Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery
How to plan for the commercial real estate collapse
Encompassing apartment, office, retail, hospitality, warehouse, manufacturing, and flex or R & D buildings, commercial real estate (CRE) investment in the U.S. totaled $6.4 trillion at the end of 2008. As noted in the February 2010 Congressional Oversight Panel Report, $1.4 trillion of CRE debt is coming due by 2014 and half of the CRE projects securing such debt are underwater. Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery looks at how we got into this mess–impacts of the housing crisis, debt structures, lender-borrower collusion, and bankruptcy abuses–and offers possible solutions to the CRE crisis. Along the way, author Stephen Meister:
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Very interesting insight into the world of commercial foreclosures through the lens of an attorney. The book is mostly focused on CMBS financing and loans that are structured in that vein. But it is an important lesson in vocabulary and procedure.
Doesn't sound like the RTC can bailout this time bomb should it pan out the way the author is painting it. We should hope the economy can gain traction and be the ultimate bailout of this important sector, otherwise, where can I get my CDS on those commercial CDOs?
Santa Fe, NM