In this special crossover episode of “Terra Firma: Conversations on Commercial Real Estate” and “Don't Take No for an Answer,” Lowenstein’s Stacey C. Tyler and Heather Weaver speak with Brad Dubler, Managing Partner and Executive Vice President of SterlingRisk Insurance, about the latest developments in business interruption insurance, which continues to become increasingly important for businesses, landlords, and tenants alike. The conversation covers the scope and limitations of traditional business interruption insurance, new legislation that allows insurance companies to issue standalone business interruption insurance policies without a physical loss or damage requirement, and the types of policyholders that have the most to gain from this expanded form of authorized coverage.

Speakers:

Stacey C. Tyler, Senior Counsel, Real Estate
Heather Weaver, Counsel, Insurance Recovery
Brad Dubler, Managing Partner and Executive Vice President, SterlingRisk

Today on “Terra Firma: Conversations on Commercial Real Estate,” Stacey C. Tyler and Zachary L. Berliner talk with Alex Lassiter, the CEO and founder of Greenplaces, which helps businesses navigate the complexities of carbon reporting, reduce greenhouse gas emissions, and foster a sustainable business model. Alex emphasizes how important it is for businesses to prioritize sustainability, especially now that resources are available to measure carbon footprints. Stacey, Zach, and Alex discuss how sustainability practices are increasingly affecting the landlord-tenant relationship, the connection between sustainability and resilience, and how sustainability sheds insight on a business’s ability to be forward-thinking.

Speakers:

Stacey C. Tyler, Senior Counsel, Real Estate; Deputy Chair, Cannabis Practice
Zachary L. Berliner, Counsel, Environmental Law & Litigation, ESG Practice
Alex Lassiter, CEO & Founder, Greenplaces

Today on “Terra Firma: Conversations on Commercial Real Estate,” Stacey Tyler invites PACE Loan Group COO Bali Kumar to discuss a specialized loan product known as Property Assessed Clean Energy, or PACE financing, a program available in about 40 states where property owners take a voluntary special assessment on their property taxes in order to finance clean energy or capital expenditures projects. Often used for multifamily, hospitality, and senior living projects, property owners can avoid incurring double digit interest in debt financing by using as much PACE as possible to blend down the cost of capital. Stacey and Bali also delve into qualifications, conditions, and state-by-state laws regarding PACE, as well as its specific challenges in New York City.

Speakers:

Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Bali Kumar, COO, PACE Loan Group

Today on “Terra Firma: Conversations on Commercial Real Estate,” hosts Stacey Tyler and Stephen Tanico talk with tax attorneys and Lowenstein colleagues Sophia Mokotoff and Matthew F. Cammarata about important tax issues to keep in mind in the real estate world, such as long-term capital gains versus ordinary income, and holding property for investment versus holding property as part of your active trade or business. They also address how items such as transfer tax differ amongst states, the benefits of setting up an LLC or a pass-through entity, depreciation, and deductions; and they provide strategies for how real estate investors and developers can be more proactive from a tax perspective.

Speakers:

Sophia Mokotoff, Partner, Tax
Matthew F. Cammarata, Counsel, Tax
Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Stephen Tanico, Counsel, Real Estate

Today on “Terra Firma: Conversations on Commercial Real Estate,” Stacey Tyler and Stephen Tanico speak with Harold Bordwin, principal and co-president of Keen-Summit Capital Partners, about recent depressed values in the real estate market, and the inverse relationship between cap rates and value. They discuss how property owners and lenders are dealing with the new landscape, whether converting office space to residential is viable in a post-Covid world, changing criteria for real property loans, and the lingering impact of the Silicon Valley Bank failure.

Speakers:

Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Stephen Tanico, Counsel, Real Estate
Harold Bordwin, Principal and Co-President, Keen-Summit Capital Partners LLC

This episode of “Terra Firma: Conversations on Commercial Real Estate” features hosts Stacey C. Tyler and Stephen Tanico talking with Eric Chafetz, partner in Lowenstein’s Bankruptcy and Restructuring Group, about office market bankruptcies, and what to do when a building is going into foreclosure. Eric explains that, because creditors are required to stop a foreclosure proceeding when a single asset real estate company files for bankruptcy, they are seeking the benefit of an automatic stay and the related breathing room to try to work out their affairs and maximize value—often through recapitalization or a sale. The discussion covers such topics as the section 363 sale process, including where a nontraditional finance source purchases the debt at a discounted price; the benefits of a foreclosure sale; and the implications of a receivership. The lawyers also address the speed of bankruptcy proceedings, the importance of venue, and the growing role of hedge funds at the intersection of real estate and bankruptcy.

Speakers:

Eric Chafetz, Partner, Bankruptcy & Restructuring Department
Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Stephen Tanico, Counsel, Real Estate

Today on “Terra Firma: Conversations on Commercial Real Estate,” hosts Stacey C. Tyler and Stephen Tanico chat with Naheem Harris, investor and real estate lawyer, about what he is seeing in the current real estate market, particularly through the lens of finance. Harris describes what he sees as a movement away from typical mortgage lending towards more creative sources of funding, such as preferred equity, mezzanine and SPAC lending. Harris also discusses his own entrepreneurship and how his investing experience in the restaurant industry informs how he counsels clients.

Speakers:

Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Stephen Tanico, Counsel, Real Estate
Naheem J. Harris, Partner, Real Estate, Akerman

In this episode of Terra Firma, Conversations on Commercial Real Estate, Stacey Tyler and Stephen Tanico are joined by Lowenstein Real Estate partner Kimberly E. Lomot for a discussion on financing term sheets. They review key components of loan commitment letters relevant to mortgage deals, construction loans, and alternative financing structures, and give tips on how to maximize the negotiation of the initial terms to save time and money during the loan documentation process. Lomot gives an overview of a range of issues including lender selection, collateral terms, and environmental provisions.

Speakers:

Kimberly E. Lomot, Partner, Real Estate
Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice
Stephen Tanico, Counsel, Real Estate