Cadwalader Dominates the CMBS Market

July 28, 2023

Cadwalader was once again recognized as one of the top law firms advising issuers and underwriters on commercial mortgage securitizations (CMBS) offerings in the U.S. by Commercial Mortgage Alert (CMA). CMA, a trade industry publication that tracks law firm participation in CMBS offerings, has ranked Cadwalader at or near the top in issuer and underwriter representations since 1994. The firm has been ranked first in the issuer counsel category for over two decades.

In the first half of 2023, Cadwalader was ranked as the top firm in the issuer-counsel ranking for U.S. CMBS. The firm placed near the top in all three segments of the market: nonagency CMBS, agency deals, and commercial real estate CLOs. Cadwalader’s Capital Markets practice, led by Cadwalader partners Michael Gambro and Stuart Goldstein, advised issuers on 13 U.S. CMBS deals totaling more than $7.7 billion. On the underwriter side, Cadwalader’s Capital Markets team advised on six deals cumulatively worth more than $3.7 billion.

“Cadwalader’s continued success in securing the top position in CMBS rankings is validation of the trust our clients place in us to handle their unique and often precedent-setting transactions,” said Gambro. “This recognition is a testament to our unwavering dedication and commitment to excellence.”

“Our long history and leadership in this space is because of the firm’s decision to invest in resources, people, and expertise to ensure we stay ahead of the curve,” said Goldstein. “Our clients are doing cutting-edge work, structuring some of the most complex and innovative transactions in the market and we’re privileged to help drive these deals forward.”

Cadwalader’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.

In addition, Cadwalader was again ranked among the top three underwriter counsel for U.S. CLOs in the Asset-Backed Alert rankings in July 2023.