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January 31, 2025
For the 25th consecutive year, Cadwalader “easily maintained its top position among law firms advising on U.S. commercial mortgage securitizations last year, winning the issuer-counsel title for nonagency and agency deals,” according to Commercial Mortgage Alert’s annual commercial mortgage-backed securities league tables, published today.
In the article, “Cadwalader Repeats as Top Law Firm,” the firm is noted as having served as issuer counsel on 70 of the 149 nonagency CMBS deals that priced in 2024. Issuance surged to $106.1 billion after two lackluster years, according to Commercial Mortgage Alert’s CMBS Database. The article went on to note that “Cadwalader has led that league table every year since 2000.” The firm also topped the issuer counsel list for agency deals “on the strength of its work on Freddie Mac K-Deals, appearing on 53 such offerings.”
Cadwalader Capital Markets practice co-chairs Michael Gambro and Stuart Goldstein spoke with Commercial Mortgage Alert about their optimism for the year ahead.
“We’re not crystal-ball readers, but we do believe that through the first half of the year we will continue to see a lot of activity,” said Mike, who also noted that Cadwalader is hiring based on its expectation that issuance volume will continue to be elevated.
In the CRE CLO market, top lawyers expect a resurgence after two lackluster years, with Stu noting that “conditions are right for a rebound in that market. If we continue to see the short end of the [Treasury] curve looking good, bridge lenders should have a busy year, whether they are lending on transitional properties,” or are asked to take out loans on properties whose values haven’t performed as well as expected due to rate volatility.
Read the article here.
