Jeffrey B. Steiner

July 15, 2009 | New York Law Journal

Jeffrey B. Steiner and Jason R. Goldstein, members of DLA Piper, write that zombie loans have dominated recent discussions in both real estate finance industry journals and conferences alike. The term, they say, refers to mortgage loans that while generally considered performing, since the property cash flow or other reserves cover the cost of operating the property and the payment of debt service, are in fact destined for default at a foreseeable later date when, at maturity, the debt service reserve runs dry or the property owner will be unable to refinance the impending balloon payment due to tightening credit standards and depressed real estate values.

By Jeffrey B. Steiner and Jason R. Goldstein

10 minute read

July 21, 2004 | New York Law Journal

Jeffrey B. Steiner and Lawrence P. Gottesman, members of Brown Raysman Millstein Felder & Steiner, analyze the U.S. Supreme Court's Chapter 13 decision in Till v. SCS Credit Corp. and suggest that most courts are likely to apply Till in the Chapter 11 context as well.

By Jeffrey B. Steiner and Lawrence P. Gottesman

14 minute read

May 18, 2005 | New York Law Journal

Kenneth M. Block and Jeffrey B. Steiner, partners at Brown Raysman Millstein Felder & Steiner, write that a recent decision by the U.S. Court of Appeals for the Second Circuit has reaffirmed the limited duties a secured lender owes to a borrower.

By Kenneth M. Block and Jeffrey B. Steiner

12 minute read

May 18, 2011 | New York Law Journal

In their Financing column, Jeffrey B. Steiner, a member of DLA Piper, and Zachary Samton, counsel to the firm, write that most current mortgage loan agreements have gross up provisions for tax liabilities, but these provisions have drawn much interest of late after the passing Foreign Account Tax Compliance Act, which requires foreign financial institutions, trusts and corporations to provide the I.R.S with certain information and annual reporting on account holders, to determine if they are American.

By Jeffrey B. Steiner and Zachary Samton

12 minute read

January 17, 2007 | New York Law Journal

Kenneth M. Block and Jeffrey B. Steiner, members of Thelen Reid Brown Raysman & Steiner, write that the issuance of a "commitment" by a lender is fraught with danger where there are conditions precedent to funding; for example, the lender may need to obtain loan participants or has not completed its due diligence. Unless the lender clearly expresses that the "commitment" is neither binding nor enforceable, it may find itself embroiled in litigation if the loan does not fund.

By Kenneth M. Block and Jeffrey B. Steiner

10 minute read

May 16, 2007 | New York Law Journal

Kenneth M. Block and Jeffrey B. Steiner, members of Thelen Reid Brown Raysman & Steiner, write that a lender holding a minority interest in a syndicated loan faces the possibility that the majority in interest will act in a manner that the minority lender feels is against its own interest. This occurred in a recent Court of Appeals case, where the minority member was prevented from pursuing rights against the borrower that the member believed it had when entering into the syndicate.

By Kenneth M. Block and Jeffrey B. Steiner

10 minute read

November 17, 2010 | New York Law Journal

Jeffrey B. Steiner and Jason R. Goldstein, members of DLA Piper, write that while financial institutions that make loans secured by commercial real estate are generally aware of the risks posed by foreclosing on real property that could or does in fact contain a hazardous substance, even sophisticated parties can place undue reliance on the protection of Superfund's safe harbor for secured creditors or personal indemnities from borrower principals.

By Jeffrey B. Steiner and Jason R. Goldstein

12 minute read

November 18, 2009 | New York Law Journal

Jeffrey B. Steiner, a member of DLA Piper, and Zachary Samton, counsel to the firm, write that borrowers need to consider the relative risks carefully when deciding whether to cease paying real estate taxes or take other actions which might constitute a form of economic waste and must be careful that such actions do not trigger personal liability under a non-recourse carve-out guaranty.

By Jeffrey B. Steiner and Zachary Samton

13 minute read

January 18, 2006 | New York Law Journal

Kenneth M. Block and Jeffrey B. Steiner, members of Brown Raysman Felder & Steiner, write that it is now common for lenders to provide for an "exit fee"--additional or deferred interest due at any time the loan is paid off, even at time of maturity. A review of litigation arising from the applicability and enforceability of these fees shows that precision of drafting may have avoided the disputes.

By Kenneth M. Block and Jeffrey B. Steiner

8 minute read

September 21, 2011 | New York Law Journal

In their Financing column, Jeffrey B. Steiner, a member of DLA Piper, and Zachary Samton, counsel to the firm write that as much as $15 billion worth of distressed assets in Manhattan alone and lenders looking for increasingly creative ways to work through their troubled loans, the failure to recognize certain legal pitfalls can jeopardize their right to foreclose or other remedies in the initial loan documentation.

By Jeffrey B. Steiner and Zachary Samton

12 minute read