Volume 31, Number 3, Fall 1996
The Lender's Guide to Single Asset Real Estate Bankruptcies
by John C. Murray
The author discusses the general aspects of Chapter 11 single asset entity bankruptcies, various strategies and options for secured creditors, and possible alternatives to cramdown plans.
A Capital Markets Mortgage: A Ratable Model for Main St. & Wall St.
by Joseph Philip Forte
The author discusses the increased importance of the national financial l market in local real estate financing. He lo ok s at Wall Street's role in the commercial real estate markets and discusses a project by three national real estate trade associations to create a new document, the Capital Markets Mortgage (CMM), which is a template for commercial mortgages. Lastly, he discusses various sections of the CMM in detail. A draft of the CMM follows this Article.
Capital Markets Mortgage
The Commercial Real Estate Capital Consortium was formed by the National Realty Committee, the Mortgage Bankers Association of America and the National Association of Realtors to enhance the utilization of the secondary market for commercial real estate debt. The Consortium advocates the removal of unneeded legal and regulatory barriers to private credit enhancement, improved data and research on commercial mortgage performance and the development of documents designed to facilitate the underwriting and origination of loans that are candidates for securitization.