7 Steps to Break into Luxury Real Estate

In this session, Dale Warner, COO of Realvolve, takes you through some of the hallmark SaaS strategies that Real Estate Professionals can apply to their own businesses to drive revenue, increase efficiency, and better manage their relationships with a real estate CRM.

Under a letter of credit, a financial institution agrees to honor a demand for payment made by a beneficiary at an applicant's request. LCs are used in various real estate transactions: to support an underlying performance obligation such as construction, or instead of cash when, for example, an escrow is required under a mortgage loan or a security deposit is required under a lease. There are two types of LCs--commercial and standby--both follow specific rules, forms, and procedures dictated by the UCC, ISP98, or UCP. Counsel must draft and review LCs compliant with these rules and procedures and know the roles of the applicant, issuer, and beneficiary in issuing and drawing upon LCs. Counsel should also understand the different uses for LCs and how to tailor LCs to each transaction, including expiry dates and "evergreen" clauses, whether the LC should be transferable or not transferable, and whether single or multiple draws will be permitted. Listen as Buddy Baker, Vice President at Investment Banking Division, Goldman Sachs Bank USA discusses negotiating and drafting the critical terms in LCs and provides guidance through the annotated ISP98 forms. The panel will highlight using LCs in various real estate transactions and issues in making draws on LCs. The panel will also discuss alternative credit enhancements such as surety bonds and credit insurance and the advantages and disadvantages of each.

Generally speaking, owners and operators in the active adult/55+ space are able to convert resident leads at a lower cost per acquisition than the rest of the seniors housing continuum—Independent Living, Assisted Living, Memory Care and Life Plan or CCRC communities.

A ground lease can be an attractive method to develop commercial property. However, the tenant/developer's ability to obtain financing is crucial to a development's success using a ground lease. Counsel must consider the potential lender's interests in the negotiation of a ground lease between the landlord and tenant. Counsel's primary task is to balance all the competing interests concerning each key provision, such as subordination, right to cure, and consent. A lender's lien on a financeable ground lease is secured by a leasehold mortgage drafted to address the lender's and borrower/tenant's interests during the term of the lease and in the event of foreclosure. Listen as our authoritative panel of real estate attorneys discusses how to balance the competing interests of the owner, lessee, and lender to create a financeable ground lease.