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July 26, 2024
Cadwalader Capital Markets Co-Chairs Michael Gambro and Stuart Goldstein spoke with Commercial Mortgage Alert about the firm’s continued leadership atop the U.S. commercial mortgage securitizations rankings for the first half of 2024, published today.
The article, “Cadwalader Retains Top Law Firm Slot,” noted that “Cadwalader again topped the list of law firms advising issuers on commercial mortgage securitizations in the U.S. in the first half of the year, winning the issuer-counsel title for nonagency CMBS while taking second place for agency deals.”
According to Commercial Mortgage Alert, the pickup in first-half dealflow has lawyers optimistic that production will be strong this year and robust in 2025, assuming interest-rate cuts finally occur.
“It looks like we’ll be busy through the end of the year … particularly for [single-borrower] and conduit [transactions],” Michael said. “I understand that there is an acceptance at this point from borrowers that they need financing, and from an investors’ standpoint, it’s attractive in terms of spread and rate environment. No one thinks rates are going up from here.”
The article highlighted that “Cadwalader held on to its core group of attorneys during the two-year downturn, and is now hiring to handle the wave of new deals.”
Stu shared that the market won’t really hum until bridge lenders are producing more collateral.
“We’ll see some pickup in the second half, but the real activity is still down the road,” he said. “You have to see a return to a place where rents outpace interest rates to induce [borrowers] to buy properties and [lenders] to lend on them.”
Read it here.
