RALEIGH, N.C.—Womble Bond Dickinson attorney Nellie Sullivan was recently quoted in an article in the Triangle Business Journal entitled “Triangle Attorneys Detail What Landlords, Tenants Need to Know About Leases” as the effects of the coronavirus pandemic continue.
Sullivan suggested that landlords should be thinking now about the types of arrangements that might be appropriate, given their circumstances. If concessions are offered, she noted that various possibilities exist, including increasing the length of the lease for as many months as rent is abated (commercial landlords) or amortizing portions of unpaid rent in the near term over future rental payments (multifamily landlords). She also advised that if liquidity may be a problem, landlords should talk to their lenders earlier than they might expect after their experience during the Great Recession, as lenders are armed to be more proactive in this environment than they were previously.
Sullivan also recently co-authored an article entitled “What Landlords Need to Know About Eviction, Lender Talks, and Rent Concessions” in the COVID-19 environment.
Nellie Sullivan has more than 25 years of experience in commercial real estate, including developer representation in single-family, apartment and assisted living projects, portfolio management, lease negotiations, and corporate expansions and relocations.