Skyscrapers

Breaking New Ground

Issue 1, Fall 2020

Breaking New Ground

Breaking New Ground

Commercial real estate perspectives, trends and analysis

We are proud to introduce Breaking New Ground, a recurring newsletter that will provide strategic legal guidance to the commercial real estate industry. With over 550 real estate attorneys globally (including more than 200 in the United States), DLA Piper is in a unique position to deliver timely and valuable insights into the latest commercial real estate developments.

We would be remiss in not first taking this opportunity to wish you and your family good health and well-being during these unprecedented times. DLA Piper continues to track developments on the emerging situation surrounding the coronavirus disease 2019 (COVID-19) pandemic and the impacts the crisis may have on the commercial real estate industry.

In this issue, we share conversations with some of the brightest and most gifted minds in real estate finance on topics ranging from loan workouts to the future of commercial real estate.

Elsewhere in this issue, we have an article providing strategies to fix CMBS through the lens of Peter Drucker, a piece on the benefits of real estate tokenization, an analysis of the risk to lenders of the “dual collateral” approach, and recommendations that every hotel owner should be considering to combat the devastating effects of COVID-19 on the hospitality and leisure industry.

Finally, we proffer various ideas for real estate owners in need of capital to monetize their real estate holdings.

If you have any feedback on how we can make this newsletter a more valuable addition to your industry review, please drop us a note.

We hope you enjoy this edition and remain safe and well during these challenging times.

Jarrid King

Skyler Anderson

ACORE Capital Q&A
Q&A: ACORE Capital
9 November 2020

Tony Fineman of ACORE Capital discusses the loan origination market and the repositioning of the retail sector.

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Crescit Capital Q&A
Q&A: Crescit Capital Strategies
9 November 2020

Joe Iacono of Crescit Capital Strategies offers thoughts on opportunities in the hotel industry and how the impact of the COVID-19 pandemic differs from the 2008-09 financial crisis.

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Hotel
The secret to fixing CMBS (hint: channel Peter Drucker)
9 November 2020

By taking a few key steps, the CMBS industry can repair its perception in the CRE community and re-establish itself as an essential and viable player in the CRE marketplace.

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Iron Hound Q&A
Q&A: Iron Hound Management Company, LLC
9 November 2020

A conversation about loan modifications and flaws in the current CMBS model, among other topics, with Robert Verrone of Iron Hound Management Company, LLC.

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Nuveen RE Q&A
Q&A: Nuveen Real Estate
9 November 2020

Jason Hernandez of Nuveen Real Estate speaks about the structure of office loans and the most important factors in deciding to make these loans.

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Abstract
Real estate tokenization and the potential benefits of reassessing the limited partner structure
9 November 2020

Benefits of tokenization include improved liquidity, market expansion and reduced transaction costs.

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Square Mile Q&A
Q&A: Square Mile Capital Management, LLC
9 November 2020

Michael Lavipour of Square Mile Capital Management, LLC predicts the future of shopping malls and explains why now is a good time to lend on hotel assets.

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UBS Q&A
Q&A: UBS Investment Bank
9 November 2020

A conversation with David Nass of UBS Investment Bank that touches on structuring loans in an uncertain market and lending to suburban office buildings, among other topics.

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Abstract white
Equity pledges in mortgage lending – examining the "clogging" defense
9 November 2020

Examining the parameters of the doctrine against "clogging the equity of redemption" and the value of an equity pledge.

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Rooftop
Approaches to developing and implementing a survival strategy for hotel owners facing COVID-19
9 November 2020

Developing a successful strategy will require significant up-front analysis, communication and cooperation among key stakeholders.

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Building windows
It turns out there are ways to get "money" from a stone
9 November 2020

A few strategies to extract much-needed capital from owned real estate.

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Skyscrapers
Word on the street
9 November 2020

Providing the latest in market intelligence.

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Blue
Recent transactions
9 November 2020

A few examples of DLA Piper's recent work on behalf of clients.

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Classroom
Pro bono spotlight
9 November 2020

Learn more about recent pro bono work by members of our Real Estate team.

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