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Workout Considerations for Distressed Tenant in Common Properties

Between the years of 2003 to 2008, billions of dollars of tenant in common transactions closed, many of them with high leverage and significant costs of closing above the value of the property. Many of these transactions are now distressed. Sponsors and broker dealers are distracted and struggling to survive, lenders are reluctant to negotiate with multiple owners and investors are faced with declining distributions, capital calls and even loan defaults and foreclosure, triggering very adverse tax consequences. Layered over these problems is the complex tenant in common structure mandated by the IRS, making concerted actions difficult. Many of these transactions are reaching crisis stage, with litigation or arbitrations increasing in frequency. All participants in the tenant in common industry or those seeking to provide services or capital to help resolve distressed TIC deals will find this program filled with helpful guidance based on current market conditions.


Runtime: 86 minutes
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Makes a TIC Deal "Distressed"?

  • Default Under Loan Documents
  • Cessation of Distributions
  • Ineffective Property Management
  • Capital Calls
  • Financial Distress of Sponsor/Master Lessee

Initial Steps

  • Identifying Leaders
  • Retaining Counsel for the Investors
  • Contacting Sponsor/Contacting Investors
  • Involving the Broker Dealers
  • Deciding on a Course of Action and Building a Consensus

Implementation

  • Terminating the Sponsor/Property Manager
  • Retaining a New Property Manager
  • Lender Approvals
  • Dispute Resolution
  • Alternatives to Capital Calls
  • Settling Claims
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 24, 2011.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Stephen I. Burr

Eckert Seamans Cherin & Mellott, LLC

  • Member of the national law firm Eckert Seamans Cherin & Mellott, LLC and chair of the firm’s Real Estate Practice Group
  • More than 20 years of experience in the restructuring or disposition of distressed U.S. commercial real estate assets for foreign and domestic investors, lenders and owners
  • Significant track record representing sponsors and investors in distressed tenant in common transactions, including DBSI, Mission Residential and Triple Net Properties/Grubb & Ellis
  • Written and spoken extensively on this subject
  • Chair of the lawyer’s committee of the Real Estate Investment Securities Association charged with developing revised best practices for the industry
  • Selected for inclusion in Massachusetts Super Lawyers
  • Selected for inclusion in The Best Lawyers in America
  • J.D. degree, Boston College Law School
  • B.A. degree, Lawrence University
  • Can be contacted at [email protected]
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Product ID: 386732
Published 2011
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