Claim OwnershipLowenstein Sandler's Terra Firma: Conversations on Commercial Real Estate
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Commercial real estate deals can be complex and challenging. But, with the right knowledge and guidance, you can increase your chances of success.
That’s where Terra Firma: Conversations on Commercial Real Estate comes in. In each episode, hosts Stacey C. Tyler and Stephen Tanico will join industry insiders and thought leaders to explore the many facets of commercial real estate. Tune in to learn strategic ways to manage commercial real estate assets, investments, and developments; the latest market outlook and cyclical trends. Terra Firma is your resource to learn about both the business and law of real estate.
Please subscribe and stay up to date with the latest news in commercial real estate.
That’s where Terra Firma: Conversations on Commercial Real Estate comes in. In each episode, hosts Stacey C. Tyler and Stephen Tanico will join industry insiders and thought leaders to explore the many facets of commercial real estate. Tune in to learn strategic ways to manage commercial real estate assets, investments, and developments; the latest market outlook and cyclical trends. Terra Firma is your resource to learn about both the business and law of real estate.
Please subscribe and stay up to date with the latest news in commercial real estate.
21 Episodes
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In this episode of "Terra Firma: Conversations on Commercial Real Estate," Kegan A. Brown, partner in Lowenstein's Environmental Law & Litigation group, joins Real Estate partner Kimberly E. Lomot for a discussion on PFAS, and how changing standards for the remediation and cleanup of these “forever chemicals” are impacting commercial real estate transactions. Brown explains the importance in understanding the definition being used for PFAS, which can affect due diligence, reps and warranties, indemnity coverage, and price deductions; he also addresses the evolving litigation landscape surrounding PFAS, including a growing trend towards medical monitoring. Speakers: Kimberly E. Lomot, Partner, Real EstateKegan A. Brown, Partner, Environmental Law & Litigation
In this special crossover episode of “Terra Firma: Conversations on Commercial Real Estate” and “Don't Take No for an Answer,” Lowenstein’s Stacey C. Tyler and Heather Weaver speak with Brad Dubler, Managing Partner and Executive Vice President of SterlingRisk Insurance, about the latest developments in business interruption insurance, which continues to become increasingly important for businesses, landlords, and tenants alike. The conversation covers the scope and limitations of traditional business interruption insurance, new legislation that allows insurance companies to issue standalone business interruption insurance policies without a physical loss or damage requirement, and the types of policyholders that have the most to gain from this expanded form of authorized coverage. Speakers: Stacey C. Tyler, Senior Counsel, Real Estate Heather Weaver, Counsel, Insurance Recovery Brad Dubler, Managing Partner and Executive Vice President, SterlingRisk
Today on “Terra Firma: Conversations on Commercial Real Estate,” Stacey C. Tyler and Zachary L. Berliner talk with Alex Lassiter, the CEO and founder of Greenplaces, which helps businesses navigate the complexities of carbon reporting, reduce greenhouse gas emissions, and foster a sustainable business model. Alex emphasizes how important it is for businesses to prioritize sustainability, especially now that resources are available to measure carbon footprints. Stacey, Zach, and Alex discuss how sustainability practices are increasingly affecting the landlord-tenant relationship, the connection between sustainability and resilience, and how sustainability sheds insight on a business’s ability to be forward-thinking. Speakers: Stacey C. Tyler, Senior Counsel, Real Estate; Deputy Chair, Cannabis PracticeZachary L. Berliner, Counsel, Environmental Law & Litigation, ESG PracticeAlex Lassiter, CEO & Founder, Greenplaces
Today on “Terra Firma: Conversations on Commercial Real Estate,” Stacey Tyler invites PACE Loan Group COO Bali Kumar to discuss a specialized loan product known as Property Assessed Clean Energy, or PACE financing, a program available in about 40 states where property owners take a voluntary special assessment on their property taxes in order to finance clean energy or capital expenditures projects. Often used for multifamily, hospitality, and senior living projects, property owners can avoid incurring double digit interest in debt financing by using as much PACE as possible to blend down the cost of capital. Stacey and Bali also delve into qualifications, conditions, and state-by-state laws regarding PACE, as well as its specific challenges in New York City. Speakers: Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeBali Kumar, COO, PACE Loan Group
Today on “Terra Firma: Conversations on Commercial Real Estate,” hosts Stacey Tyler and Stephen Tanico talk with tax attorneys and Lowenstein colleagues Sophia Mokotoff and Matthew F. Cammarata about important tax issues to keep in mind in the real estate world, such as long-term capital gains versus ordinary income, and holding property for investment versus holding property as part of your active trade or business. They also address how items such as transfer tax differ amongst states, the benefits of setting up an LLC or a pass-through entity, depreciation, and deductions; and they provide strategies for how real estate investors and developers can be more proactive from a tax perspective. Speakers: Sophia Mokotoff, Partner, TaxMatthew F. Cammarata, Counsel, TaxStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real Estate
Today on “Terra Firma: Conversations on Commercial Real Estate,” Stacey Tyler and Stephen Tanico speak with Harold Bordwin, principal and co-president of Keen-Summit Capital Partners, about recent depressed values in the real estate market, and the inverse relationship between cap rates and value. They discuss how property owners and lenders are dealing with the new landscape, whether converting office space to residential is viable in a post-Covid world, changing criteria for real property loans, and the lingering impact of the Silicon Valley Bank failure. Speakers: Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real EstateHarold Bordwin, Principal and Co-President, Keen-Summit Capital Partners LLC
This episode of “Terra Firma: Conversations on Commercial Real Estate” features hosts Stacey C. Tyler and Stephen Tanico talking with Eric Chafetz, partner in Lowenstein’s Bankruptcy and Restructuring Group, about office market bankruptcies, and what to do when a building is going into foreclosure. Eric explains that, because creditors are required to stop a foreclosure proceeding when a single asset real estate company files for bankruptcy, they are seeking the benefit of an automatic stay and the related breathing room to try to work out their affairs and maximize value—often through recapitalization or a sale. The discussion covers such topics as the section 363 sale process, including where a nontraditional finance source purchases the debt at a discounted price; the benefits of a foreclosure sale; and the implications of a receivership. The lawyers also address the speed of bankruptcy proceedings, the importance of venue, and the growing role of hedge funds at the intersection of real estate and bankruptcy. Speakers: Eric Chafetz, Partner, Bankruptcy & Restructuring DepartmentStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real Estate
Today on “Terra Firma: Conversations on Commercial Real Estate,” hosts Stacey C. Tyler and Stephen Tanico chat with Naheem Harris, investor and real estate lawyer, about what he is seeing in the current real estate market, particularly through the lens of finance. Harris describes what he sees as a movement away from typical mortgage lending towards more creative sources of funding, such as preferred equity, mezzanine and SPAC lending. Harris also discusses his own entrepreneurship and how his investing experience in the restaurant industry informs how he counsels clients. Speakers: Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real EstateNaheem J. Harris, Partner, Real Estate, Akerman
In this episode of Terra Firma, Conversations on Commercial Real Estate, Stacey Tyler and Stephen Tanico are joined by Lowenstein Real Estate partner Kimberly E. Lomot for a discussion on financing term sheets. They review key components of loan commitment letters relevant to mortgage deals, construction loans, and alternative financing structures, and give tips on how to maximize the negotiation of the initial terms to save time and money during the loan documentation process. Lomot gives an overview of a range of issues including lender selection, collateral terms, and environmental provisions. Speakers: Kimberly E. Lomot, Partner, Real EstateStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real Estate
On this episode of “Terra Firma: Conversations on Commercial Real Estate,” Stacey C. Tyler and Stephen Tanico continue their term sheet series, this time focusing on lease deals and the value of attorney review prior to signing a term sheet in order to save time, money, and—potentially—risk. The lawyers describe where they often find term sheets lacking, such as with terms of guarantee, renewals, and the right to terminate early; they emphasize the importance of long-term planning for the future, as properties age and require expensive maintenance and repair; and they reiterate the importance of having both a brokerage and a legal team well acquainted with your particular asset class and location. Speakers: Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice Stephen Tanico, Counsel, Real Estate
Today the hosts of “Terra Firma: Conversations on Commercial Real Estate,” discuss how the proposed reclassification (or “rescheduling”) of cannabis may impact cannabis businesses and their real estate holdings, especially with respect to financing and leasing. Real estate attorneys Stacey Tyler (who also serves as deputy chair of Lowenstein’s Cannabis Practice) and Stephen Tanico discuss how the current classification of cannabis as a Schedule I drug under the Controlled Substances Act has led to a patchwork of laws across the country governing cannabis, and how the recent proposal to reclassify it down to Schedule III may impact different facets of the real estate world including the bargaining power of tenants in lease negotiations, licensing procedures, insurance, and the availability of mainstream financing sources. Speakers: Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice Stephen Tanico, Counsel, Real Estate
In this episode of “Terra Firma: Conversations on Commercial Real Estate,” hosts Stacey C. Tyler and Stephen Tanico discuss the evolution of New York City retail leasing with their guest Julia E. Sanabria, partner in the firm’s Real Estate practice. They delve into how the retail market has changed post-COVID, focusing on the rise of experiential retail and the resilience of the restaurant industry. The conversation also explores the negotiation dynamics between landlords and tenants, emphasizing the importance of understanding market-specific provisions, especially for first-time tenants entering the New York City market. Speakers: Julia E. Sanabria, Partner, Real Estate Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice Stephen Tanico, Counsel, Real Estate
Today on Terra Firma: Conversations on Commercial Real Estate, hosts Stacey Tyler and Stephen Tanico are joined by Lowenstein Trusts & Estates partner and fellow podcaster Warren Racusin to discuss real estate in the context of estate planning. While there are a number of important considerations in this area, this episode focuses primarily on estate taxes and governance. The lawyers discuss some of the ways to reduce one’s estate tax burden, including gifting of real estate assets, establishing trusts, and the use of life insurance as a source of liquidity, as well as governance concerns associated with real property ownership and management over the long term. Speakers: Warren K. Racusin, Partner and Chair, Trusts & EstatesStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real Estate
Today on “Terra Firma: Conversations on Commercial Real Estate,” Stephen Tanico and Stacey C. Tyler discuss one of the most important due diligence tools for real property: title insurance. In addition to addressing why investors purchase title insurance at all, they also explore the title insurance company’s role, what its research entails, and in what scenarios title insurance may come into play. Speakers: Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Counsel, Real Estate
In this episode of Terra Firma: Conversations on Commercial Real Estate, hosts Stacey Tyler and Stephen Tanico of Lowenstein Sandler’s Real Estate practice are joined by Eric Jesse, a partner in the firm’s Insurance Recovery practice, to discuss representations and warranties insurance, or RWI, within the context of real estate transactions. The hosts and guest discuss the benefits of having RWI, who pays, and how premiums are formulated, plus the impact of market conditions on these arrangements. Speakers: Eric Jesse, Partner, Insurance Recovery Stacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis Practice Stephen Tanico, Counsel, Real Estate
Jonathan Wishnia, Chair of the Mortgage & Structured Finance practice at Lowenstein Sandler, and real estate investor, talks with Lowenstein commercial real estate lawyers Stacey Tyler and Stephen Tanico on today’s episode of “Terra Firma: Conversations on Commercial Real Estate,” about what he is seeing in the current market in terms of financing and deal flow. Wishnia discusses the relationship between interest rates and pooled mortgage loans, prepayments, and defaults and how he draws upon on his personal experience as both a lawyer and a real estate investor to assess risk, delegate property management, and scrutinize real estate marketing. Speakers: Jonathan Wishnia, Partner, Chair, Mortgage & Structured Finance PracticeStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Associate, Real Estate
On this episode of Terra Firma: Conversations on Commercial Real Estate, attorneys Stacey Tyler and Stephen Tanico discuss the intersection of insurance and real estate law with Lynda A. Bennett, chair of Lowenstein's Insurance Recovery Group, exploring some of the critical insurance issues that every landlord or tenant should consider before entering into a lease. They warn against clauses that are either too simple (“The usual and customary insurance will be put in place”) or too complicated. They emphasize the importance of having a broker who really understands your business and of fully understanding the scope of your insurance coverage; they also explain the definitions and differences of terms like ‘additional insured’ vs. ‘loss payee,’ or ‘umbrella’ policy vs. ‘individual’ policy. Speakers: Lynda A. Bennett, Partner and Chair, Insurance RecoveryStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Associate, Real Estate
Today on Terra Firma: Conversations on Commercial Real Estate, hosts Stacey Tyler and Stephen Tanico speak with Kim Lomot, partner in Lowenstein’s Real Estate practice, about the current environment for real estate financing, where banks are tightening their underwriting standards and the cost of capital is through the roof. Lomot explains how certain asset classes are having an especially hard time securing financing, and how borrowers must start the process early in order to get in front of certain challenges. Speakers: Kimberly E. Lomot, Partner, Real EstateStacey C. Tyler, Counsel, Real Estate; Deputy Chair, Cannabis PracticeStephen Tanico, Associate, Real Estate
Hosts Stacey Tyler and Stephen Tanico welcome John Stolz, Chair of Lowenstein’s Real Estate practice, for a discussion about the post-COVID real estate market, including the current credit crunch, rising interest rates, declining values, and general uncertainty. Stoltz describes a general inertia in the market, with prolonged price discovery and increased pressure to refinance, as well as a cooling down in industrial real estate, leasing activities, and real estate investment; on the other hand, he notes seeing more joint venture activity and sale-leaseback activity trickling through the market as all parties wait for conditions to shift. Speakers: John Stolz, Partner and Chair, Real Estate Stacey Tyler, Counsel, Real Estate Stephen Tanico, Associate, Real Estate
On today’s episode, hosts Stacey Tyler and Stephen Tanico speak with Daniel Suckerman, partner in Lowenstein Sandler’s Real Estate practice, about recent trends in the industrial and office leasing markets, including subleasing, hoteling, and a general lack of expansion. They also discuss how to mitigate risk in subleases of circumstances like bankruptcy, and provide tips for negotiating and closing deals that benefit all the parties. Speakers: Daniel Suckerman, Partner, Real Estate Stacey Tyler, Counsel, Real Estate Stephen Tanico, Associate, Real Estate
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