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The Carveout

Welcome to The Carveout, a Frost Brown Todd legal blog geared toward sophisticated capital market participants and focused on the commercial real estate finance (CREF) industry, with a particular spotlight on what are often the most heavily negotiated and critical terms of CREF lending—non-recourse carveouts.

With that lens in mind, here you will gain perspective on current trends and developments with these provisions and how to effectively bring lenders and borrowers together to solve challenging negotiations. Our prevailing emphasis is on the kind of real-world application that helps you avoid undue risks and see critical deals to completion.

Latest Blog Posts

Architecture details Modern Building Glass facade Exterior
CREF Roundup | Week 34, 2025

August 21, 2025 | Blogs

The CREF Roundup is a periodic digest of noteworthy developments, insights, and commentary in the wo...

Architecture details Modern Building Glass facade Exterior
CREF Roundup | Week 33, 2025

August 15, 2025 | Blogs

The CREF Roundup is a periodic digest of noteworthy developments, insights, and commentary in the wo...

Handshake over commercial real estate loan documents, illustrating special purpose entity (SPE) carveouts and non-recourse loan terms for lenders and borrowers.
Special Purpose Entity Carveouts and Recourse Liability: Practical Approaches for Lenders and Borrowers

August 5, 2025 | Publications

Welcome to The Carveout, where we explore some of the most negotiated and critical items in commerci...

Double exposure of an “Approved” stamp over permit documents and a nighttime city skyline, symbolizing commercial real estate deal approvals and legal compliance.
Carveouts and Cash Flow: Additional Impacts of Cherryland Mall

August 3, 2025 | Publications

This is the third installment of The Carveout, a Frost Brown Todd blog geared toward sophisticated c...

Close-up of a digital stock market display with real-time financial data in an urban setting, symbolizing market dynamics in commercial real estate finance.
Cherryland Mall and the Limits of “Non-Recourse” Carveouts

August 1, 2025 | Publications

This is the second installment of our blog, The Carveout, where we explore non-recourse carveouts, o...

Stack of commercial real estate documents with glasses, pen, and calculator on wooden desk, symbolizing due diligence and contract analysis.
Introducing the Carveout: A Commercial Real Estate Finance Blog

July 29, 2025 | Blogs

Welcome to the inaugural post of The Carveout, a Frost Brown Todd legal blog geared toward sophistic...

Binary code abstract background with US $100 dollar banknotes. Shallow depth of field.
How Lenders Should Prepare for Crypto as Collateral

April 17, 2025 | Publications

Considering this administration’s desire to position the U.S. as a digital banking capital and...

Storage of digital assets and data in the cloud. Network Server, Server Rack. Data Migration, Data Estate Modernization. Data Lake
AI Ethics and Commercial Real Estate Transactions

February 4, 2025 | Publications

Commercial real estate professionals are increasingly using artificial intelligence (AI) tools to en...

Blueprints of towering skyscrapers with intricate architectural designs illuminated against a blue background.
REITs Demystified: An Introduction to Real Estate Investment Trusts

October 21, 2024 | Publications

*This article was originally published in Real Estate Finance Journal in October 2024. The real esta...

Two people working at a desk with a computer displaying charts and graphs, overlaid with various financial and analytical icons.
Rapidly Rising Rates Complicate Existing Floating Rate Loans

November 21, 2023 | Publications

*This article was originally published in Reuters Legal News on November 20, 2023. The rapid rise in...

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Your Carveout Contacts

A man in a dark pinstripe suit and red tie smiles against a white background.
Colin C. Stouffer

Partner

Louisville, KY

502.779.8535 Email
A smiling individual wearing glasses, a black suit jacket, a light purple shirt, and a patterned tie.
Joshua (Josh) D. Brock

Partner

Louisville, KY

502.779.8657 Email

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