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As lockdowns disrupted rental income and market value in the commercial real estate sector all over the world, Dechert lawyers also helped investor clients deal with the fallout. London partner John McGrath advised a number of borrowers and lenders exposed to legacy loan- on-loan financings on developing and documenting new repo-based securitization structures. “We devised structures that permit both refinancing and new lending on terms better able to withstand disruption,” he says. For Santander, the London team documented an English and New York law-governed multi-issuer platform for onboarding and securitizing commercial property loans secured on property in the U.S., the UK and the EU. For another major bank, Dechert advised on an English law- governed platform for onboarding and securitizing commercial property loans secured on property in the UK and the EU. Initially established to refinance an existing repo warehouse, the flexible platform has been used extensively for new lending (including senior/ mezzanine structures) across multiple asset classes in different jurisdictions in 2021. “These were both billion-dollar deals of the most
“CLO Law Firm of the Year” for the sixth time GlobalCapital – U.S. Securitization Awards 2021
high-value (over US$15 billion) and innovative structuring. For example, we represented BCRED on its senior secured credit facility with Citibank, N.A., as administrative agent. “This ABL facility is top of its class and provides for borrower flexibility not otherwise currently in the market,” says Jay Alicandri. As of November 5, 2021, this was a US$3 billion senior secured credit facility, comprised of a term loan piece and a revolver piece that may be upsized to US$5 billion. This year, Dechert advised Starwood as seller on the US$250 million single- asset securitization of a mortgage loan and a mezzanine loan secured by 41 extended-stay hotels – the first REMIC securitization to include a commercial real estate mezzanine loan as collateral. “Using a mezzanine debt in this way gives lenders better potential enforcement mechanics,” explains Jones. “In jurisdictions providing unwieldy foreclosure experiences, that could be particularly useful.” Dechert is recognized as one of the few firms – if not the only firm – with a seamless commercial real estate capital markets practice extending from loan origination through syndication, securitization and creditors’ rights and enforcement.” David Forti Partner
critical importance to our clients,” says partner Aparna Sehgal. “Both required transatlantic teams with the highest level of performance across several financing disciplines.” Dechert’s deep knowledge of commercial real estate has also underpinned its market-leading position in the commercial real estate CLO space, where Dechert has been the most active issuer’s counsel – yet again – for CRE CLOs with values over US$1 billion. “Dechert has also been one of the most active firms in the BSL and Middle Market CLO spaces,” says partner Chris Duerden, “and we are well-positioned to facilitate multi- strategy asset managers’ financing needs in these markets given our deep expertise across the board and the way we can cater to asset managers of all stripes and sizes.”
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It is our broad industry coverage and deep knowledge of our clients’
“Law Firm of the Year” for the sixth time, “Hall of Fame” “Law Firm of the Year for Europe” Private Debt Investor
businesses that enable us to deliver a powerful competitive
Law firm of the year, Europe
advantage for clients.” Jay Alicandri Partner
– PDI Awards 2020, awarded in 2021
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