Cadwalader Continues Dominance in Commercial MBS Legal Advisory Rankings, Tops 2020 Midyear Tables

July 27, 2020

Cadwalader once again retained its dominant rankings in the midyear commercial mortgage-backed securities (CMBS) tables published by Commercial Mortgage Alert. The firm earned the top position in both the “Issuer Counsel” and “Underwriter Counsel” categories through the first half of 2020. Cadwalader has held the number one position in the issuer counsel category for 20 consecutive years.

As noted by Commercial Mortgage Alert, Cadwalader advised issuers on 27 of the 43 U.S. private-label CMBS issuances floated through June 30, representing nearly 63 percent of such representations, and advised underwriters on 18 transactions, or 42 percent of total issuance.

“Beyond deal activity, it is the counseling that people have come to rely on,” Stuart Goldstein, co-chair of Cadwalader’s Capital Markets Practice, told Commercial Mortgage Alert. “They recognize how valuable our depth of experience is when the market is topsy-turvy. We worked with issuers and originators on strategy [and] with many market participants regarding what happens with forbearances, engaged with CREFC, and we put out a white paper on potential Covid structural changes that got picked up when deals started getting done.”

Cadwalader’s dominance also extends to the commercial real estate collateralized loan obligation (CRE CLO) market. The firm topped the underwriter counsel table, advising on nearly two-thirds of CRE CLO issuances, and is ranked second in the issuer counsel table.

“Private-label issuance was slowed somewhat by the pandemic,” said Michael Gambro, co-chair of Cadwalader’s Capital Markets Group. “Fortunately, our clients recognized the strength of our deep bench and the value of our unmatched market knowledge.”  

The firm’s Capital Markets Group includes lawyers in New York, Charlotte, Washington, D.C., and London. The team advises investment banks, issuers, funds and private equity sponsors in structuring and executing transactions across a broad array of structured products and asset classes, including ABS, CLOs, CMBS, CRE CLOs, RMBS, structured workout financings and whole loan sales.

Earlier this year, Cadwalader received a pair of GlobalCapital 2020 U.S. Securitization awards, “CLO Law Firm of the Year” and “RMBS Law Firm of the Year.”