Among its larger clients, Bilzin Sumberg represents the largest special servicer of Commercial Mortgage Backed Securities (CMBS) loans in the country, which services in excess of 145 pools of CMBS loans totaling more than $220 billion in principal and relating to real property interests in all fifty states.

The firm handles both transfer and non-transfer servicing agencies. Transfer events arise when the loan is in default and the loan is transferred to our clients for special servicing. Our work in the special servicing area includes workouts, restructurings, forbearances, modifications, deeds in lieu of foreclosure, Florida foreclosures, bankruptcy advice, loan sales and REO sales.  Some of the partners in our Real Capital Market Group have been working with CMBS loans since the early 1990s when the CMBS market was in its infancy, and, during the past year, the group handled over 250 non-transfer and transfer CMBS servicing matters.  Non-transfer matters include assumptions, substitutions of collateral, changes in franchise, SNDAs, easements, mezzanine and other subordinate financing, intercreditor agreements, TIC syndications and reverse 1031 like kind exchanges.  In connection with such non-transfer matters, we have developed excellent relationships with the national rating agencies.

Bilzin Sumberg represents clients in connection with the acquisition of certificated interests in securitized loan pools, often involving the acquisition of the directing certificate holder position therein.  Our representation of these clients includes the negotiation and ongoing administration of, compliance with and enforcement issues involving prospectus and related regulatory documentation, pooling and servicing agreements, mortgage loan purchase agreements and related documents. The assets in these loan pools consist of varied commercial real estate projects, including hotels, office buildings, rental apartments, retail complexes and similar facilities. The dollar amount for the total volume of newly originated CMBS securitizations in which our firm was involved in 2006 was approximately $75 billion, constituting approximately 36% of the 2006 originated U.S. market.

Bilzin Sumberg represents clients in connection with their acquisition of and workouts of loans involving B participation interests, whole and participated mezzanine loan interests and CDO interests. In connection with that representation, Bilzin Sumberg is frequently involved in the actual loan origination (borrower/lender) documentation. We are always involved in the participation instruments, which include the intercreditor, co-lender and participation agreements related to the transaction, as well as all applicable servicing agreements. These transactions are often related to underlying CMBS transactions. The underlying real property assets are varied and include major hotels, office buildings and retail complexes. Bilzin Sumberg's attorneys have handled B Participation, mezzanine loan and CDO transactions exceeding $4 billion in total interests acquired.