7:30 am–8:30 am

Professors’ Round-Up

For the first time in seven years, a popular and enlightening feature of past Annual Meetings, the Professors’ Round-Up, a panel of leading real property law professors, returns for a recap and critical analysis of recent case law of interest to commercial real estate finance attorneys.

• Moderator:
  Steven W. Bender
  Seattle University School of Law, Seattle, WA
• Speakers:
  R. Wilson Freyermuth
  University of Missouri School of Law, Columbia, MO
  David J. Reiss
  Brooklyn Law School, Brooklyn, NY
  Julie Forrester Rogers
  SMU Dedman School of Law, Dallas, TX

8:45 am–9:45 am

What’s Your Opinion? Current Issues in Third Party Opinion Letters

In the ever-changing landscape of attorneys’ opinion letters, there are always a myriad of new developments and issues.  This panel will discuss a range of topics, including lessons learned from the Delaware Supreme Court decision in Boardwalk Pipeline v. Bandera, and obtaining an “opinion on an opinion”; use of legal opinions in lieu of title insurance in residential loan transactions; tips for mortgage modification opinions; opinions based on DocuSign signatures and a comparison of Canadian and US opinion practice.

• Moderator:
  Sterling Scott Willis
  Fishman Haygood L.L.P., New Orleans, LA
  
• Speakers:
  Annie Gagnon-Larocque
  McCarthy Tetrault LLP, Montreal, QC, Canada
  R. Marshall Grodner
  McGlinchey Stafford, PLLC, Baton Rouge, LA

10:00 am–11:00 am

Real Estate Lending In An Ever-Changing Regulatory Environment

The Covid -19 pandemic and the ensuing economic climate has led to stress in the commercial real estate sector.   In the face of such pressure, financial institution supervisory agencies and regulators continue to promote prudent risk management practices and appropriate capital levels for commercial real estate lending programs.  This panel is designed as a dialogue between a commercial banker, Ken Miller of Manufacturers Bank, and Avery Belka, Assistant General Counsel at the Federal Reserve Bank of San Francisco discussing recent and upcoming changes in regulatory policy concerning commercial lending. This panel will discuss the current guidance for sound individual loan and portfolio management practices, including considerations related to concentration risk concerning real estate lending.  In addition, the speakers will discuss the recently issued guidance on prudent practices for real estate loan workouts based on the Policy Statement on Prudent Real Estate Loan Accommodations and Workouts published in July, 2023.

• Speakers:
  Avery Belka
  Federal Reserve Bank, San Francisco, CA
  Kenneth Miller
  Manufacturers Bank, Los Angeles, CA

11:00 am–Noon

Ethics and Professional Responsibility Considerations in Commercial Finance Transactions: The Sequel

This presentation will discuss ethical and professional responsibility considerations in mortgage loan transactions and workouts.  The panel will address real-life examples and provide best practices for ethical and professional responsibility issues that arise during a complex transaction.  The panel will also address the rise of AI, including ChatGPT, and best practices for dealing with the challenges presented by ChatGPT.

• Moderator:
  Meagen E. Leary
  Duane Morris LLP, San Francisco, CA
  
• Speakers:
  Kenneth R. Landis
  Attorneys’ Liability Assurance Society, Chicago, IL
  Michael J. Silverman
  Duane Morris LLP, Chicago, IL

7:30 am–8:30 am

Remedies and Restructuring Developments: The Rise of Non-Traditional Remedies

Over the last twenty years, real estate remedies have modernized considerably. For example, receivership sales, including as a means of facilitating assumable financing, are more widely accepted. Certain lenders who hold real estate secured loans are taking mezzanine-style equity pledges as additional collateral. And in Canada, some are exploring more aggressive enforcement procedures that vest greater power in a reorganization in the hands of the secured creditor. Our expert panel will consider these and other developing trends, including the business rationale driving their use and potential legal impediments to their deployment.

• Moderator:
  William J. Bernfeld
  Akerman LLP, Los Angeles, CA
• Speakers:
  James S. Cochran
  O’Connor Cochran LLP, Los Angeles, CA
  Antoine Leduc
  Lapointe Rosenstein Marchand Melancon LLP, Montreal, QC, Canada
  Scott R. Lesser
  Miller, Canfield, Paddock & Stone, Troy, MI

8:30 am–9:30 am

Let the Sun Shine In: Financing Solar and Other Renewable Energy Facilities

This panel will discuss borrower and lender considerations relating to the financing of solar, wind and other renewable energy facilities, including special environmental and other due diligence requirements. The discussion will include potential tax credit components of such facilities as well as additional incentives available to renewal energy projects under the Inflation Reduction Act.

• Moderator:
  Laura A. Monte
  HSBC Bank, USA, N.A., Buffalo, NY
• Speakers:
  Marion A. Aaron
  Stewart Title Guaranty Company, San Francisco, CA
  Tony Girolami
  Sheppard, Mullin, Richter & Hampton LLP, San Diego, CA

10:00 am–11:00 am

Mechanics’ Lien Coverage: How to Obtain the Best Coverage and What You Need to Get It

This program will examine the process for obtaining title insurance coverage with respect to the risk of mechanics’ lien filings in connection with construction loans. How do title insurance companies underwrite the risks of coverage? How does the construction loan process typically work, and how does title insurance fit into that process? What can a lender do if construction has started before a mortgage or deed of trust has been recorded? How does this process vary from state to state? If you have ever wondered about “Covered Risk 11” or the “ALTA 32/33 endorsements” – or even if you haven’t – this presentation is for you.

• Moderator:
  Wendy S. Gibbons
  Old Republic National Title Insurance Company, Charlotte, NC
  
• Speakers:
  Lisa S. Delvecchio
  Stewart Title Guaranty Company, Tampa, FL
  Shawn A. Elpel
  Stewart Title Guaranty Company, Menifee, CA
  Charles S. Guerin
  Munsch Hardt Kopf & Harr, Dallas, TX
  Robert E. Wood
  Bradley Arant Boult Cummings LLP, Nashville, TN

11:00 am–Noon

Non-Traditional Solutions to Get Deals Done When Capital Markets are Weird

When increasing interest rates and market uncertainties make it hard for your clients’ deals to meet traditional lenders’ criteria, other options may let them finance that new project, renovation, or expansion. They may have property that can generate some return from a sale-leaseback. You may be able to negotiate a ground lease of that attractive site, instead of an outright purchase. There may be favorable EB-5 financing available from foreign direct investment, either as the initial investment in a job-creating project, or as preferred equity that can take out all or part of the construction financing. This panel will discuss these alternative deal structuring and financing options.

• Moderator:
  Maura B. O’Connor
  O’Connor Cochran LLP, Los Angeles, CA
• Speakers:
  Rasha E. Gad
  Cathryn E. Greenwald
  Thompson Hine LLP, Cleveland, OH
  Karl Lott
  Holland & Knight, Century City, CA