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4 Real

Dechert LLP

27 episodes

1 week ago

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 ware...

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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 ware...

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Episodes (20/27)

4 Real

Multifamily Bridge Loans, CRE CLOs and Pancake REMICs

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 ware...

2 weeks ago

42 minutes

4 Real

Parsing Private Credit in Commercial Real Estate With Missy Dolski and Jim Dunbar of Värde Partners

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 D...

1 month ago

27 minutes

4 Real

The Return of Real Estate M&A and Upcoming EDGAR Next Changes

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 comi...

2 months ago

27 minutes

4 Real

CREFC Countdown: Five Biggest Takeaways From the New York Conference

Has a “bullishly measured” commercial real estate outlook for 2025 become “cautiously fatigued”? Dechert 4 Real’s Matt Armstrong, Jon Gaynor, Stewart McQueen and Kate Mylod rank the 5 biggest takeaways from this year’s CREFC Annual Conference in New York, ranging from the vibe shift since January’s conference in Miami, the uncertainty the CRE market is currently processing, repo trends, GSEs using AI to root out mortgage fraud and more. Show Notes CREFC 2025 Annual Conferen...

4 months ago

35 minutes

4 Real

Financial Restructuring “Hot Takes” and Legal Practice Origin Stories

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...

5 months ago

45 minutes

4 Real

CMBS Servicing Sitdown With Trimont’s Cindy Barreda and Leslie Hayton

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...

6 months ago

41 minutes

4 Real

Springing Into Real Estate Debt Funds, EDGAR Next, Corporate Transparency Act Updates and Surprising Sports

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: “go...

7 months ago

39 minutes

4 Real

Top Five CREFC Takeaways and a “Bullishly Measured” 2025 Outlook

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 NotesFull CREFC Miami 2025 Program

9 months ago

35 minutes

4 Real

The Download on Data Centers, U.S. Election Ripple Effects and Disney Vacations

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 goe...

1 year ago

28 minutes

4 Real

How Climate Change, AI and Office Challenges Are Impacting CMBS With Erin Stafford From Morningstar DBRS

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 A...

1 year ago

43 minutes

4 Real

Navigating NAV and National Security in Commercial Real Estate with Ani Ravi and Hrishi Hari

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...

1 year ago

37 minutes

4 Real

Forecasting Year-End Commercial Real Estate and Driving Forklifts Through the Office

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...

1 year ago

40 minutes

4 Real

Rolling into Summer with CREFC Roulette and the Biggest Takeaways from the June Conference

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 Th...

1 year ago

42 minutes

4 Real

Analyzing Agency CMBS with Leah Nivison and Tipping the Scales on Fish Jokes

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...

1 year ago

33 minutes

4 Real

Putting the Fun in Fund Formation, Climate Disclosure Rule Developments and Springtime Banter

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 dis...

1 year ago

42 minutes

4 Real

CRE CLO Delinquencies, Unconstitutional CTA, Single-Family Rental (SFR) Financing and What Happens in Vegas...

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)....

1 year ago

30 minutes

4 Real

NPLs and Dolphins, the Proposed Basel III Endgame and Introducing Our Pets

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 (NPLs) 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.

1 year ago

35 minutes

4 Real

CREFC Roulette Resolutions, Shaq Quotes and Conference Clichés

In our first episode of 2024, co-host Jon Gaynor and producers Matt Armstrong, Stewart McQueen and Kate Mylod play a round of CREFC Roulette following the Council’s annual January conference in Miami. Topics include overall industry sentiment, interest rate expectations, the future of multifamily, and more.

1 year ago

43 minutes

4 Real

4ward Legal Thinking, CRE Industry Updates and Festive Holiday Traditions

In this episode of the Dechert 4 Real podcast, hosts Jon Gaynor, Sam Gilbert and Ella-Marie Smith share their predictions on trends and upcoming regulatory changes expected to drive commercial real estate industry developments in 2024. We touch on issues percolating in the market in our 411 segment, as guest John Ludwig-Eagan joins to discuss the latest updates on SEC Rule 192. And, we share our favorite (and festive!) holiday traditions. Show NotesSEC Releases Final Rule 192 Relating to Conf...

1 year ago

33 minutes

4 Real

Commercial Real Estate in the UK, Plus the Corporate Transparency Act, Cayman Updates and Halloween Treats

In this episode, co-hosts Jon Gaynor, Sam Gilbert and Ella Smith welcome global finance partner Aparna Sehgal of Dechert’s London office to compare and contrast the CRE market in the UK with that of the U.S. The group also gives updates on the Corporate Transparency Act and the grey list status of the Cayman Islands, and shares their Halloween costumes from this year’s festivities. Show NotesCorporate Transparency Act“Two Months to Midnight for Securitizations: The Corporate Transparency Act ...

2 years ago

35 minutes