Corporate

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. 

  • Ranked Tier 1 for Structure Finance: Securitization in The Legal 500 US in 2019. 
  • Ranked by Chambers and Partners as a leading firm in London Securitisation. Key areas of strength for the team are CMBS, RMBS and ABS transactions (2015-2019).
  • Ranked nationally for Capital Markets: Securitization by Chambers and Partners for the past seven years (2013-2019).
  • Shortlisted for "CMBS Law Firm of the Year" by GlobalCapital in 2018 and 2019. 
  • Ranked Tier 1 for Structured Finance & Securitization by the U.S. News and World Report in 2015, 2017 and 2018. 
  • Ranked Tier 1 for Real Estate Law by U.S. News and World Report, Best Law Firms in 2018. 
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