Dechert 4 Real

In this episode of Dechert 4 Real, hosts Jon Gaynor and Sam Gilbert welcome Moody’s Ratings’ SVP and former Dechert lawyer Dan Rubock to the podcast for an in-depth look at his career shaping how the agency evaluates the legal architecture of CMBS deals. They also go extra innings on insurance risk, data centers, Canadian CMBS and AI, and share some favorite sports memories.

Artificial intelligence is everywhere, but aren’t the implications for commercial real estate limited to data centers? In this episode, 4 Real hosts Jon Gaynor and Sam Gilbert sit down with Dechert litigation counsel Wilfred T. Beaye, Jr. for the AI breakdown that every CRE decision-maker needs to hear, including where AI can be most powerful, why governance is lagging behind development, which property classes will be most impacted and how companies can protect themselves from liability.

Which CRE discussions energized the record-breaking and decidedly optimistic attendees at this year’s CREFC Conference in Miami? In this special edition of Dechert’s 4 Real podcast, Matt Armstrong, Jon Gaynor, Sam Gilbert, Stewart McQueen and Kate Mylod dive into the overall mood of the conference – which signaled resilience in the market despite geopolitical risks – as well as property performance, the issuance outlook for 2026, the continued rise of data centers, how private credit is filling gaps where banks and public markets are constrained and more.

In our final episode for 2025, Dechert 4 Real hosts Jon Gaynor and Sam Gilbert are joined by fellow global finance partner Ross MacConnell for an inside look on rated funds and their intersection with commercial real estate. Plus, we get into the 411 on the New York LLC Transparency Act and share our favorite holiday movies.

What’s driving the robust and very competitive transitional multifamily real estate market? In this episode of 4 Real, hosts Jon Gaynor and Matt Armstrong highlight changes and emerging opportunities in this market with Russell Avery, Managing Director at Limekiln Real Estate Investment Management and Head of Capital Markets for their MF1 joint venture with Berkshire. The conversation explores the surge in construction-takeout and bridge-to-bridge loans, competitive dynamics between bank warehouses and CRE CLOs, as well as capital market trends like spread compression, term-out facilities at the end of a CLO life and repo financing. Plus, Dechert tax partner Will Cejudo breaks down Pancake REMICs, an innovative tax structuring tool poised to reshape deal execution across CRE finance.  Show Notes  Dechert Develops REMIC Structure for Longer Investment Periods (“Pancake REMIC"), Dechert OnPoint (September 15, 2025) Dechert Develops REMIC Structure for Longer Investment Periods (“Pancake REMIC"), Dechert OnPoint (September 15, 2025)

How does fund finance fit into leading investment firms’ broader lending strategies? In this edition of Dechert’s 4 Real podcast, hosts Jon Gaynor and Stewart McQueen sit down with Missy Dolski and Jim Dunbar of Värde Partners to discuss the launch of Värde’s new fund finance platform, CRE CLO collapses, areas of distress in real estate, issuance trends, opportunities on the horizon and much more. Plus, Jon and Stewart share the 411 on the recent data center boom. Show Notes The Download on Data Centers, U.S. Election Ripple Effects and Disney Vacations, Dechert 4 Real (Oct. 29, 2024) 

What is driving the uptick in real estate M&A activity? Dechert 4 Real hosts Jon Gaynor and Sam Gilbert sit down with global finance partner Justin Gdula to discuss the mechanics of real estate-backed M&A transactions, the factors that led to their resurgence, the challenges lenders and borrowers face in navigating these complex deals and the critical elements that ensure successful closings. Plus, Dechert associate John Ludwig-Eagan gives the 411 on the SEC’s EDGAR system revamp coming in September. Show Notes: EDGAR Next: What Filers Need to Know and How They Can Prepare, Dechert OnPoint (March 11, 2025) U.S. SEC EDGAR Next Enrollment FAQ

Looking for a primer on the top-of-mind terms and topics in bankruptcy matters today? Dechert 4 Real has you covered as hosts Jon Gaynor and Kate Mylod sit down with David Herman, partner in Dechert’s financial restructuring group, to highlight his “hot takes”/hot tips on the space, including thoughts on substantive consolidation, automatic stay, prepackaged bankruptcy and more! Plus, Dechert partner Lindsay Trapp gives the 411 on recent developments in blind pool ratings and the hosts reveal their superheroic legal origin stories!  Show Notes  For more information on blind pool ratings, email ratedfundsteam@dechert.com. THE CRED Convos video series 

Recording for the first time in Dechert’s Charlotte office, 4 Real’s Jon Gaynor, Sam Gilbert and Ella Smith invite Trimont Chief of Staff Cindy Barreda and Senior Managing Director Leslie Hayton to the pod to discuss Trimont’s recent acquisition of the Wells Fargo third-party commercial mortgage servicing platform, CRE trends to watch in the current and future economic landscapes and how they’re using AI to streamline their workflows. Plus, London-based Dechert partners John McGrath and Aaron Scott give the 411 on changes to the European risk retention rules, the group has some surprising brushes with fame and Sam hits the ice!  Show Notes:  Newsflash: EU Risk Retention Update: Priced Deals March Forward, Dechert OnPoint (April 2025) 

Spring is in the air as Dechert 4 Real’s Jon Gaynor, Ella Smith and Sam Gilbert take a fresh look at the world of real estate debt funds with Dechert financial services partner Gerry Brown, discussing market trends, the benefits of evergreen funds vs. closed-end funds, how tokenization will impact this space and much more. Plus, CMBS associate Parker Lacoste joins the show with updates on the SEC’s EDGAR Next program and the Corporate Transparency Act, while Ella invents an all-new sport: “gobf.”  Show Notes:  EDGAR Next: What Filers Need to Know and How They Can Prepare, Dechert OnPoint (March 2025) 

Listen to the top five biggest takeaways from the CREFC annual conference in Miami on our first episode of 2025 with Dechert 4 Real Podcast co-host Jon Gaynor and producers Matt Armstrong, Kate Mylod and Stewart McQueen (who also co-chaired the conference). Get the inside scoop on the overall vibe, insights from keynote speaker Ron Howard, thoughts on increasing back-leverage options in commercial real estate finance and other trends to watch this year! Show Notes Full CREFC Miami 2025 Program

Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert sit down with Dechert finance & real estate partner Justin Gdula to discuss the latest trends in data center deals, real estate M&A activity and Canadian CMBS. Plus, Dechert partner Jay Southgate discusses the impact this November’s U.S. presidential election may have on commercial real estate finance, the hosts discuss their pleasant — and not-so-pleasant — experiences at “The Most Magical Place on Earth” and the podcast goes into dad joke overload.

  What is the current state of commercial mortgage-backed security, or CMBS? Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert invite the managing director and head of North American CMBS ratings activity at Morningstar DBRS, Erin Stafford, to the podcast to break down the current headwinds and opportunities in the CMBS space, from climate change’s impact on CMBS ratings to the industry’s emerging interest in data centers. Plus, Sam gives the 411 on New York City’s Safe Hotels Act, Dechert’s John Ludwig-Egan highlights an upcoming re-proposal of the Basel III Endgame rules and the hosts get 4 Real about football season.  Show Notes:  Dechert 4 Real Episode 15: Rolling into Summer with CREFC Roulette and the Biggest Takeaways from the June Conference (June 2024)  THE CRED: Legal & Business Insights from the Private Credit Industry 

Dechert global finance partner Ani Ravi joins Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert for an informative discussion about the relationship between NAV facilities, subscription lines and repo financing, the evolving nature and implementation of NAV facilities, potential NAV pitfalls and the growing interest in this market segment. Plus, Dechert national security partner Hrishi Hari joins the podcast to discuss recent developments with respect to national security reviews of foreign ownership in real estate. The hosts also share their Labor Day weekend plans and much more!  Show Notes  Lawyer Up: 16 Big Law Podcasts to Tune Into, Law.com International (August 2024) THE CRED: Legal & Business Insights for the Private Credit Industry

Dechert 4 Real hosts Jon Gaynor, Ella Smith and Sam Gilbert are joined by Barclays Head of CMBS Research Lea Overby to discuss commercial real estate trends we can expect in the second half of 2024, floating rate debt risk, lessons learned from the “Mall Apocalypse” and why “forklift offices” are better than “cave offices.” Plus, Dechert’s Steve Engel shares his thoughts on the Supreme Court’s recent Loper Bright decision.  Show Notes  Supreme Court Ends Chevron Deference Among String of Decisions Limiting Agency Power – Dechert OnPoint (July 2024) THE CRED: Legal & Business Insights for the Private Credit Industry 

Dechert’s Jon Gaynor, Kate Mylod, Stewart McQueen and Matt Armstrong dive into the biggest conversations coming out of the 2024 CREFC Annual Conference in New York, including return-to-office trends, the “acceptance of reality” in the commercial real estate industry, what’s really happening in those “invitation only” sessions, and keynote speaker Trevor Noah’s poignant thoughts about airplane turbulence. Show Notes  THE CRED – Private Credit News and Insights  Dechert Co-Chair Mark Thierfelder’s Milken Institute 2024 Global Conference “The Promise and Pitfalls of Private Equity” Panel

Hosts Jon Gaynor, Ella Smith and Sam Gilbert welcome BMO Capital Markets Managing Director Leah Nivison to discuss recent trends in the agency commercial mortgage-backed securities (CMBS) market, the importance of mentorship in the commercial real estate industry and why you should add petting an elephant to your summer vacation plans. Plus, we talk about Fitch requesting feedback on its proposed SASB C-PACE ratings criteria, the U.S. Supreme Court’s ruling on pure omissions, and the most fin-tastically fishy dad jokes you’ve ever heard. Show Notes: Fitch Ratings Publishes U.S. Single-Borrower C-PACE Rating Criteria Exposure Draft, Fitch Ratings (March 2024) SCOTUS: Pure Omissions Are Not Actionable Under Rule 10b-5, Dechert OnPoint (April 2024)

In this episode of Dechert 4 Real, hosts Jon Gaynor, Ella Smith and Sam Gilbert are joined by partner Lindsay Trapp, who breaks down the intricacies of the structuring and formation of complex credit private funds, rated feeder and parallel funds and collateralized fund obligations (CFOs), including rating considerations and the impact on managers looking to raise insurance capital in the commercial real estate debt space. We also discuss developments on the SEC's evolving climate-related disclosure rules and our favorite springtime activities. Show Notes: SEC Adopts Final, Comprehensive Climate Disclosure Rules (Newsflash) Collateralized Fund Obligations: The Technicolor Dreamcoat of Fund Finance - Part 2: A Deeper Dive — The Investment Lawyer (February 2023) Collateralized Fund Obligations: The Technicolor Dreamcoat of Fund Finance - Part 1 — The Investment Lawyer (January 2023) THE CRED | Structured Credit and Fund Finance: Rated Funds

What impact do high interest rates and appreciating home values have on single-family rentals? In this episode of our 4 Real podcast, our hosts Jon Gaynor, Ella-Marie Smith and Sam Gilbert join Dechert partner Ken Hackman to discuss the popular single-family rental (SFR) asset class and the rise of 'build to rent' properties, while also providing insights into recent CRE CLO delinquencies and an Alabama Federal Court Ruling on the "unconstitutionality" of the Corporate Transparency Act (CTA). Plus, find out what happens in Vegas as our team shares their best Sin City adventures.

In our latest episode, hosts Jon Gaynor, Ella-Marie Smith and Sam Gilbert are joined by Dechert partners Laura Swihart and Matthew Fischer to discuss non-performing loan securitizations and the unexpected collateral used in these transactions. We also chat about current issues in the commercial real estate market related to the proposed Basel III Endgame, which could increase regulatory capital charges for banks, and proudly introduce our pets.