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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, future funding, and SOFR loans.
Michael was recognized among CREFC’s inaugural “20 Under 40” list, which features the future leaders of the CRE finance industry, and was included in the inaugural edition of Best Lawyers: Ones to Watch in recognition of his work in Securities/Capital Markets Law. In 2022, Michael was named a “Go-To Thought Leader” by The National Law Review in the area of securities law, for his writing about SEC climate risk regulation. 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.
Michael also advises securitization clients on sustainable finance and other ESG matters, including green bonds, social bonds, sustainability frameworks and second party opinions. Michael served as issuer’s counsel on the $3 billion green CMBS securitization of One Vanderbilt, one of the largest SASB transactions to date. A member of Cadwalader’s ESG Task Force, Michael’s trade association committee work includes:
- Commercial Real Estate Finance Council Sustainability Initiative:
- Transparency Subcommittee.
- Advocacy Subcommittee.
- Working group on SEC climate risk disclosure proposal comment letter.
- Structured Finance Association – ESG and Sustainable Finance Initiative:
- Co-chair of ESG Working Group on CMBS.
- Working group on SEC climate risk disclosure request for public input.
- International Capital Market Association: Member of the Sustainability-Linked Bonds working group and the Taskforces on Sustainable Financial Products.
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. 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.
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.
