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Dechert 4 Real is a new podcast from Dechert LLP exploring the latest trends and developments in commercial real estate finance.
Join co-hosts Jon Gaynor, Sam Gilbert and Ella-Marie Smith every month as they delve into current issues impacting both the legal and business aspects of real estate finance transactions, including lending, securitization and restructuring. Each episode features market commentary and interviews with industry thought leaders, providing listeners with valuable insights and practical advice, plus a little banter along the way.
Are we 4 Real? Tell us what you think by submitting comments, questions, and feedback to realpodcast@dechert.com.
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Latest Episode: Episode 22 – CMBS Servicing Sitdown With Trimont’s Cindy Barreda and Leslie Hayton
April 24, 2025 – Recording for the first time in Dechert’s Charlotte office, 4 Real’s Jon Gaynor, Sam Gilbert and Ella Smith invite Trimont Chief of Staff Cindy Barreda and Senior Managing Director Leslie Hayton to the pod to discuss Trimont’s recent acquisition of the Wells Fargo third-party commercial mortgage servicing platform, CRE trends to watch in the current and future economic landscapes and how they’re using AI to streamline their workflows. Plus, London-based Dechert partners John McGrath and Aaron Scott give the 411 on changes to the European risk retention rules, the group has some surprising brushes with fame and Sam hits the ice!
Show Notes
Newsflash: EU Risk Retention Update: Priced Deals March Forward, Dechert OnPoint (April 2025)
Key Takeaways:
- Trimont acquired Wells Fargo’s third-party commercial mortgage servicing platform in March, making Trimont the largest servicer of CRE securitized debt in the United States with a global presence in multiple locations including India, London, Sydney and throughout the U.S.
- The CRE market remains unpredictable, and servicers in general want to work with borrowers in distress, but they also need to look out for the benefit of the securitization itself and the investors within the securitization. Offices continue to struggle post-COVID, and those coming back are not coming back in the same way they were in 2018. Converting offices to multifamily is not a feasible solution in 2025.
- Consistent financing sources will continue to be a challenge in the commercial real estate market as expectations on property values and terms create disparity between originators and borrowers.
- A Joint Committee comprised of the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority published a report on March 31, 2025, on the functioning of the EU Securitization Regulation. The report included guidance regarding the interpretation of the sole purpose test, stating that the term “predominant” should be interpreted as a threshold of more than 50%. As a result of this interpretation, more than 50% of an originator’s revenues must be derived from sources other than the exposures to be securitized or the risk-retained assets (or any corresponding income from such exposures and risk-retained assets).
About Dechert's Global Finance Practice
Dechert’s global finance practice provides a responsive, interdisciplinary, multi-jurisdictional team to address the complexities of modern finance transactions across categories and geographies. With more than 200 lawyers in the world’s major financial centers, our internationally recognized practice provides clients with innovative deal structuring, creative financing strategies and efficient execution. Our clients receive comprehensive solutions for all of their finance needs. By tapping into the breadth of Dechert’s expertise, we deliver advice on fund finance, real estate finance, structured finance, leveraged finance and securitization matters.
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