New York Property partner Malcolm Montgomery was featured in a profile in SNL Financial, a leading financial information and research service. Montgomery characterized the current real estate market as "transitional," explaining, "We are seeing new loan origination, particularly for REITs and for assets in well-regarded metropolitan areas, as opposed to tertiary markets. At the same time, we're seeing a continuing substantial number of workouts and restructurings across the markets." He added, "The major US banks have largely solved their problems after having addressed them aggressively, and I think the foreign debt investors have been somewhat slower in addressing their problems but are working their way through their existing debt portfolios." Montgomery also observed that he sees significant new capital "sitting on the sidelines," noting that investors are reluctant to act "without a defined market." Montgomery was generally optimistic about current levels of restructuring activity. He said, "We have seen a number of large restructurings consummate over the last 12 months -- sizable restructurings that were very complex and that required work over many, many months have closed," adding that "more will close, going forward, in a way that frees up liquidity." Montgomery's view is that real estate investors "are generally past the stage of being in denial," which bodes well for the real estate market.

View SNL Financial's profile on Malcolm Montgomery