Dechert’s commercial real estate finance and commercial mortgage-backed securities teams have been at the forefront of the industry, structuring, originating and securitizing complex commercial financings across a broad range of asset classes including data centers, office buildings, multifamily and retail properties.
The teams had a stellar 2024, during which the firm advised on more than 40 single-asset, single-borrower (SASB) loans totaling nearly US$32 billion, and CMBS loans for trophy properties. These included a US$3.5 billion CMBS loan for Rockefeller Center – the largest CMBS loan for a single office property on record on which Dechert was both origination and securitization counsel. Dechert has continued to excel in 2025 with over US$10 billion in real estate transactions closed in February alone, including:
- Dechert represented Bank of America and Wells Fargo, as initial purchasers, in a US$1.5 billion CMBS securitization offering, secured by a 10-year, fixed-rate interest-only mortgage loan for an office property at 200 Park Ave., New York.
- Dechert represented a large US investment bank, a UK investment bank, Natixis, Wells Fargo, Bank of Montreal, Citi, JPMorgan, and M&T Bank, collectively as placement agents, in a US$1.02 billion managed CRE CLO, initially backed by seven commercial real estate whole loans and 16 participation interests.
- Dechert represented MF1 2025-FL17 LLC in a US$1.27 billion CRE CLO transaction, collateralized by a pool of whole mortgage loans and participation interests secured by multifamily properties.
- Dechert represented a large US investment bank, Bank of America, JPMorgan, German American Capital Corporation, Natixis, Santander Bank, Societe Generale, Citi, and a UK investment bank, collectively as lenders, in a US$2.05 billion SASB mortgage loan secured by four data center properties owned by affiliates of Blackstone.
- Dechert represented Morgan Stanley, Bank of America, Citi and Wells Fargo, as co-lenders, in the origination of a US$2.78 billion SASB mortgage loan to affiliates of Blackstone, secured by 93 retail properties across three states.
- Dechert represented Citi, a UK investment bank, Wells Fargo, a large US investment bank and Royal Bank of Canada in the origination of a US$2.4 billion SASB mortgage loan to subsidiaries of Switch, Ltd., secured by three data centers in Nevada.
- Dechert represented Wells Fargo, Bank of America and Bank of Montreal, as lenders, in the origination of a US$1.12 billion mortgage loan to a subsidiary of a CDPQ/Hines JV secured by the Three Bryant Park office building in New York.
“Our early work on data center transactions has positioned the firm well as the data center market rapidly expands, driven by the demand for cloud services, IoT and AI technologies,” said Dave Forti, co-chair of Dechert. “At the same time, the resurgence of the office space market, fueled by companies implementing stricter return-to-office policies and increased leasing activity, marks a significant shift in commercial real estate investments. We are honored to have partnered with our clients on these landmark transactions and remain committed to delivering exceptional results in this dynamic landscape.”
The Dechert teams that advised on these deals included global finance partners Matt Armstrong, Greg Dolinsky, David Forti, Justin Gdula, Matt Ginsburg, Stewart McQueen and Gregory Renick; along with associates Jeremy Arce, Nicole Belenitsky Crespo, Drita Dokic, Matt Garry, John Ludwig-Eagan, Kaitlyn Romania, Derek Runyan, Matthew Seely and Shuyan Sun.
About Dechert’s Global Finance Practice
Dechert’s Global Finance Practice provides a responsive, interdisciplinary, multi-jurisdictional team to address the complexities of modern finance transactions across categories and geographies. With more than 200 lawyers in the world’s major financial centers, our internationally recognized practice provides clients with innovative deal structuring, creative financing strategies and efficient execution. Our clients receive comprehensive solutions for all of their finance needs. By tapping into the breadth of Dechert’s expertise, we deliver advice on fund finance, real estate finance, structured finance, leveraged finance and securitization matters. Learn more.
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