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Troy L. Cady

Senior Counsel
fax +1 412.394.2555

Troy Cady assists borrowers and lenders in a variety of complex transactional matters including asset-based, real estate, and commercial mortgage-backed securitization finance transactions, as well as loan defeasance, distressed debt trading, pre-bankruptcy workouts, and bankruptcy matters.

Troy engages in a sophisticated opinion letter practice that includes issuing traditional financing, real estate, commercial mortgage-backed securities, true sale, non-consolidation, and securities opinion letters.

He earned extensive experience at the beginning of his legal career as a law clerk for the Honorable Jerome Feller, United States Bankruptcy Judge in the Eastern District of New York, and while representing lenders, debtors, and creditors in complex commercial and corporate Chapter 11 reorganization cases with a major New York City law firm.

Troy is also a member of the Firm’s opinion letter committee and is one of three attorneys nationally who reviews non-consolidation opinion letters for Freddie Mac.


J.D., with distinction, Hofstra University School of Law, Hempstead, New York, 1997
B.A., magna cum laude, West Virginia University, Morgantown, West Virginia, 1983, Philosophy and Economics


Pennsylvania Super Lawyer


Allegheny County Bar Association

State Bar Licenses

Pennsylvania, New York

Court Admissions

U.S. District Ct., W.D. of Pennsylvania
U.S. District Ct., S.D. of New York
U.S. District Ct., E.D. of New York
U.S. Court of Appeals, 3rd Circuit

Representative Experience

  • Represented the secured lender as a seller of $189,000,000 in revolving and term loan facilities governed by LSTA participation agreements and involved the issuance of true sale opinions under the Federal Deposit Insurance Act, rather than as typically given under the U.S. Bankruptcy Code.
  • Represented the borrowers in a pool of eight commercial mortgaged-backed securitization loans aggregating roughly $320,000,000. The transaction involved multi-family rental properties in a complex loan structure that included conversion of Ohio and Pennsylvania borrowers to special purpose bankruptcy remote Delaware limited liability companies, as well as the issuance of non-consolidation opinion letters for each of the eight loan transactions.
  • Represented the administrative agent for the senior secured lender group in the Chapter 11 case of a steel manufacturer that involved the orderly liquidation of the company’s major steel-making components and obtaining court approval for the $40,000,000 sale of the company’s primary assets over the objections of an alternative purchaser.
  • Represented the borrower in a $280,000,000 structured finance transaction in connection with the acquisition of a major office building in Chicago, Illinois that serves as the corporate headquarters of a Fortune 500 company in the food service industry.