Managing and Structuring CRE-CLOs in Today's Economy: Servicing, Re-investment, Tax and Eligible Assets
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will examine the life cycle of commercial real estate collateralized loan obligations (CRE-CLOs). The panel will discuss entity formation, entity-level tax treatment, types of loan collateral, loan origination, the reinvestment timeline, and loan servicing.
Outline
- Purpose and characteristics of CRE-CLOs
- Avoiding entity-level tax by using a QRS or offshore corporation
- Management of the CRE-CLO portfolio
- Reinvestment period
- Loan servicing, modifications, forbearances
- Loan structuring features
- Eligible loans
- SPE borrower
- Cash management/reserves
- Recourse carveouts
Benefits
The panel will review these and other vital issues:
- What are the key servicing differences between a CRE-CLO and traditional CMBS?
- How are borrowers and servicers navigating the rising interest rate environment?
- How should the CRE-CLO be structured to avoid entity-level taxation?
- What kinds of reinvestment are permitted during the reinvestment period?
- What types of loans are eligible, and what are the structuring features of loans that typically go into CRE-CLOs?
Faculty
Matthew P. Pawling
Special Counsel
Cadwalader Wickersham & Taft
Mr. Pawling is a special counsel in the Capital Markets Group. His practice is concentrated in the area of structured... | Read More
Mr. Pawling is a special counsel in the Capital Markets Group. His practice is concentrated in the area of structured finance, with an emphasis on representing issuers, underwriters, and mortgage loan sellers in public and private commercial mortgage-backed securitization transactions. Mr. Pawling also has experience representing servicers of performing and distressed CMBS loans in a wide range of matters, including loan work-outs and restructurings. In addition, he has advised bank swap desks entering into interest rate and currency derivative transactions in connection with syndicated credit facilities.
Close
Y. Jeffrey Rotblat
Partner
Cadwalader Wickersham & Taft
Mr. Rotblat practices primarily in commercial real estate securities representing major Wall Street investment banks... | Read More
Mr. Rotblat practices primarily in commercial real estate securities representing major Wall Street investment banks and financial institutions in their roles as issuers, loan sellers, underwriters and placement agents in both public and private offerings of mortgage-backed securities and other structured finance products. He also represents investment banks, specialty finance companies and investment funds structuring and negotiating mortgage loan trades, mortgage loan participations, subordinate loans and asset-backed securities. He also represents special servicers and specialty finance funds in work-outs and restructurings of non-performing commercial mortgage loans in CMBS and CRE CLO transactions. An active participant in CMBS industry trade organizations, Mr. Rotblat often participates in panel presentations at industry conferences. He has been active on behalf of various CMBS industry trade groups in their communications with the U.S. Securities and Exchange Commission regarding legislation affecting the ABS industry. Mr. Rotblat has been recognized for excellence and his specialist knowledge of CRE CLOs.
Close
Gary T. Silverstein
Partner
Cadwalader Wickersham & Taft
Mr. Silverstein represents issuers, underwriters, insurers and other parties in connection with the tax aspects of... | Read More
Mr. Silverstein represents issuers, underwriters, insurers and other parties in connection with the tax aspects of mortgage-backed and asset-backed securities, REMICs, CLOs, CRE-CLOs and other debt issuances. He has extensive experience in structuring commercial and residential mortgage-backed securitizations and resecuritizations (including RE-REMICs), and in other capital markets transactions (both agency and “private-label”). Mr. Silverstein advises borrowers and lenders (including securitization vehicles) in connection with loan workouts, foreclosures and restructurings. He is also involved in the re-performing and distressed asset markets and in the formation of lending facilities to finance MSRs, new and/or seasoned mortgage loans and other securities. He also works closely with the firm’s finance attorneys in the origination of large commercial loans for securitization or syndication and in advising loan participants that face challenges in volatile markets. In addition, Mr. Silverstein advises both lenders and borrowers in their negotiations of credit facilities, credit agreements and repos, with extensive knowledge of “taxable mortgage pool” issues and solutions.
Close