Special servicers
In a sector characterized in recent years by a historically high volume of distressed and non-performing loans, special servicers are tasked with managing troubled commercial real estate loans. From loan documentation, workouts and litigation to foreclosure and bankruptcy, special servicers seek sophisticated legal counsel to assist with defaulted CMBS (commercial mortgage-backed securities) loans. Having substantial foreclosure and other litigation experience, our team helps clients in CMBS transactions involving multi-family, retail, industrial, hospitality, office, health care and other income producing properties.
Our attorneys assist special servicers in addressing a range of concerns, including:
- Default notices/pre-foreclosure review
- Pre-negotiation agreements
- Forbearance agreements
- Appointment of receivers and receiver sales of real estate free and clear of liens
- Deed-in-lieu transactions
- Foreclosure litigation
- Chapter 11 proceedings, including SARE (single asset real estate) cases
- Assessment and pursuit of guarantor liability, and recovery on recourse obligations
- Assessment and pursuit of rights and recoveries under pooling and servicing agreements and mortgage loan purchase and sale agreements
- Re-sale of REO (real estate owned, i.e. real estate purchased at foreclosure sale)