4 Real

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.

In this episode of the Dechert 4 Real podcast, hosts Jon Gaynor, Sam Gilbert and Ella-Marie Smith share their predictions on trends and upcoming regulatory changes expected to drive commercial real estate industry developments in 2024. We touch on issues percolating in the market in our 411 segment, as guest John Ludwig-Eagan joins to discuss the latest updates on SEC Rule 192. And, we share our favorite (and festive!) holiday traditions.

Show Notes

SEC Releases Final Rule 192 Relating to Conflicts of Interest in Securitization, Dechert OnPoint (December 6, 2023).

In this episode, co-hosts Jon Gaynor, Sam Gilbert and Ella Smith welcome global finance partner Aparna Sehgal of Dechert’s London office to compare and contrast the CRE market in the UK with that of the U.S. The group also gives updates on the Corporate Transparency Act and the grey list status of the Cayman Islands, and shares their Halloween costumes from this year’s festivities.

Show Notes

Corporate Transparency Act
“Two Months to Midnight for Securitizations: The Corporate Transparency Act Drops on January 1, 2024,” Dechert OnPoint (November 2, 2023).

UK Economic Crime (Transparency and Enforcement) Act 2022
“Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") – Answering Your Questions,” Dechert OnPoint (October 7, 2022).

Cayman Islands Grey Listing
“EU Regulatory Technical Standards on Risk Retention Finalized,” Dechert OnPoint (November 7, 2023).

Dechert Finance and Real Estate Halloween Contest
Charlotte Office (WINNER): Dechert Through the Decades
Philadelphia Office: Happiest Place on Earth featuring co-host Jon Gaynor

In a special episode, co-host Jon Gaynor joins producers Matt Armstrong, Stewart McQueen and Kate Mylod, and special guest partner Gennady Gorel for another round of CREFC Roulette following the Capital Markets Fall Conference in New York. Gennady also digs into the latest trends impacting warehouse financing, and the group shares their favorite fall fun-tivities, minus the pumpkin spice.

In our latest episode, hosts Jon Gaynor, Sam Gilbert and Ella-Marie Smith welcome Dechert partner Mauricio España to discuss recent trends in CRE litigation, and how clients are more inclined than ever to work towards resolution. The group also chats about possible disruptions to the lending order as banks continue to pull back, including predictions as to who may step up, developments to Article 7 reporting affecting securitizations that may present liquidity opportunities for the market, and the non-business books they’re reading to close out the summer.

Show Notes:

• “Update on the New York Foreclosure Abuse Prevention Act: Challenges and Current Considerations,” Dechert On Point, August 16, 2023.
• Rick Jones, “Welcome to the New Normal – Funny Times Revisited;” Crunched Credit, August 14, 2023. 
• Randy Plavajka, “State of relations: How the lending order is shaping up;” Real Estate Capital USA, August 1, 2023.
• Adorah Nworah, "House Woman," The Unnamed Press, June 6, 2023.

In our latest episode, hosts Jon Gaynor, Sam Gilbert and Ella-Marie Smith welcome Dechert partner Laura Ciabarra to discuss distressed debt in CRE, including market trends, some silver linings that may surprise you, and a war story from the GFC. The group also chats about developments in Boston related to office to resi conversion, a bankruptcy case that could impact the meaning of funding in a lender's sole discretion, and their favorite activities during the dog days of summer. 

Learn more:

Federal Regulators Adopt a New Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

Crisis Averted? Close Calls and Lessons for CRE Lenders After Recent Bank Shutdowns