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The 2026 Multifamily Maturity Cliff: Reading the $162 Billion Refinancing Wave and the Engagements It Will Generate

Master how to resolve maturing multifamily CMBS loans, run and oppose receiverships, trigger bad-boy guaranty recourse, and choose between foreclosure, receivership, and bankruptcy for the most efficient recovery.
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2026-08-26 13:00:00

Gary Eisenberg

Perkins Coie LLP

Mark A. Silverman

Troutman Pepper Locke LLP

View speakers

Program Details

2026-08-26 13:00:00

2026-08-26 13:00:00

Over 1,000+ webinars

2026-08-26 13:00:00

See credits by state

Gary Eisenberg

Perkins Coie LLP

Mark A. Silverman

Troutman Pepper Locke LLP

View speakers

Program Details

2026-08-26 13:00:00

Program Details

2026-08-26 13:00:00

Over 1,000+ webinars

2026-08-26 13:00:00

Course Overview

Loans Underwritten for a Rate That No Longer Exists

2026-08-26 13:00:00

A decade of multifamily loans was underwritten on cheap, short-term, floating-rate debt and bridge financing that assumed rates would stay low and values would keep climbing. Those assumptions have collapsed, and a wave of CMBS loans is now maturing into a market where the borrower cannot refinance and the property no longer covers the debt. Special servicers, lenders, borrowers, and the receivers who step into these assets are already fighting over debt calculation, pre-negotiation agreements, and whether non-recourse carveouts have sprung full recourse against the principals behind Tides, GVA, and Lurin.

This program maps the workout and enforcement track from both chairs: debt calculation in and out of bankruptcy, pre-negotiation agreements, forum selection, receivership appointment and sale, springing-recourse and bad-boy guaranty triggers, and the choice among foreclosure, receivership, and bankruptcy.

Attendees will be able to read a distressed loan from either side and select the resolution path that recovers the most value.

Format

CLE Credit

2h CLE Credits

Level

Intermediate

Length

2

Key topics that will be covered

01
Debt calculation
Calculate debt and recovery on matured CMBS loans, in and out of bankruptcy.
02
Workout agreements
Weigh workouts and pre-negotiation agreements against litigation when loans mature.
03
Receiverships
Obtain, oppose, and administer receiverships, then sell or resolve the asset.
04
Special servicing
Understand PSA hand-off, servicer authority, and the fee-driven process dynamic.
05
Guaranty recourse
Read and trigger non-recourse carveout and bad-boy guaranty springing recourse.
06
Recovery path
Choose among foreclosure, receivership, bankruptcy, deed-in-lieu, and negotiated resolution.

Program schedule

clock 1:00 pm - 2:00 pm EST

The $162 Billion Multifamily Maturity Cliff: Workouts and Losses

Through modified case studies, this session covers debt calculation in and out of bankruptcy, workouts and pre-negotiation agreements versus litigation, forum selection, obtaining and opposing receiverships, receiver sales, and the restructuring pitfalls that vary by asset class.

Mark A. SilvermanMark A. Silverman
clock 2:10 pm - 3:10 pm EST

The Servicer-Side CMBS Enforcement Playbook: Special Servicing, Guaranty Recourse, and the Path to Recovery

From the lender and special-servicer perspective, this session traces special-servicing hand-off and authority, non-recourse carveout and bad-boy guaranty enforcement, guarantor litigation from the Tides, GVA, and Lurin suits, the choice among foreclosure, receivership, and bankruptcy, and deed-in-lieu resolutions.

Gary EisenbergGary Eisenberg
Gary Eisenberg

Gary Eisenberg

Perkins Coie LLP

Mark A. Silverman

Mark A. Silverman

Troutman Pepper Locke LLP

Gary Eisenberg

Gary Eisenberg

Perkins Coie LLP

Gary Eisenberg is a partner at Perkins Coie and a litigator with more than 30 years of experience in creditors’ rights, workouts, litigation, and bankruptcy. He works extensively with commercial mortgage-backed securities (CMBS) special servicers, collateralized debt obligation (CDO) holders, and other financial institutions, focusing on industries facing distress, including hospitality and real estate, and he previously chaired the firm’s CMBS practice.

Education & Credentials

Mr. Eisenberg earned his J.D. from New York University School of Law and his B.A. in economics and mathematics, magna cum laude and with distinction, from Yale University. He is admitted to practice in New York and New Jersey and served as a law clerk to the Honorable Stewart Pollock of the Supreme Court of New Jersey.

Recognition & Leadership

Super Lawyers has named him a New York Metro Super Lawyer for Bankruptcy and Creditor/Debtor Rights from 2013 through 2025, and Legal Leaders recognized him as a Top Rated Litigator in 2023. He previously chaired the firm’s CMBS practice and served as New York chair of the Perkins Coie Community Service Committee.

Professional Involvement

He has served on the Membership Committee of the New York Chapter of the Turnaround Management Association and remains active in community organizations in New York. His practice continues to center on secured creditors, bondholders, distressed-asset buyers, and the debtor-creditor aspects of complex structured-finance transactions.

Experience

He has represented CMBS special servicers, private lenders, and financial institutions in the foreclosure and enforcement of more than $1 billion of defaulted financial instruments, including hotels, healthcare facilities, and a 747 aircraft repossessed off a military base. After taking title in a contested foreclosure, he obtained what is reputed to be the largest deficiency judgment in that jurisdiction on a bad-actor guaranty, and he has restructured leveraged businesses using Article 9 of the Uniform Commercial Code.
Mark A. Silverman

Mark A. Silverman

Troutman Pepper Locke LLP

Mark Silverman is a partner at Troutman Pepper Locke who represents national financial institutions, CMBS special servicers, fintech companies, and non-bank lenders in complex loan workouts, creditors’ rights, loan enforcement, and bankruptcy matters. He is known for an aggressive approach and a track record in complex foreclosures and guarantor litigation, and he frequently speaks, writes, and comments on the CMBS industry and loan enforcement.

Education & Credentials

Mr. Silverman earned his J.D. from Chicago-Kent College of Law at the Illinois Institute of Technology and his B.A. in speech communications, cum laude, from the University of Illinois. He is admitted to practice in Illinois.

Recognition & Leadership

He has been named to the Global Restructuring Review 100 and to Lawdragon’s 500 Leading U.S. Bankruptcy and Restructuring Lawyers, and he has received the Connect Commercial Real Estate Lawyers in Real Estate Award. Best Lawyers in America has recognized him in bankruptcy and creditor-debtor rights, commercial litigation, and bankruptcy litigation, and Crain’s Chicago Business named him a Notable Rising Star in Law.

Professional Involvement

He serves as a board member of the Turnaround Management Association and as co-chair of its Communications Committee. He is a frequent speaker and author on receiverships, CMBS, and distressed commercial real estate, and national outlets regularly seek his commentary on multifamily and CMBS loan distress.

Experience

He represents some of the largest CMBS special servicers in the United States in contested foreclosure litigation, guarantor litigation, receiverships, and bankruptcy matters in Illinois and nationwide, and he works out loans across office, multifamily, retail, hospitality, healthcare, and industrial assets. In BMO Harris Bank, N.A. v. K&K Holdings, LLC, he defeated the borrowers’ argument that the bank was barred by res judicata from enforcing a commercial guaranty across multiple counties, and the Appellate Court of Illinois, Second District, affirmed. He negotiates loan sales, pursues complex enforcement actions, defends lender-liability claims, and represents receivers in complex matters.
Gary Eisenberg

Gary Eisenberg

Perkins Coie LLP

Gary Eisenberg is a partner at Perkins Coie and a litigator with more than 30 years of experience in creditors’ rights, workouts, litigation, and bankruptcy. He works extensively with commercial mortgage-backed securities (CMBS) special servicers, collateralized debt obligation (CDO) holders, and other financial institutions, focusing on industries facing distress, including hospitality and real estate, and he previously chaired the firm’s CMBS practice.

Education & Credentials

Mr. Eisenberg earned his J.D. from New York University School of Law and his B.A. in economics and mathematics, magna cum laude and with distinction, from Yale University. He is admitted to practice in New York and New Jersey and served as a law clerk to the Honorable Stewart Pollock of the Supreme Court of New Jersey.

Recognition & Leadership

Super Lawyers has named him a New York Metro Super Lawyer for Bankruptcy and Creditor/Debtor Rights from 2013 through 2025, and Legal Leaders recognized him as a Top Rated Litigator in 2023. He previously chaired the firm’s CMBS practice and served as New York chair of the Perkins Coie Community Service Committee.

Professional Involvement

He has served on the Membership Committee of the New York Chapter of the Turnaround Management Association and remains active in community organizations in New York. His practice continues to center on secured creditors, bondholders, distressed-asset buyers, and the debtor-creditor aspects of complex structured-finance transactions.

Experience

He has represented CMBS special servicers, private lenders, and financial institutions in the foreclosure and enforcement of more than $1 billion of defaulted financial instruments, including hotels, healthcare facilities, and a 747 aircraft repossessed off a military base. After taking title in a contested foreclosure, he obtained what is reputed to be the largest deficiency judgment in that jurisdiction on a bad-actor guaranty, and he has restructured leveraged businesses using Article 9 of the Uniform Commercial Code.
Mark A. Silverman

Mark A. Silverman

Troutman Pepper Locke LLP

Mark Silverman is a partner at Troutman Pepper Locke who represents national financial institutions, CMBS special servicers, fintech companies, and non-bank lenders in complex loan workouts, creditors’ rights, loan enforcement, and bankruptcy matters. He is known for an aggressive approach and a track record in complex foreclosures and guarantor litigation, and he frequently speaks, writes, and comments on the CMBS industry and loan enforcement.

Education & Credentials

Mr. Silverman earned his J.D. from Chicago-Kent College of Law at the Illinois Institute of Technology and his B.A. in speech communications, cum laude, from the University of Illinois. He is admitted to practice in Illinois.

Recognition & Leadership

He has been named to the Global Restructuring Review 100 and to Lawdragon’s 500 Leading U.S. Bankruptcy and Restructuring Lawyers, and he has received the Connect Commercial Real Estate Lawyers in Real Estate Award. Best Lawyers in America has recognized him in bankruptcy and creditor-debtor rights, commercial litigation, and bankruptcy litigation, and Crain’s Chicago Business named him a Notable Rising Star in Law.

Professional Involvement

He serves as a board member of the Turnaround Management Association and as co-chair of its Communications Committee. He is a frequent speaker and author on receiverships, CMBS, and distressed commercial real estate, and national outlets regularly seek his commentary on multifamily and CMBS loan distress.

Experience

He represents some of the largest CMBS special servicers in the United States in contested foreclosure litigation, guarantor litigation, receiverships, and bankruptcy matters in Illinois and nationwide, and he works out loans across office, multifamily, retail, hospitality, healthcare, and industrial assets. In BMO Harris Bank, N.A. v. K&K Holdings, LLC, he defeated the borrowers’ argument that the bank was barred by res judicata from enforcing a commercial guaranty across multiple counties, and the Appellate Court of Illinois, Second District, affirmed. He negotiates loan sales, pursues complex enforcement actions, defends lender-liability claims, and represents receivers in complex matters.

Credits by state

AK2.0
AL2.0
AR2.0
AZ2.0
CA2.0
CO2.0
CT2.0
DC2.0
DE2.0
FL2.0
GA2.0
HI2.0
IA2.0
ID2.0
IL2.0
IN2.0
KS2.0
KY2.0
LA2.0
MA2.0
MD2.0
ME2.0
MI2.0
MN2.0
MO2.4
MS2.0
MT2.0
NC2.0
ND2.0
NE2.0
NH120.0
NJ2.4
NM2.0
NV2.0
NY2.0
OH2.0
OK2.5
OR2.0
PA2.0
RI2.5
SC2.0
SD2.0
TN2.0
TX2.0
UT2.0
VA2.0
VT2.0
WA2.0
WI2.0
WV2.4
WY2.0

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Approved
2 General
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Approved
2 General
iOur programs are CLE-eligible through Alaska’s recognition of multi-jurisdictional reciprocity.
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2 General
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2 General
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iReceive CLE credit in Florida via attorney submission.
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2 General
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Approved
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Indiana
Approved
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2 General
Kansas
Pending
2 Substantive
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2 General
Louisiana
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2 General
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2 General
Maryland
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2 CLE Hour(s)
Massachusetts
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2 CLE Hour(s)
Michigan
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2 CLE Hour(s)
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2 General
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imyLawCLE reports attendance to Nebraska on each attorney’s behalf for all programs. Please do not self-report.
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Approved
120 General minutes
iAs of July 1, 2014, the NHMCLE Board no longer provides pre- or post-approval of courses. Attendees must self-determine whether a program is eligible for credit, and self-report their attendance online at www.nhbar.org, based on qualification provisions of Rule 53.
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Approved
2.4 General
iOur programs are CLE-eligible through New Jersey’s recognition of multi-jurisdictional reciprocity, except for the courses required under BCLE Reg. 201:2
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Approved
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Approved
2 General
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Pending
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Approved
2 General
iOur programs are CLE-eligible through North Dakota’s recognition of multi-jurisdictional reciprocity. Section 1, Policy 1.14
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2.5 General
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2.5 General
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2 General
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2 General
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iReceive CLE credit in Washington via attorney submission.
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Requirements

The Alabama State Bar MCLE Commission requires attorneys to complete 12 credits, including 1 ethics, by December 31 of each year. All credits must be reported by February 15 of the following year. A maximum of 12 credits, including 1 ethics credit, may be carried over for 1 year only.  

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