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November 23, 2021
Cadwalader has advised Credit Suisse, as arranger and placement agent, on the first CRE CLO in Europe since the credit crisis.
The dual currency notes are backed by a pool of 9 loans originated by Starz Real Estate and secured on 17 properties in the UK, Spain, The Netherlands, and Ireland, spanning a broad range of sectors, including multi-family, industrial, logistics, storage, retail and hotels. Although the pool of loans is static, the transaction provides the sponsor with flexibility in the way the collateral is managed.
“We are honored to have acted as deal counsel on this first-of-its-kind transaction and congratulate both Credit Suisse and Starz on its successful execution,” said Cadwalader’s Stuart Goldstein, co-chair of the firm’s Capital Markets practice. “This transaction has been a long time in the making in Europe, and we expect additional transactions to follow.”
Cadwalader’s transatlantic team, led by partners David Quirolo, Nick Shiren and Jeffrey Rotblat and special counsel Sabah Nawaz, also included partners Adam Blakemore, Scott Cammarn, and James Frazier; senior counsel Maurine Bartlett; special counsel Catherine Richardson and Adam Risell; and associates Jinisha Patel, Maria Geraghty, Matthew Lefkowitz, Ed Morphett, Aaron Kennedy and Nicole Schapira.