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Turning the Page
December 21, 2020 | Issue No. 19
Partner | Real Estate

Some final thoughts on 2020 ... and some positive energy as we prepare for 2021.

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Partner | Securitization & Asset Based Finance
Associate | Securitization & Asset Based Finance

In pooled commercial mortgage-backed securities (“CMBS”) transactions, typically called “conduit” transactions, and some single-asset (“SASB”) transactions, a single entity typically purchases one or more classes of certificates that represent the entirety of the first-loss portion of the securitization. This entity is referred to as the “B-Piece Buyer,” because it purchases the unrated and lowest-rated (in conduit transactions, typically “B” or “B-“) classes of the securitization. Additionally, in certain transactions, the B-Piece Buyer also acts as the “third-party purchaser” under the risk retention rules, which permit a sponsor to satisfy its risk retention obligation through the purchase of the first-loss portion of a transaction by an unaffiliated party. Because the B-Piece Buyer has a greater risk of loss than investors in the more senior classes of a CMBS transaction, it has certain rights both before and after securitization that extend much further than the rights granted to the more passive senior investors.

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Partner | Real Estate
Special Counsel | Real Estate

A recent decision of New York’s highest court potentially strengthens the ability of lenders to bring suits against third parties for participation in a borrower’s breach of single purpose entity/bankruptcy remote loan document covenants.

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Partner | Real Estate
Associate | Real Estate

In this final installment of our six-part series on hotel financing, we examine cash control.

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Here is a rundown of some of Cadwalader's recent work on behalf of our clients.

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Key Contacts

Steven M. Herman
Partner
T. +1 212 504 6054
steven.herman@cwt.com

 

Duncan Hubbard
Partner
T. +44 (0) 20 7170 8525
duncan.hubbard@cwt.com

Fredric L. Altschuler
Senior Counsel
T. +1 212 504 6525
fredric.altschuler@cwt.com

 

Holly Marcille Chamberlain
Partner
T. +1 704 348 5121
holly.chamberlain@cwt.com

Christopher J. Dickson
Partner
T. +1 704 348 5159
christopher.dickson@cwt.com

 

Melissa C. Hinkle
Partner
T. +1 212 504 6972
melissa.hinkle@cwt.com

Alan W. Lawrence
Partner
T. +1 212 504 6332
alan.lawrence@cwt.com

 

Bonnie A. Neuman
Partner
T. +1 212 504 5625
bonnie.neuman@cwt.com

Matthew Robertson
Partner
T. +1 704 348 5257
matthew.robertson@cwt.com

   
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