A comprehensive federal rescue package seems no closer to being passed by the Senate. Here’s what the impact has been on commercial real estate.
Short sellers are starting to build up wagers against CMBX 9, which has outsized exposure to hotel debt.
Led by loans backed by hotel and retail properties, $54.3 billion in CMBS debt has been transferred to workout specialist since March.
Brookfield, Starwood, Colony Capital and Blackstone have been among the investors skipping payments on CMBS debt.