Bilzin Sumberg represents the largest special servicer of Commercial Mortgage Backed Securities (CMBS) loans in the country. This company services in excess of 145 pools of CMBS loans totaling more than $220 billion in principal and relating to commercial real property assets in all fifty states. These assets include office, retail, multifamily, hospitality, flex-industrial and self-storage properties.
The firm handles servicing matters for both performing and non-performing loans. With respect to performing loans, our matters include assumptions, transfers of interest, substitutions of collateral, changes in franchise and management, lease approvals, SNDAs, easements, partial releases, mezzanine, preferred equity and other subordinate financing, TIC syndications and reverse 1031 like-kind exchanges. As to non-performing loans, our group handles matters including workouts, restructurings, forbearances, modifications, A/B structures, discounted payoffs, deeds in lieu of foreclosure, Florida foreclosures, bankruptcy advice, loan sales and REO sales. In both performing and non-performing loan scenarios, we often deal with issues relating to servicing agreements and complex capital structures and their related intercreditor, co-lender and participation agreements. In connection with such servicing matters, we have developed excellent relationships with the national rating agencies and law firms throughout the country.
We have been working with CMBS loans since the early 1990s when the CMBS market was in its infancy and have continued to do so through many real estate cycles including the most recent downturn in the economy. Our attorneys have been in the forefront of developing and establishing servicing concepts and procedures that have been implemented throughout the CMBS industry. During the past few years, the group handled a significant number of the CMBS servicing matters in the United States.