6-Hour Program

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With the volume of CMBS and Commercial Real Estate - Collateralized Loan Obligation (CRE-CLOs) transactions reaching $75 Billion in 2018 and projections for 2019 CMBS and CRE-CLO issuance exceeding 2018, commercial mortgages destined for CMBS and CRE-CLO issuance are once again becoming a significant portion of mortgage loan origination. Today both large Single Asset/Single Borrower (SASB) and conduit loans continue to be originated.  The MBA’s First Quarter 2019 Commercial/Multifamily DataBook states that “[t]he momentum seen in 2018's record year of borrowing and lending continued in the first quarter of this year. Volumes were higher for nearly every property type….Low interest rates and strong property values continue to make commercial real estate an attractive market for borrowers. Mortgage debt backed by commercial and multifamily income-producing properties continues to grow at a strong pace.” Find out how these unprecedented levels were driven by the CMBS market from our expert faculty as they discuss key developments in the CMBS market, including the state of the CMBS market, workouts and restructuring, and complex issues faced by CMBS borrowers.

What You Will Learn

  • Short history of CMBS and CRE-CLO markets and an introduction to CMBS/CRE-CLO jargon
  • Review the process and structures for commercial mortgage securitization
  • How REMIC and other tax rules affect the origination, servicing, workout of loans in CMBS and CRE-CLOs
  • How to create the mortgage loan for securitization when representing lenders, borrowers and guarantors in conduit and large loan transactions
  • Componentizing the mortgage loan when representing senior and subordinate lenders in the financial capital stack
  • How to represent borrowers and guarantors after securitization with CMBS trustees and servicers and CRE-CLO managers
  • The differences between mortgage warehouse arrangements, repo lines, and CRE-CLOs

Program Level: Overview

Prerequisites: Understanding of corporate transactions, commercial real estate investment, commercial mortgages, and debt/asset pools

Intended Audience: Real estate transaction and finance lawyers, investment bankers, representatives of institutional investors and commercial loan servicers, corporate finance professionals, hotel and retail finance executives, real estate market research analysts    

Advanced Preparation: None 

Credit Details

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