Commercial Real Estate Restructuring Revolution (eBook)

STEPHEN B. MEISTER is a founding partner of Meister, Seelig & Fein, LLP, where he represents real estate investment trusts, real estate private equity firms, hedge funds, banks, real estate developers, and investors. Well known throughout New York City for the powerful deal-making presence he brings to high-stakes negotiations, he is also nationally recognized for the trial skills he brings to bear in complex lender liability cases, mortgage and mezzanine equity collateral foreclosures, affordable housing cases, mandamus proceedings against state and municipal agencies, rent control laws, contract disputes, business tort actions, legal malpractice, and brokerage commission claims. Meister appears regularly on Fox News and CNBC, and writes op-ed pieces for the New York Post that are reprinted by many online news sites. Mr. Meister is often quoted or featured in the Wall Street Journal, New York Times, New York Post, Crain's New York Business, Real Estate Weekly, The Real Deal, and other business journals and daily newspapers around the country.

Preface ix

Acknowledgments xxix

Chapter 1 The Housing Bubble 1

Chapter 2 The Bubble Implodes 15

Chapter 3 Capital Markets Supporting U.S. Commercial Real Estate 33

Chapter 4 CRE Values and Loan Defaults 55

Chapter 5 Putting Off the Day of Reckoning 65

Chapter 6 Tranche Warfare 77

Chapter 7 Loans to Own and Chilling the Bid 91

Chapter 8 Funding Cessations and Extension Fights 101

Chapter 9 Bankruptcy Considerations 117

Chapter 10 Multifamily Market 131

Chapter 11 Governmental Actions Caused the Affordable Housing Crisis 145

Chapter 12 Governmental Reactions to the Housing Crisis 157

Chapter 13 Assessing Blame for the Financial Crisis 175

Chapter 14 The Centerpiece for Real Reform 189

Chapter 15 Other Areas Requiring Reform 203

Notes 219

About the Author 231

Index 233