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Stuy Town: Redux in the Desert
The decision of the New York Supreme Court in Bank of America, N.A. v. PSW NYC LLC, 29 Misc.3d 1216A, 918 NYS3d 396, garnered national attention in 2010. The court ruled that, under the terms of an Intercreditor Agreement in common use in complex real estate loans across the United States, a mezzanine lender could not exercise its rights against its collateral without first paying off senior debt.
Commonly known among real estate lawyers as the “Stuy Town Case,” the decision caused a stir in real estate and legal circles since it implicated the potential value of mezzanine debt, a common component of real estate loans in a commercial mortgage-backed securities (CMBS) loan structure.
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