The credit crisis in the commercial real estate market continues. Trepp, LLC recently reported that “the tone in the CMBS market has been acutely negative for the past three months,” with 9.56 percent of outstanding U.S. commercial mortgage backed securities loans in delinquency as of September 2011.1
As the rate of default continues or even accelerates, some mezzanine lenders, forced to dust off the intercreditor agreements entered into with senior lenders in happier times, may be surprised to learn that their rights and protections are surprisingly limited. This article will focus on the next chapter in structured commercial real estate finance and, in particular, on certain key components of the intercreditor agreement, with an eye toward how mezzanine lenders may better protect themselves in the next generation of intercreditor agreements.
Make Key Provisions Work
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