotel Loan Differs from Other Real Estate Loans

DRANO Revisited: Further Updates on the Doctrine of Clogging the Equity of Redemption

COVID-19 Update: Draft Legislation Sparks HOPE of a New Commercial Real Estate Preferred Equity Facility by the Department of Treasury

COVID-19 Update: Controversial Rent and Mortgage Payment Relief Bill Introduced

COVID-19 Update: Oregon Law Prohibits Foreclosures During COVID Emergency

Avoiding Title Insurance Pitfalls in Portfolio Transactions

Continuing Considerations

June 30, 2020 | Issue No. 13

MAEbe So, MAEbe Not

COVID-19 Update: Three Months into Lockdown

COVID-19 Update: Ban on Forfeiture, and Government Issues Best Practice Guidelines for the Industry

Securitizing Loans with Future Advance Obligations

Recent Transactions

The Beat Goes On

May 26, 2020 | Issue No. 12

The Basics of Interest Rate Protection

Disposal of Assets to Discharge Debt Ahead of Enforcement by Receivership

COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium and Allows Tenants to Apply Security Deposits to the Payment of Rent

Beware of Pushing the 'Defeasance Button' Too Soon

Recent Transactions

What Now?

April 27, 2020 | Issue No. 11

Empty Rooms — COVID-19's Impact on the Hospitality Industry

COVID-19 Update: Banking Agencies Issue Temporary Deferral of Appraisals and Evaluations for Real Estate Transactions

COVID-19 Update: Temporary Ban on Eviction of Commercial Leases

COVID-19 Update: Revisiting Pre-Negotiation Agreements in the Era of COVID-19

A Closer Look at REMICs at the Time of COVID-19

Hey, Ground Lessor, I’ve Got a Mortgage: The Significance of Proper Notice

In Light of COVID-19 ...

March 29, 2020 | Issue No. 10