Dechert Advises Toorak Capital Partners as Issuer’s Counsel on First-Ever Rated Residential Transition Loan Securitization

Dechert acted as issuer’s counsel and advised Toorak Capital Partners LLC, a leading capital provider to the residential real estate lending industry, on its successful closing of the first-ever rated residential transition loan securitization, Toorak 2024-RRTL1.

The groundbreaking US$240 million deal was rated by Morningstar DBRS, which in October 2023 was the first Nationally Recognized Statistical Rating Organization to finalize a methodology for RTL securitizations. Toorak's securitization has significantly expanded participation in the RTL market by making it accessible to the bulk of the fixed income investor base, which require ratings.

The transaction features a two-year revolving period, during which proceeds from loan payoffs can be reinvested in new loans.

The Dechert team advising Toorak as issuer’s counsel included global finance partner Ralph R. Mazzeo, counsel Josh Strathman, associates Caitlin Kelley, Tianna Larson, Shlomo Manne, and Hugo Sanchez, tax partner Will Cejudo, and employee benefits partner Steve Rabitz.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.