After the 2008 financial crisis, investment managers came up with a new securitized product: the collateralized loan obligation, or CLO, for commercial real estate. It was designed to correct some of the risks that came with its predecessor, the collateralized debt obligation. 

But what exactly is the CRE CLO and how does it work? Deconstruct enlisted attorney and CLO expert Stewart McQueen at Dechert to break down the product. 

Unpacking The CRE CLO

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Aleksey Chernobelskiy has many pieces of advice for retail investors writing checks for syndicated real estate deals. But, one of the most important: you could lose it all. As many syndicators — firms that pool equity to buy property — grapple with distress, thanks to rising interes rates, investors have been stuck in the crosshairs trying to determine whether to pump more money into a struggling deal, or walk away. 

Deconstruct chatted with Chernobelskiy about syndicator best practices, what retail investors should know about real estate investing, feeder funds tapping wealth for these deals and what LPs can do if everything goes wrong. 

Dealing with Syndications 101 with LP Adviser Aleksey Chernobelskiy

Last month, Gov. Kathy Hochul passed a bombshell housing deal that extended the 421a tax abatement and introduced a new tax break for apartment projects: 485x. Developer Sam Charney of Charney Companies talks the profit potential of 485x compared to 421a, demand for sites eligible for the extension and when rental construction will ramp back up.

Developer Sam Charney Dissects New York's 421a Extension and New Tax Break on the Block 485x

It's Deconstruct Live! at The Real Deal's New York Forum. Fortress' Steve Stuart, Benefit Street Partners' Mike Comparato and Urban Standard Capital's Seth Weissman talk bank failures, distressed note buying and lending demand in a live taping of Deconstruct.

Deconstruct Live! Talks Bank Failures, Multifamily Fears with Fortress, Benefit Street and Urban Standard

Last week, the U.S. Drug Enforcement Administration said it would move toward reclassifying marijuana as a less dangerous drug — Schedule III instead of Schedule I. The move has big implications for the intersection of cannabis and real estate. Founder and CEO of cannabis REIT NewLake Capital Partners Anthony Coniglio talks tax relief and opportunity for state-licensed operators and capital providers like NewLake.

What Marijuana's Reclassifying Means For Pot Shops and Cannabis Capital

It's not just tax credits. It's not just zoning by right. To make office-to-residential conversion projects work, developers need all of the above, says Bobby Fijan of Philadelphia-based Form Developers. TRD's Deconstruct chatted with Fijan about some of the legislation, policies, subsidies and programs across the country that have helped push these conversions forward. 

Unpacking The CRE CLO

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