Southfield, MI, August 03, 2011 --(PR.com
)-- Maddin, Hauser, Wartell, Roth & Heller, P.C. President and CEO Steve Sallen was recently among the featured panelists at the International Council of Shopping Center (ISCS) 2011 Michigan Idea Exchange at the Suburban Collection Showplace in Novi.
The Orchard Lake resident participated in a discussion on “My Loan Went to the Special Servicer. Now What?” Special Servicers are companies that have specialized processes in place to deal with troubled “securitized loans.” Securitized loans have several key features, including: (a) non-recourse to the borrowing entity and to the principals of the borrower, except for the so called non-recourse carve outs, (b) low interest rates, (c) terms/amortizations of approximately 10/25 years, respectively, and (d) the resulting loans are bundled into “pools” with similar loans and sold as commercial mortgage backed securities to investors on Wall Street. The panel focused on the role of Special Servicers and their interactions with troubled borrowers.
Sallen concentrates his practice in the areas of real estate law, environmental law and corporate law. His clients include some of Michigan’s most successful manufacturing firms, real estate developers, general contractors and commercial real estate brokers. As a result of the continuing economic downturn, Sallen has defended enforcement actions and negotiated financing solution scenarios for all types of borrowers having varying loan types and structures.
The ICSC is the global trade association of the shopping center industry. Its 50,000 members in the U.S., Canada and more than 80 other countries include shopping center owners, developers, managers, marketing specialists, investors, lenders, retailers and other professionals as well as academics and public officials.
Founded in 1982, Southfield, Michigan-based Maddin, Hauser, Wartell, Roth & Heller P.C. (www.maddinhauser.com) is a multi-specialty law firm serving individuals, businesses and government entities.