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 asset types, including multifamily, office, retail, hospitality, industrial and assisted living facility properties. Michael has experience with securitizations involving hybrid ARM mortgage loans, mezzanine loans, subordinate lien mortgage loans, tax exempt loans, participation interests, future funding structures and SOFR-indexed loans and certificates.
Michael also advises issuers, underwriters and other market participants regarding current legal issues facing participants in securitized transactions. In addition, he also focuses on federal securities law issues particular to securitizations, including risk retention matters, and advises on related securities compliance matters, including Rule 15Ga-1 compliance.
Michael was included in the inaugural edition of Best Lawyers: Ones to Watch in recognition of his work in Securities/Capital Markets Law. Notable capital markets transactions have included:
- FREMF 2019-KF73: Recognized by GlobalCapital as CMBS Deal of the Year, the transaction was the first multifamily real estate securitization with certificates indexed to SOFR.
- One Market Plaza Trust 2017-1MKT: $975 million SASB CMBS securitization noted by Law360.
- Issuer’s counsel on one of largest ever single-property SASB transactions.
Sustainable Finance: Michael advises securitization clients on matters involving sustainable finance and other ESG matters, including green bonds, sustainability-linked loans, sustainable MBS, social bonds, sustainability frameworks and second party opinions. Michael’s related trade association committee work includes:
- Commercial Real Estate Finance Council Sustainability Initiative:
- Transparency Subcommittee.
- Advocacy Subcommittee.
- Working group on SEC climate risk disclosure request for public input.
- Structured Finance Association – ESG and Sustainable Finance Initiative: Working group on SEC climate risk disclosure request for public input.
Michael is the co-author of "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 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. While in law school, Michael interned with the U.S. Securities and Exchange Commission. He is a member of the New York City Bar Association. Michael is admitted to practice in New York and North Carolina.