Elizabeth Murphy is an associate in the Global Finance & Debt Products Group. Her practice focuses on commercial real estate finance.
Elizabeth represents institutional senior and mezzanine lenders in connection with the origination and servicing of conduit and portfolio loans secured by various financial structures. She has worked on conduit and portfolio lending transactions involving mezzanine debt, portfolio properties, Housing Assistance Payment Contracts, zoning violations, ground leases and condominiums.
In addition, she represents CRE CDO servicers and special servicers in leasing, workouts and restructurings matters.
- Represented a financial institution as special servicer in the restructuring of a $1.25 billion multitranched loan secured by a portfolio of hotel and resort properties in California and Hawaii, and negotiated an amended and restated intercreditor with new mezzanine lenders providing financing in connection with the restructuring of $1.25 billion in senior debt.
- Represented a financial institution as special servicer in the restructuring and later payoff and settlement of a $100 million loan in connection with an assumption of the loan and underlying property by the junior participant.
By creating a definition for “qualified mortgage,” the Bureau has created a minimum standard for all future, private-label, residential mortgage loans. This new regulation will create a safe harbor for all residential lenders, one that could possibly become a jumping-off point for future RMBS “put-back” litigation.
March 12, 2012
The continuing economic recession has greatly exacerbated the default of borrowers under CMBS loans. The overall delinquency rate for CMBS loans rose for a fourth consecutive month in June of 2012 to 10.16 percent. Commercial property cash flow deficits and lower property values have made it more difficult for borrowers to refinance and have prevented lenders from recovering all of their losses in a foreclosure. More than ever, lenders and servicers are now interested in restructuring defaulted CMBS loans in the hope that in the not-so-distant future, these properties will generate increased cash flow and substantially increase in value. This advisory serves as a servicer’s guide to navigating a CMBS loan restructuring because the tough decisions, when it comes to a restructuring of debt, most often lie with the special servicer.
October 12, 2012