Atlanta-based law firm Morris, Manning & Martin LLP has created a new commercial real estate debt management practice designed to offer legal support and practical business advice to real estate owners.
‘Refinancing simply may not be available to replace mortgage loans as they mature,’ says partner Nick Sears, who heads the new group. ‘Moreover, if the economy continues to degenerate, borrowers may not be able to derive sufficient cashflow from their properties to make regular monthly debt service payments.’
‘Our team is particularly well situated to assist commercial real estate developers and owners with managing their relationship with lenders, as well as the lenders' loan servicers, in restructuring mortgage and mezzanine loans, identifying tax issues and resolving joint venture partnership disputes,’ Sears adds. ‘For example, we can advise borrowers on how to operate their properties to avoid the recourse pitfalls in conduit loan documentation, which could result in personal liability of the carve-out guarantors.’
Source: Morris, Manning & Martin LLP