“REIT Financing: Combining Traditional and Unique Approaches to Serve an Expanding Market”
American Bar Association, Section of Real Property, Probate and Trust Law, 1994 Annual Meeting, New Orleans, Louisiana 08/09/94 Co-Author and Panelist Everett S. Ward (with Steven R. Davidson)
Below is an excerpt:
Much has been written about the recent resurgence in the formation of real estate investment trusts ("REITs") as a means of providing real estate developers and owners with a vehicle for access to capital markets heretofore traditionally available only to corporations. While REITs and corporations are engaging in "competition" for investment dollars there is another competition taking place, namely the competition among lenders to make loans to those REITs. Whether the lender is an institution with expertise in making asset-based loans to corporations or an institution with experise in making loans to developers which are secured by real estate, structuring and documenting loans to REITs poses a unique set of issues for both the lender and its attorneys.