Commercial Real Estate Finance

Dechert’s commercial real estate finance group includes many of the industry’s leading lawyers who play a central role in high-visibility real estate transactions.

Dechert is recognized as one of the few firms — if not the only firm — that maintains a premier commercial real estate capital markets practice concentrating in loan origination, loan acquisition and disposition, securitization, rating agency, representation, servicing, workouts/restructuring and bankruptcy matters.

Recent Industry Recognition

• “Renowned for its full range of financing work including prowess in relation to loan origination, securitization and servicing. Regularly sought out for work relating to significant real estate assets and loan portfolios, and offers particularly experienced counsel on syndicated transactions. Frequently acts on behalf of a range of market-leading institutional leaders and investment companies.” by Chambers and Partners USA.
• Ranked as a top law firm for Nationwide Real Estate, New York Real Estate Finance and Pennsylvania Real Estate Finance by Chambers and Partners USA.
• Named a "Real Estate Practice Group of the Year" at the Law360 Practice Groups of the Year Awards.
• Ranked Tier 1 for Real Estate: Finance by The Legal 500 US.

Recent Matter Highlights

Dechert represented:

• JPMorgan, as directing administrative agent and lender; Wells Fargo Bank, as administrative agent, and lender; and a large U.S. investment bank, as lender, in the origination of a US$3.97 billion balance-sheet mortgage loan to affiliates of Blackstone in connection with their acquisition of over 100 marina properties across 20 states and the Commonwealth of Puerto Rico. 
• JPMorgan, Bank of America, Wells Fargo Bank, and a large U.S. investment bank, as lenders, in the US$2.85 billion refinancing of The Spiral at Hudson Yards in Manhattan.
• Morgan Stanley Bank, Bank of America, Citibank, and Wells Fargo Bank, as co-lenders, in the origination of a US$2.78 billion SASB mortgage loan to affiliates of Blackstone, secured by 93 retail properties across three states.
• Citibank, Wells Fargo Bank, Royal Bank of Canada, a U.K. investment bank, and a large U.S. investment bank, as co-lenders, in the origination of a US$2.4 billion SASB mortgage loan to subsidiaries of Switch, Ltd., secured by three data centers in Nevada.
• Bank of America, JPMorgan, German American Capital Corporation, Natixis, Santander, Société Générale, Citibank, a U.K. investment bank, and a large U.S. investment bank, as lenders, in the origination of a US$2.05 billion SASB mortgage loan secured by four data-center properties owned by affiliates of Blackstone.
• A U.S. alternative investment asset manager and a sovereign wealth fund, as sellers and borrowers, in a US$1.98 billion note-on-note transaction with JPMorgan, as lender.
• Morgan Stanley Bank, Bank of America, JPMorgan, Société Générale, BNP Paribas, Royal Bank of Canada, and a large U.S. bank, as lenders, in the origination of a US$1.5 billion SASB mortgage loan to subsidiaries of Blackstone, Inc., secured by fee interests in two data centers in Georgia and Virginia.
• JPMorgan, Citibank, Société Générale, a large U.S. bank, and a German multinational investment bank, as lenders, in the origination of a US$1.32 billion mortgage loan to subsidiaries of Blackstone, Inc., secured by leasehold interests in eight life-science lab/office properties owned by the Massachusetts Institute of Technology in Cambridge, Massachusetts.
• Wells Fargo Bank, Bank of America, and Santander Bank, as lenders, in the US$1.3 billion CMBS refinancing for Blackstone of a predominantly industrial portfolio in Texas and nine other states.
• Citibank, JPMorgan, and other major banks, as lenders, in the origination of a US$1.25 billion balance-sheet mortgage loan to affiliates of Brookfield Properties, secured by retail and office space at 5 Manhattan West in New York, with a planned CMBS refinancing within one year.
• JPMorgan, Wells Fargo Bank, and Citibank, as lenders, in the origination of a US$972 million mortgage loan and a US$50 million mezzanine loan, secured by 18 multifamily properties across the United States.
• Citi Real Estate Funding Inc., Bank of America, Morgan Stanley Mortgage Capital Holdings LLC, Bank of Montreal, Royal Bank of Canada, and UBS AG, New York Branch, as lenders, in the origination of a US$1.16 billion SASB and conduit mortgage loan to subsidiaries of RMR, secured by fee interests (and one leasehold interest) in 101 industrial properties across 30 states.
• Wells Fargo Bank, Bank of America, and Bank of Montreal, as lenders, in the origination of a US$1.12 billion mortgage loan to a subsidiary of the CDPQ/Hines joint venture, secured by Three Bryant Park in New York.
• A large U.S. investment bank, British multinational universal bank, Morgan Stanley Bank, UBS AG, New York Branch, and Natixis Real Estate Capital LLC, as mortgage lenders, in the origination of a US$1.02 billion mortgage loan and a US$95 million mezzanine tranche to an affiliate of JPMorgan Asset Management.
• Morgan Stanley Bank, Société Générale Financial Corp., and JPMorgan, as mortgage lenders, in the origination of a US$1.0 billion balance-sheet mortgage loan secured by interests in 125 light-industrial properties across 11 states.
• Morgan Stanley Bank, Bank of Montreal, JPMorgan, and a large U.S. investment bank, as mortgage lenders, in the origination of a US$1.0 billion SASB and conduit mortgage loan to an affiliate of RMR, secured by two office buildings in Boston serving as Vertex Pharmaceuticals’ headquarters.
• Nuveen Green Capital, a lender specializing in sustainable commercial real estate financing, in closing the largest C-PACE loan in history at US$465 million for The Geneva, a landmark office-to-residential conversion, in Washington, D.C.