Commercial Mortgage-backed Securities

A global CMBS partner

Our team has been involved in the bulk of CMBS that have been issued. We advise issuers, underwriters, collateral managers, IG and B-piece investors in CMBS, CDOs/CLOs, Re-REMIC, NPLs and other alternative securitized structures involving commercial real estate and residential mortgages.

As the real estate market changes, our clients depend on Dechert’s deep knowledge of these complex transactions to advantageously work out and restructure complicated deals. Historically, the commercial real estate loans we originated for our clients were some of the largest in the marketplace, structured to be split and sold to dozens of investors. We work with a wide range of financial instruments including whole mortgage loans, senior, subordinate and pari passu notes and participations, mezzanine loans, preferred equity, syndicated loans, commercial mortgage-backed securities and commercial real estate collateralized debt obligations. 

Expertise in all aspects of a transaction

Dechert lawyers represent clients in all aspects of a transaction, including preparation of bid letters, negotiation of confidentiality agreements, securitization disclosure and operative documents, such as pooling and servicing agreements and mortgage loan purchase agreements and investor certifications, pool and loan level due diligence. We tailor our scope and level of review to accommodate our clients. 

  • “Dechert is an outstanding firm in all regards, but their securitization practice stands out.” U.S. News & World Report, Best Law Firms (2016). 
  • Ranked Tier 1 for Structured Finance & Securitization by the U.S. News and World Report in 2015. 
  • Recognized in The American Lawyer 2017 Corporate Scorecard for our work with mortgage-backed securities.
  • Dechert is known for "Renowned strength in asset-backed securities transactions. Large and well-connected global team able to provide though leadership on emerging and evolving regulatory requirements on a cross-border scale, with a particularly strong focus on risk retention matters” states Chambers USA, 2017.