Overview

Katten's Commercial Mortgage-Backed Securities (CMBS) group is one of the most experienced in the nation, forming a key part of our broader Structured Finance and Securitization practice. We represent many of the industry's most active CMBS originators, loan sellers, issuers and underwriters, advising them throughout the entire securitization process — from the origination of real estate loans (in coordination with our Real Estate practice) to their securitization.

Guidance through every stage

With experience dating back to the first days of this asset class, our attorneys are equipped to steer clients through every stage of the CMBS process. We work with our clients to structure, negotiate and draft documentation for all types of CMBS transactions, and we efficiently provide the underlying due diligence to ensure smooth loan originations and securitization. We leverage the experience of Katten's Structured Finance professionals to address the complex tax, Employee Retirement Income Security Act of 1974 (ERISA) and regulatory issues (domestic and EU-UK) unique to CMBS. We advise on real estate mortgage investment conduit (REMIC) and non-REMIC structures for clients using real estate investment trusts (REITs), master funds and other investment structures, including offshore entities. Our clients value the comprehensive approach we deliver that covers the entire life cycle of CMBS.

A national perspective

Katten's Structured Finance and Securitization group consists of 30-plus attorneys who bring a breadth and depth of experience to all CMBS transactions (as well as a wide variety of complementary asset types). Meanwhile, our Real Estate department consists of approximately 100 attorneys, all alert to the unique challenges in securitized real estate finance transactions. For each client, we create integrated teams that can handle the most complex CMBS transactions.

Experience

  • Representation of issuers on SASB transactions, including mandates from a benchmark issuer.
  • Representation of underwriters on SASB transactions, and currently ranked among the top legal counsel in CMBS underwriter representation league tables.
  • Representation of loan sellers on approximately 100 conduit and SASB transactions over the last 8 years.
  • Prior experience as issuer counsel on several of the country’s largest conduit programs. *
  • Representation of CRE CLO lenders and managers on CRE CLO transactions.
  • Experience with a wide variety of asset types, including office, industrial, multifamily, hospitality, manufactured housing, self-storage, co-operative housing, casinos, resorts and data centers.
  • Representation of warehouse lenders across a wide variety of lending facilities secured by real estate loans.
  • Experience with re-securitizations of various types of US government agency securities acting as issuer's counsel and as underwriter's counsel.
* Experience prior to Katten

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Recognitions
Recognized or listed in the following:
  • Asset–Backed Alert
    Top Ten ABS/MBS Issuer Counsel, 2013–2023
    Top 20 CLO Underwriter Counsel, 2017–2020, 2023
  • Chambers Global
    Capital Markets: Securitisation
    ABS, USA, 2022–2025
    RMBS, USA, 2022–2025
    USA, 2013–2022
  • Chambers USA
    Capital Markets: Securitization
    ABS, Nationwide, 2021–2025
    RMBS, Nationwide, 2021–2025
    Nationwide, 2012–2020
    Real Estate
    Nationwide, 2012–2025
    District of Columbia, 2016–2020
    Illinois, 2006–2025
    North Carolina, 2016–2018
    Real Estate: Mainly Corporate & Finance
    New York, 2016–2019, 2021–2025
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