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AFTER "PRAY AND DELAY," WHAT COMES NEXT? MASTERING CMBS LOAN WORKOUTS AND RESTRUCTURINGS
Understanding the rules, processes, options, and opportunities involved in commercial mortgage backed securities (CMBS) loan workouts is crucial to mastering the restructuring process. This panel will review the differences between portfolio and securitized loan workouts with an emphasis on the constraints imposed on the special servicer. It will also assess the viability of workout options, including maturity date extensions, interest rate reductions, cash flow mortgages, principal write-downs, and "new money" subordinations. In addition, it will evaluate the impact of the recent changes in Real Estate Mortgage Investment Conduit (REMIC) rules and policy decisions. Finally, the panel will explore the future of securitized loan workouts and their greatest areas of opportunity for borrowers and investors.
MODERATOR
Susan Booth, Partner, Head of West Coast Real Estate Group
Holland & Knight LLP
Susan Booth counsels institutional clients, including both borrowers and lenders, on all types of commercial financings. She also assists clients in developing and implementing resolutions to non-performing real estate assets. Ms. Booth has spoken and written on numerous topics including loan workouts, foreclosures, and navigating through California’s anti-deficiency laws.
PANELISTS
Leslie Fairbanks, Former Head of Commercial Mortgage Servicing, Wachovia Bank
Leslie Fairbanks has more than 20 years of experience in commercial real estate finance, including 10 years at Wachovia and more than 10 years as a real estate attorney in New York City. For five years, she managed Wachovia’s $400 billion commercial mortgage servicing business, the largest in the country.
Jonathan Grossman, Senior Vice President/Director Asset Resolution Group
George Smith Partners
Jonathan Grossman has more than 25 years of experience in commercial real estate finance working on debt/equity ventures, asset management, CMBS servicing, and distressed debt/equity acquisitions. Mr. Grossman previously held senior positions with Countrywide Commercial Real Estate Finance, GMAC Commercial Mortgage, and Archon Group (a Goldman Sachs subsidiary).
John Maute, Managing Director
Helios AMC
John Maute is the managing director at Helios AMC where he is responsible for asset management. Mr. Maute was previously the global head of GMAC Commercial Mortgage’s distressed investment business. He worked on the start-up of two CMBS special servicing businesses and the acquisition of three more platforms in the United States, Asia, Europe, and Mexico.
Allan Mutchnik, Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Allan Mutchnik has a diverse real estate practice, including a wide range of capital origination and restructuring transactions involving stakeholders throughout the capital stack and projects across all major property classes. A significant portion of his practice involves cross-border real estate investments on behalf of domestic and non-U.S. investors.
Return to Breakout Sessions Listing>
Understanding the rules, processes, options, and opportunities involved in commercial mortgage backed securities (CMBS) loan workouts is crucial to mastering the restructuring process. This panel will review the differences between portfolio and securitized loan workouts with an emphasis on the constraints imposed on the special servicer. It will also assess the viability of workout options, including maturity date extensions, interest rate reductions, cash flow mortgages, principal write-downs, and "new money" subordinations. In addition, it will evaluate the impact of the recent changes in Real Estate Mortgage Investment Conduit (REMIC) rules and policy decisions. Finally, the panel will explore the future of securitized loan workouts and their greatest areas of opportunity for borrowers and investors.
MODERATOR
Susan Booth, Partner, Head of West Coast Real Estate Group
Holland & Knight LLP
Susan Booth counsels institutional clients, including both borrowers and lenders, on all types of commercial financings. She also assists clients in developing and implementing resolutions to non-performing real estate assets. Ms. Booth has spoken and written on numerous topics including loan workouts, foreclosures, and navigating through California’s anti-deficiency laws.PANELISTS
Leslie Fairbanks, Former Head of Commercial Mortgage Servicing, Wachovia Bank
Leslie Fairbanks has more than 20 years of experience in commercial real estate finance, including 10 years at Wachovia and more than 10 years as a real estate attorney in New York City. For five years, she managed Wachovia’s $400 billion commercial mortgage servicing business, the largest in the country.Jonathan Grossman, Senior Vice President/Director Asset Resolution Group
George Smith Partners
Jonathan Grossman has more than 25 years of experience in commercial real estate finance working on debt/equity ventures, asset management, CMBS servicing, and distressed debt/equity acquisitions. Mr. Grossman previously held senior positions with Countrywide Commercial Real Estate Finance, GMAC Commercial Mortgage, and Archon Group (a Goldman Sachs subsidiary).John Maute, Managing Director
Helios AMC
John Maute is the managing director at Helios AMC where he is responsible for asset management. Mr. Maute was previously the global head of GMAC Commercial Mortgage’s distressed investment business. He worked on the start-up of two CMBS special servicing businesses and the acquisition of three more platforms in the United States, Asia, Europe, and Mexico.Allan Mutchnik, Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Allan Mutchnik has a diverse real estate practice, including a wide range of capital origination and restructuring transactions involving stakeholders throughout the capital stack and projects across all major property classes. A significant portion of his practice involves cross-border real estate investments on behalf of domestic and non-U.S. investors.Return to Breakout Sessions Listing>