With the pop of the housing bubble and the implosion of the subprime mortgage market, lawyers representing homebuilders were already seeing a slowdown in transactions. But, now, with the credit crunch on top of that, high-end commercial real estate deals -- the cash cow for big-firm real estate groups -- just plain aren't going forward. "It caught everyone off guard -- even though everyone was saying, 'It's coming, it's coming.' It was like an earthquake," said DLA Piper real estate partner Stephen Cowan.
September 12, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The documents were signed on the more than $100 million deal for a large East Coast office building complex. The courier was hurrying them to the escrow agent. And then the lender got cold feet.
“They called the courier and made him turn around and return the documents,” said Stephen Cowan, the DLA Piper real estate partner who was advising the buyer on the deal last month.
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