The Results of this $550 Million Foreclosure Case Could Reshape the Commercial Real Estate Industry [Yahoo! Finance]
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The foreclosure targets the Cohen Brothers, who owe Fortress nearly $550 million in loans. Their asset portfolio spans from New York to Florida. For such a significant foreclosure, the method being employed is unique too. The typical foreclosure process is a lengthy one, involving court hearings, and resulting in the foreclosed assets being auctioned off to the highest bidder. But, Fortress is using a process known as the Uniform Commercial Code (U.C.C.) to call in their loans. Through this, Fortress would seek compensation by auctioning off equity shares in Cohen Brothers, against the distressed assets securing the original loans. This news has sent shock waves through the executive circles of real estate developers nationwide. It also speaks volumes about the complex nature of commercial real estate financing. Large loans or credit lines to developers like Cohen Brothers are often secured by many assets in the developer's portfolio. In the Cohen Brothers' case, these assets are
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