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Michael Ruder concentrates his capital markets practice on commercial mortgage-backed securities (CMBS) transactions and other securitizations. Michael frequently represents issuers and underwriters in connection with agency and private label CMBS securitizations, including single-asset / single-borrower (SASB) transactions. He has securitized CMBS loans secured by a variety of property types, including multifamily, office, retail, hospitality, industrial and assisted living. Michael has experience with securitizations involving hybrid ARM mortgage loans, mezzanine loans, junior liens, tax-exempt loans, participation interests and future funding.
Law360 has recognized Michael as a Rising Star for Structured Finance. The Commercial Real Estate Finance Counsel included Michael among its inaugural “20 Under 40” list, which features the future leaders of the CRE finance industry. Michael was included in the inaugural edition of Best Lawyers: Ones to Watch in recognition of his work in Securities/Capital Markets Law. The National Law Review has recognized Michael as a “Go-To Thought Leader” in the area of securities law, for his writing about SEC climate risk regulation.
Michael also advises securitization clients on sustainable finance matters, including green bonds, social bonds, sustainability frameworks, second party opinions and C-PACE. A member of Cadwalader’s ESG Task Force, Michael’s trade association involvement includes work on the Commercial Real Estate Finance Council’s, Structured Finance Association’s and International Capital Markets Association’s sustainable finance working groups.
Representative capital markets transactions have included:
- Agency CMBS securitization that was the first multifamily real estate securitization with certificates indexed to SOFR and was recognized by GlobalCapital as CMBS Deal of the Year.
- Agency CMBS sustainability-bonds securitization that was awarded CMBS/CRE CLO Deal of the Year by GlobalCapital.
- Issuer’s counsel on securitization of one of the largest-ever SASB loans in one of the first CMBS transactions to be labeled as green bonds, which was nominated for CMBS Deal of the Year by GlobalCapital.
- Issuer’s counsel on $975 million SASB CMBS securitization backed by office complex in California.
- Green bonds consultant to CMBS issuer on securitization of a SASB mortgage loan backed by a life sciences property.
- Social bonds consultant to CMBS issuer on first private label CMBS offering to be labeled as social bonds.
Michael co-authored "Challenges in standardisation of green bonds: The US perspective", which was published in the International Financial Law Review and describes challenges facing green bond issuers and investors. Michael’s recent article, “Made for TV: The SEC’s Regulatory Posture on Climate Risk,” which was published on Columbia Law School’s The CLS Blue Sky Blog, provides an overview of the current disclosure regime for climate risk and shines a spotlight on the dramatic debate taking place among the SEC Commissioners in the run up to the issuance of the SEC’s proposed new rule.
Michael received his J.D., cum laude, from Northwestern University School of Law, and his Bachelor of Business Administration degree, summa cum laude, from Texas Tech University. He is a member of the New York City Bar Association. Michael is admitted to practice in New York and North Carolina.
Featured Content:
Listen to Michael's latest podcast covering Environmental, Social and Governance factors as they relate to securitized products, with a focus on U.S. CMBS.
