"The attorneys at Cadwalader have 'really mastered the art of securitization"
 - Chamber USA

Commercial Mortgage Securitization
Cadwalader is recognized as the dominant issuer’s and underwriter’s counsel in the CMBS industry. Since 1994, when Commercial Mortgage Alert first began tracking law firm participation in public offerings of commercial mortgage-backed securities (“CMBS”), we have ranked at or near the top in issuer and underwriter representations–both in the number of deals closed and the total dollar amount of such deals. In addition to issuers and underwriters, we represent credit enhancers, investors, loan sellers and servicers in CMBS transactions.

Working closely with the firm's real estate attorneys, the Capital Markets Department has been involved in virtually every type of financing of real estate, including:

• traditional, pooled large and small loan securitizations
• stand-alone single loan securitizations
• commercial paper financings
• A/B structures
• tranched subordinate note structures
• mezzanine loan and preferred equity transactions
• off-balance sheet financings
• synthetic structures and repackagings

Cadwalader is a leading deal counsel in the structured offerings of debt secured by large single or multi-property developments owned by a single sponsor. These transactions include direct issuance of notes by mortgage borrowers and securitizations of notes issues by single borrowers.

Asset-Backed Securitization
Since 1985, we have facilitated the issuance of billions of dollars of asset-backed securities. The asset-backed securitization practice, which has grown beyond traditional asset classes, now encompasses the entire range of emerging and niche asset classes. This practice includes:

• equipment and automobile leases
• student loans, commercial loans
• annuity contracts
• single-family, multi-family and commercial mortgage loans
• franchise receivables
• government receivables
• advertising
• pharmacy and health care receivables
• dealer notes and floor plan financing
• tax liens
• taxi medallions
• music and publishing royalties
• 12b-1 fees
• airplane loans
• burglar alarm contracts
• manufactured housing
• trade receivables

Residential Mortgage Securitization
Cadwalader's participation in residential mortgage securitization transactions is multi-dimensional as we represent issuers, underwriters, institutional investors, trustees, servicers and credit-support providers. We have participated in over $1 trillion of residential mortgage securitization transactions since 1983, when we helped the Federal Home Loan Mortgage Corporation, now known as Freddie Mac, create the first collateralized mortgage obligation. Our experience extends to a broad spectrum of residential mortgage products, including:

• traditional "A" credit mortgage loans
• "alternative A" and "B and C" credit quality loans
• ARMs with a variety of indices
• relocation loans
• balloon loans
• manufactured housing loans
• co-op loans
• buy-down loans
• employer subsidized loans
• Title I home improvement loans
• home equity loans
• high LTV loans