4 Real: A Commercial Real Estate Finance Podcast

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4 Real is a podcast from Dechert LLP exploring the latest trends and developments in commercial real estate finance.

Dechert 4 Real Podcast Branding

Join co-hosts Jon Gaynor and Sam Gilbert 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 27 – MultifamilyBridge Loans, CRE CLOs and Pancake REMICs

October 22, 2025 – What’s driving the robust and very competitive transitional multifamily real estate market? In this episode of 4 Real, hosts Jon Gaynor and Matt Armstrong highlight changes and emerging opportunities in this market with Russell Avery, Managing Director at Limekiln Real Estate Investment Management and Head of Capital Markets for their MF1 joint venture with Berkshire. The conversation explores the surge in construction-takeout and bridge-to-bridge loans, competitive dynamics between bank warehouses and CRE CLOs, as well as capital market trends like spread compression, term-out facilities at the end of a CLO life and repo financing. Plus, Dechert tax partner Will Cejudo breaks down Pancake REMICs, an innovative tax structuring tool poised to reshape deal execution across CRE finance.

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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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