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Legal Commentary on the Commercial Real Estate Debt Market

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LIBOR: They Blinked!

By Rick Jones & Jonathan Gaynor

December 15, 2020

My, my, my! Another governmental red line looks to be breached; at least this time no one gets hurt. We, at CrunchedCredit, have in some sense been carrying the government’s water about LIBOR transitions. We have been talking about how to prepare for transition, how to move current loan production onto a sound non-LIBOR basis and how to address legacy assets. In other words, we had taken seriously the warnings of the FCA and the…

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Rick Jones Named to Mortgage Bankers Associations’ Commercial Real Estate/Multifamily Finance Board of Governors

By Shannon Galvin

December 1, 2020

We’re happy to share some exciting news as Crunched Credit’s very own Rick Jones has been named as a newly elected member of the Mortgage Bankers Association’s Commercial Real Estate/Multifamily Finance Board of Governors (COMBOG). COMBOG drives Mortgage Bankers Association’s commercial and multifamily policies and recommends industry standards. After a tumultuous year and with some uncertainty heading into 2021, Rick’s experience with and insight into the commercial real estate world will undoubtedly be an asset…

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2020 Golden Turkey Awards

By Rick Jones

November 23, 2020

So, once again, time for Dechert’s acclaimed (at least by us) Annual Golden Turkey Awards. It is rather a difficult time for comedy; we are in the throes of a completely unfunny pandemic. Sitting down to finalize this year’s list gave me some sympathy for our late-night talk show hosts who are very publicly pining over the end of the Trump administration and trying to find humor in the anticipated Biden administration, where the…

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Inexorably SOFR…But Hang On!

By Rick Jones

November 16, 2020

Timing is everything. I published a piece two weeks ago on LIBOR transition to SOFR and suggested that folks get on with it and embrace this flawed but seemingly inevitable new SOFR index. Writing that piece, I thought of as rather an exercise in self-care, I just had to get beyond my annoyance with SOFR and stop worrying about SOFR and embrace it with all its flaws and join the SOFR chorus.…

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LIBORcast: A Conversation with David Bowman, Federal Reserve Board

By Jonathan Gaynor

November 5, 2020

Since nothing is happening in the news right now, we thought we would put out a second post on LIBOR this week. As you may know, Dechert has a LIBOR podcast which you can find on our YouTube page. In the latest episode, David Bowman, Senior Associate Director from the Board of Governors of the Federal Reserve, joined Matt Hays and Jon Gaynor for a conversation about the transition. The discussion covered development of…

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It’s Time to Initiate a SOFR Loan…Or Maybe Not

By Rick Jones

November 2, 2020

I wrote back in the early days of 2020, or as we call it now, the “Time Before,” that we thought it made sense for key market participants to consider an early move to SOFR pricing, not just as the backstop but as the interest rate of the loans. Frankly, we were thinking about the SASB market, and we thought that would be indeed well received by the investor community.…

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Inflection Point? How Much Change Are We Really Facing?

By Rick Jones

October 12, 2020

I am trying to figure out how much I care, as a businessman (as opposed to an actual living, breathing human being), about the chaos swirling around us. Every day’s news seems more the stuff of a dramatic conceit of someone’s next thriller than reality. Throw in a car chase and some sex, and we’ve got a movie. (The North Carolina sexting scandal doesn’t really get us there for this purpose.)…

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CMBS On The Perp Walk: We Are Being Set Up!

By Rick Jones

September 8, 2020

Folks, last week I made the point that it’s extremely important to confront negative narratives about our industry before they take hold, creep into the interstices between things that are true and then somehow ossified into received wisdom. So, taking on board my own advice, which shockingly I find compelling, I want to sound the alarm about a recent Wall Street Journal story concerning the misstatement of net operating income in our industry (I only…

Crunched Credit

LIBORCast: Interest Rate Caps, Derivatives and Value Transfer with Chatham Financial

By Jonathan Gaynor & Rosamond Doran

August 19, 2020

In the fourth installment of our new LIBORcast program, Matthew Hays and Jonathan Gaynor discussed interest rate caps, derivatives and value transfer with Chatham Financial’s Rob Mangrelli and Matt Hoffman. Tune in to hear about the cost of a SOFR interest rate cap, adoption of the ISDA protocol and rate fragmentation in the post-LIBOR market. By the way, this podcasting thing might be catching on because you can hear Rick Jones speaking about the challenges…

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There’s a New Black Swan in Town and It’s After Us!

By Rick Jones

August 13, 2020

We have virtually no bandwidth to deal with anything other than the pandemic, do we? The marches of every conversation begin with “you’re okay, I trust” and end with “take care” and now we really mean that. It’s exhausting, isn’t it? It’s hard to even remember the “time before.”…

Crunched Credit

Legal Commentary on the Commercial Real Estate Debt Market

Blog Authors

LIBOR: They Blinked!

Rick Jones Named to Mortgage Bankers Associations’ Commercial Real Estate/Multifamily Finance Board of Governors

2020 Golden Turkey Awards

Inexorably SOFR…But Hang On!

LIBORcast: A Conversation with David Bowman, Federal Reserve Board

It’s Time to Initiate a SOFR Loan…Or Maybe Not

Inflection Point? How Much Change Are We Really Facing?

CMBS On The Perp Walk: We Are Being Set Up!

LIBORCast: Interest Rate Caps, Derivatives and Value Transfer with Chatham Financial

There’s a New Black Swan in Town and It’s After Us!

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