SINGLE ASSET REAL ESTATE.

SEC. 218. SINGLE ASSET REAL ESTATE. (a) Definition.— Section 101 of title 11, United States Code, is amended by inserting after paragraph (51) the following: “(51B) ‘single asset real estate’ means real property constituting a single property or project, other than residential real property with fewer than 4 residential units, which generates substantially all of the gross income of a debtor and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental thereto having aggregate noncontingent, liquidated secured debts in an amount no more than $4,000,000;”. (b) Automatic Stay.— Section 362(d) of title 11, United States Code, is amended— (1) in paragraph (1) by striking “or” at the end, (2) in paragraph (2) by striking the period at the end and inserting“; or”, and (3) by adding at the end the following: “(3) with respect to a stay of an act against single asset real estate under subsection (a), by a creditor whose claim is secured by an interest in such real estate, unless, not later than the date that is 90 days after the entry of the order for relief (or such later date as the court may determine for cause by order entered within that 90-day period)— “(A) the debtor has filed a plan of reorganization that has a reasonable possibility of being confirmed within a reasonable time; or “(B) the debtor has commenced monthly payments to each creditor whose claim is secured by such real estate (other than a claim secured by a judgment hen or by an unmatured statutory hen), which payments are in an amount equal to interest at a current fair market Tate on the value of the creditor’s interest in the real estate.”.