Alert 03.22.24
Commercial Real Estate Partnership Cancellation of Debt Income
The complexities of cancellation of debt income (CODI), including bankruptcy and insolvency implications, are important to understand.
Service
A recognized leader for both real estate and finance, Pillsbury represents lenders and borrowers of debt and equity capital in all types of real estate financing transactions.
Pillsbury’s Real Estate Finance team advises on, negotiates and closes all types of secured and unsecured real estate finance arrangements for debt and equity capital providers and users, handling all types of real estate financing transactions, including mortgage, mezzanine, construction and bridge loans, purchases and sales of loans and interests in loans, forbearances, workouts and restructurings (both in and out of court) and the enforcement of and exercise of remedies under loan documents. The team has experience involving every class of property, including office buildings, hotel and leisure-related assets, retail, industrial, multifamily and sustainable buildings.
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We regularly provide advice to borrowers and lenders on structuring and documenting financings secured by real property (from individual assets to nationwide portfolios), including term loans, acquisition loans, bridge loans, construction loans, lines of credit, warehouse liens, and syndicated and securitized loans. Drawing on the experience and market knowledge of lawyers from our real estate, finance, tax, litigation, environmental, insolvency and insurance practice groups, we provide comprehensive service, advising on and negotiating corporate transactions, mezzanine finance and preferred equity structures, construction loans, agency loans and distressed debt resolutions.
As climate change remains a continual focus and more legislative efforts take effect nationwide, sustainable development goals and financial investments encompassing environmental, social and governance (ESG) have expanded to include Sustainable Buildings. Pillsbury advises clients on the development and construction of new buildings, as well as the retrofitting of existing buildings to achieve sustainability. Our team is well-versed in addressing regulatory and compliance issues as key stakeholders look to reduce carbon emissions produced by buildings, warehouses and facilities. Bringing our multidisciplinary team of Sustainable Finance, Renewable Energy, Projects, and Real Estate attorneys together, we advise building owners, investors, sellers and purchasers, tenants, and lenders on compliance with local regulations such as “The Climate Mobilization Act of New York City.” We are committed to helping our clients comply with purchasing carbon offset credits and renewable energy and have a unique understanding of sustainable building-related construction disputes and issues. We also have assisted clients with Commercial Property Assessed Clean Energy (C-PACE) financing.
Our services include:
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Pillsbury’s real estate team and its lawyers are repeatedly recognized by Chambers USA and The Legal 500 U.S. and praised by clients as “technically excellent,” “efficient, responsive and knowledgeable.”
Pillsbury was ranked among the top 10 “Leading Real Estate Law Firms” by Commercial Property Executive, a publication that covers the commercial real estate industry’s key trends, issues and concerns.