Venable is one of the nation’s preeminent firms specializing in the representation of lenders and special servicers of commercial mortgage-backed security (CMBS) trusts. During the past 20 years, Venable has overseen the resolution strategies for tens of billions of dollars in real estate assets located in virtually every state. Venable’s work includes serving as lead counsel for the largest workouts measured by asset size in U.S. history for every principal class of CMBS real estate asset – multifamily, office, retail, and hospitality.
Commercial Mortgage-Backed Securities Servicing
Experience
Experience
- Served as lead trust counsel in connection with all aspects of the litigation, workout, and sale of the $5.8 billion Stuyvesant Town and Peter Cooper Village loan
- Served as coordinating counsel for all secured debt in the General Growth Properties bankruptcy case, restructuring $14 billion of secured debt
- Served as lenders’ counsel in the bankruptcy of a major hospitality company and fashioned a unique sale that permitted the CMBS Trust to recover 95% of its $4.1 billion claim
- Successfully prosecuted fraud claims against a borrower group in connection with the attempted discounted payoff of a $400 million CMBS loan
- Structured a loan modification and workout for a $2.0 billion office property loan
- Served as lead counsel for hundreds of different loan modifications, REO sales, and note sales
- Created one of the very first A/B modification structures in the CMBS industry
- Successfully pursued breach claims in multiple cases while creating some of the leading decisions in the field
- Prosecuted a claim that pierced three layers of corporate veils to obtain a judgment against a principal who was judged to have committed fraud and fraudulent conveyances. In a similar case, Venable's efforts led to the criminal conviction of a borrower for bankruptcy crimes
- Drafted the first sub-servicing agreements for one of the nation's largest mortgage sellers
- Drafted the CREFC model form for representations and warranties
- Advised and created training programs on CMBS litigation and workouts for industry conferences and clients
Representative Clients
Representative Clients
- CWCapital Asset Management LLC
- C-III Asset Management LLC
- LNR Partners
- Starwood Capital Group
- Island Capital Group LLC
- Berkadia Commercial Mortgage LLC
