Articles Posted in Real Estate

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Pillsbury partner and Global Co-Head of the Energy & Infrastructure Projects team, Mona Dajani, talks #ChangeInPower with Paul Browning, President and CEO of Mitsubishi Power Americas.

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Join us on November 12, 2020, for a 45-minute conversation, where Mona and Paul discuss the power sector’s role in the energy transition, the growing prominence of hydrogen and energy storage, collaborating with customers and stakeholders and setting a path toward a decarbonization of the power grid.

To attend this exclusive fireside chat, register here.

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Mortgage lenders and mezzanine lenders considering amendments to loan documents, forbearance, loan transfers, the exercise of remedies or deeds in lieu of foreclosure, and other loan-related fact patterns will need to revisit and comply with the provisions of their respective ICAs.  In “Distressed Real Estate During COVID-19: The Role of Intercreditor Agreements between Mortgage Lenders and Mezzanine Lenders“, colleague Caroline A. Harcourt  discusses how the current distressed real estate environment will put many of these arrangements to the test.

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2020 has been an unprecedented year, and, while there are likely more twists and turns to come before December 31, it is essential to look at how the real estate markets have changed this year and which trends are likely to continue into 2021. The COVID-19 pandemic has impacted nearly every industry, including commercial real estate, and its impact will continue to influence the market and commercial real estate long after the virus has been eradicated.

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Industry_Podcast_cover-update-final-bottom-300x169In episode 17 of Industry Insights podcast, host Joel Simon and Christian Salaman discussed the changes the hotel and hospitality industry are undergoing.

Joel Simon: Christian, you have a really great practice with an emphasis on two industries, one of which seems relatively insulated by the unusual circumstances we’re facing today and the other which has been rocked pretty hard. It’s the second one I’d like to focus on today. Can you start us off with a brief discussion of the status of the hotel business and what a recovery might look like for that sector?

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With the financial impacts of the COVID-19 pandemic continuing to be felt by the American public, the Trump Administration has taken steps to try to allay a coming eviction crisis by enacting a moratorium on evictions through the end of 2020. With the first eviction moratorium instituted by the CARES Act expiring, lawmakers have been pushing to include eviction protections in the next COVID-19 relief package. However, with Congressional leaders still far from an agreement on the next bill, the Centers for Disease Control and Prevention (CDC) has now used its emergency pandemic powers under the Public Health Service Act to temporarily halt residential evictions.

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The past few months saw, and continue to see, significant disruptions to the real estate market and the real estate finance market in particular. According to Trepp LLC, June saw the delinquency rate for commercial mortgage-backed security (CMBS) loans hit 10.32 percent, which is just shy of the peak delinquency rate for CMBS loans in 2012 (or a full four years following the 2007 – 2008 recession). That we could have nearly reached the 2012 peak so quickly—given the last time lag between a recession and peak delinquencies—has caused some investors to worry that much worse is yet to come. These numbers also cause certain investors to question whether CMBS disclosures may have been overly optimistic or failed to properly disclose risks. At the same time, regulated mortgage lenders, which must project losses, are assuming losses at approximately two percent on average.

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GettyImages-200275481-001-dining-liability-298x300As the COVID-19 pandemic continues to ravage the U.S. economy, restaurateurs and bar owners are feeling the brunt of business closures and adaptations necessary to combat the disease. Where cozy and intimate dining was once de rigueur for the restaurant industry, these businesses must now shift to outdoor dining with adequate space and airflow between parties. In response to these concerns, many cities across the country who once fought against the loss of any parking have turned to a post-automobile tactic: outdoor dining in thoroughfares and parking lots. While at first glance it might seem a simple enough prospect—throw some chairs and a table out front, and voilà—property owners and restaurateurs must remain cognizant of various liability and regulatory hurdles for operating outside.

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District of Columbia enacts legislation to provide up to $100 million in grants to eligible businesses for up to 15% of revenue lost due to COVID-19 during the quarter ending June 2020. Landlords can receive grants to partially support their help to eligible tenant businesses. In “District of Columbia Enacts $100 Million Grant Program for Businesses Hurt by COVID-19,” colleague David L. Miller  discusses the new legislation.

 

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In most states, the force majeure event must have proximately caused the delay or deficiency in performance. In Tour de Force: When Is COVID-19 the Cause of Nonperformance?, colleagues  Andrew C. Smith, Anne C. Lefever, Brian L. Beckerman, Stephanie S. Gomez, Colin Davis, and Eugenie Dubin discus how causation considerations may impact force majeure claims in the COVID-19 era.

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Virginia has adopted statewide emergency workplace safety standards, the first in the nation, to prevent and mitigate the spread of COVID-19.  In client alert “Virginia Adopts First COVID-19 Workplace Safety Mandates“, colleagues Mario F. Dottori, Julia E. Judish, Sarah Konnerth and Kristina Sgambati discuss the Coronavirus-related workplace safety mandates adopted by the Commonwealth of Virginia.