Steven W. Simon

Of Counsel
Area of Focus: Real Estate
With a deep and varied traditional real estate background, Steve brings a unique perspective to his representation of special servicers of commercial mortgage-backed securities (CMBS) loans.

Steve assists his clients with the servicing and maintenance of their loan pools, handling assumptions, consents, change of managers, and SDNA (priority of landlord-tenant rights) agreements. His work also involves negotiating and reshaping the agreements that govern voluminous, multistate loan pools.
Q & A
How has your traditional real estate background benefited your work with special servicers?
In connection with an assumption of a loan, we review the title, and when the assumption agreement is recorded, require that the existing title policy be modified and brought up-to-date. It saves a lot of time knowing exactly where and how to look for critical factors in a review of an updated title search.
What's an example of how your title experience helped a client?
In a recent example, I came across an error in the chain of assignments of the recorded loan documents from the originating lender into a CMBS pool, where the originating lender assigned the loan into the wrong pool. That mistake was perpetuated down the line and throughout the life of the pool – years' and years' worth of documents affecting 49 properties through three changes of the trustee. We were the only ones who caught it, and we were able to correct this potentially fatal mistake that would seriously hinder for months the ability to foreclose in the event of a loan default.
  • Boston University, J.D., 1971
    University of Pennsylvania, B.S., 1968
  • Florida
    New York
  • U.S. Supreme Court
    U.S. Court of Appeals, Eleventh Circuit
    U.S. District Court, Southern District of Florida
  • AV Peer Review Rated, Martindale-Hubbell
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