Dechert 4 Real: A Commercial Real Estate Finance Podcast

September 25, 2024 – 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-Eagan highlights an upcoming re-proposal of the Basel III Endgame rules and the hosts get 4 Real about football season.

August 27, 2024 – Dechert's Ani Ravi joins 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. Dechert partner Hrishi Hari also 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 more.

July 18, 2024 – 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.

June 20, 2024 – 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.

May 21, 2024 – Hosts Jon Gaynor, Ella-Marie 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.

April 16, 2024 – Investors looking to navigate the commercial real estate landscape more effectively are increasingly turning to alternative financing options. In this episode, hosts Jon Gaynor, Ella Smith and Sam Gilbert and guest 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 their impact on managers looking at raising insurance capital. We also discuss developments on the SEC's evolving climate-related disclosure rules and our favorite springtime activities.

March 13, 2024 – 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.

February 14, 2024 – 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.

January 22, 2024 – In our first episode of 2024, Jon Gaynor, 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.

December 15, 2023 – In this episode, 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 also 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.

November 7, 2023 – 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.

October 10, 2023 – Jon Gaynor, Matt Armstrong, Stewart McQueen, Kate Mylod and Gennady Gorel discuss highlights from the Capital Markets Fall Conference in New York. Gennady also digs into the latest trends impacting warehouse financing, and the group shares their favorite fall fun-tivities, minus the pumpkin spice.

September 5, 2023 – Jon Gaynor, Sam Gilbert and Ella-Marie Smith welcome Mauricio España to discuss recent trends in CRE litigation, and how clients are more inclined than ever to work towards resolution. The group also chats about possible disruptions to the lending order as banks continue to pull back, including predictions as to who may step up, developments to Article 7 reporting affecting securitizations that may present liquidity opportunities for the market, and the non-business books they’re reading to close out the summer.

August 4, 2023 – Jon Gaynor, Sam Gilbert and Ella-Marie Smith welcome Laura Ciabarra to discuss distressed debt in CRE, including market trends, some silver linings that may surprise you, and a war story from the GFC. The group also chats about developments in Boston related to office to resi conversion, a bankruptcy case that could impact the meaning of funding in a lender's sole discretion and their favorite activities during the dog days of summer.

July 6, 2023 – Jon Gaynor and Ella-Marie Smith welcome John Ludwig-Eagan to discuss the SEC’s new Conflict of Interest rule regarding securitizations. The group also debates whether the Cayman Islands will move off the FATF’s grey list, shares favorite vacation spots – complete with meal recommendations – and launches the “4-1-1” and “4 Real High Fives.”

June 22, 2023 – Matt Armstrong, Stewart McQueen and Kate Mylod take to the mics alongside Jon Gaynor to recap CREFC’s June Conference held in NYC from June 12-14. Topics include industry sentiment towards the Fed regarding interest rates, the encouraging buzz around CRE-CLOs, and the fate of office as an asset class, plus four CRE-inspired cocktail ideas to keep spirits high during down markets.

June 7, 2023 – Jon Gaynor, Sam Gilbert and Ella-Marie Smith welcome fellow Global Finance colleague Jason Rozes to share the latest sustainability trends impacting commercial real estate, from a discussion on the evolution of key terminology to the potential impact of the (yet-to be published) SEC climate risk disclosure rules, and a definition of CPACE that only a mother could love. The group also discusses the short-term and long-term effects of dealing with U.S. debt ceiling clashes.

May 8, 2023 – Co-hosts Jon Gaynor, Sam Gilbert and Ella-Marie Smith and our first guest, Dechert New York partner Kathleen Mylod, share their thoughts on the recent bank closures, the related impact on cash management provisions in loans (today and on a go forward basis), and the world’s best/worst/only LIBOR joke.