Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert sit down with Dechert finance & real estate partner Justin Gdula to discuss the latest trends in data center deals, real estate M&A activity and Canadian CMBS. Plus, Dechert partner Jay Southgate discusses the impact this November’s U.S. presidential election may have on commercial real estate finance, the hosts discuss their pleasant — and not-so-pleasant — experiences at “The Most Magical Place on Earth” and the podcast goes into dad joke overload.

What is the current state of commercial mortgage-backed security, or CMBS? Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert invite the managing director and head of North American CMBS ratings activity at Morningstar DBRS, Erin Stafford, to the podcast to break down the current headwinds and opportunities in the CMBS space, from climate change’s impact on CMBS ratings to the industry’s emerging interest in data centers. Plus, Sam gives the 411 on New York City’s Safe Hotels Act, Dechert’s John Ludwig-Egan highlights an upcoming re-proposal of the Basel III Endgame rules and the hosts get 4 Real about football season. 

Show Notes: 

Dechert 4 Real Episode 15: Rolling into Summer with CREFC Roulette and the Biggest Takeaways from the June Conference (June 2024) 

THE CRED: Legal & Business Insights from the Private Credit Industry 

Dechert global finance partner Ani Ravi joins Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert for an informative discussion about the relationship between NAV facilities, subscription lines and repo financing, the evolving nature and implementation of NAV facilities, potential NAV pitfalls and the growing interest in this market segment. Plus, Dechert national security partner Hrishi Hari joins the podcast to discuss recent developments with respect to national security reviews of foreign ownership in real estate. The hosts also share their Labor Day weekend plans and much more! 

Show Notes 

Lawyer Up: 16 Big Law Podcasts to Tune Into, Law.com International (August 2024)

THE CRED: Legal & Business Insights for the Private Credit Industry

Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert are joined by Barclays Head of CMBS Research Lea Overby to discuss commercial real estate trends we can expect in the second half of 2024, floating rate debt risk, lessons learned from the “Mall Apocalypse” and why “forklift offices” are better than “cave offices.” Plus, Dechert’s Steve Engel shares his thoughts on the Supreme Court’s recent Loper Bright decision. 

Show Notes 

Supreme Court Ends Chevron Deference Among String of Decisions Limiting Agency Power – Dechert OnPoint (July 2024)

THE CRED: Legal & Business Insights for the Private Credit Industry 

Dechert’s Jon Gaynor, Kate Mylod, Stewart McQueen and Matt Armstrong dive into the biggest conversations coming out of the 2024 CREFC Annual Conference in New York, including return-to-office trends, the “acceptance of reality” in the commercial real estate industry, what’s really happening in those “invitation only” sessions, and keynote speaker Trevor Noah’s poignant thoughts about airplane turbulence.

Show Notes

 THE CRED – Private Credit News and Insights

 Dechert Co-Chair Mark Thierfelder’s Milken Institute 2024 Global Conference “The Promise and Pitfalls of Private Equity” Panel

Hosts Jon Gaynor, Ella Smith and Sam Gilbert welcome BMO Capital Markets Managing Director Leah Nivison to discuss recent trends in the agency commercial mortgage-backed securities (CMBS) market, the importance of mentorship in the commercial real estate industry and why you should add petting an elephant to your summer vacation plans. Plus, we talk about Fitch requesting feedback on its proposed SASB C-PACE ratings criteria, the U.S. Supreme Court’s ruling on pure omissions, and the most fin-tastically fishy dad jokes you’ve ever heard.

Show Notes:
Fitch Ratings Publishes U.S. Single-Borrower C-PACE Rating Criteria Exposure Draft,
Fitch Ratings (March 2024)

SCOTUS: Pure Omissions Are Not Actionable Under Rule 10b-5, Dechert OnPoint (April 2024)

In this episode of Dechert 4 Real, hosts Jon Gaynor, Ella Smith and Sam Gilbert are joined by partner Lindsay Trapp, who breaks down the intricacies of the structuring and formation of complex credit private funds, rated feeder and parallel funds and collateralized fund obligations (CFOs), including rating considerations and the impact on managers looking to raise insurance capital in the commercial real estate debt space. We also discuss developments on the SEC's evolving climate-related disclosure rules and our favorite springtime activities.

Show Notes:

• SEC Adopts Final, Comprehensive Climate Disclosure Rules (Newsflash)
• Collateralized Fund Obligations: The Technicolor Dreamcoat of Fund Finance - Part 2: A Deeper Dive — The Investment Lawyer (February 2023)
• Collateralized Fund Obligations: The Technicolor Dreamcoat of Fund Finance - Part 1 — The Investment Lawyer (January 2023)
• THE CRED | Structured Credit and Fund Finance: Rated Funds

What impact do high interest rates and appreciating home values have on single-family rentals? In this episode of our 4 Real podcast, our hosts Jon Gaynor, Ella-Marie Smith and Sam Gilbert join Dechert partner Ken Hackman to discuss the popular single-family rental (SFR) asset class and the rise of 'build to rent' properties, while also providing insights into recent CRE CLO delinquencies and an Alabama Federal Court Ruling on the "unconstitutionality" of the Corporate Transparency Act (CTA). Plus, find out what happens in Vegas as our team shares their best Sin City adventures.

In our latest episode, hosts Jon Gaynor, Ella-Marie Smith and Sam Gilbert are joined by Dechert partners Laura Swihart and Matthew Fischer to discuss non-performing loan securitizations (NPLs) and the unexpected collateral used in these transactions. We also chat about current issues in the commercial real estate market related to the proposed Basel III Endgame, which could increase regulatory capital charges for banks, and proudly introduce our pets.

In our first episode of 2024, co-host Jon Gaynor and producers Matt Armstrong, Stewart McQueen and Kate Mylod play a round of CREFC Roulette following the Council’s annual January conference in Miami. Topics include overall industry sentiment, interest rate expectations, the future of multifamily, and more.