Cadwalader, Wickersham & Taft putting the finishing touches on a new CMBS warehousing facility for CMBS and commercial property loans throughout Europe - the first of its kind in Europe. The financing for a £1 billion ($1.8 billion) fund is expected to kick off a major new trend in Europe, said Cadwalader Special Counsel Conor Downy.

"We are expecting to act on a number of similar transactions which are in the pipeline for later this year," Downey said. "Traditionally in Europe, large banks have been the major provider of capital to non-banks for the purpose of real estate investments. These structures - which are relatively novel even in the U.S. - provide an important alternative."

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