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A publication of
Summer issue 2015 sponsored by
CRE Finance World Summer 2015
39
4. Opportunities continue to exist in CMBS, and related privately-
traded commercial property debt, for seasoned investors with
strong underwriting skills, real estate know how and discipline.
In our sixth year following the Global Financial Crisis, CMBS has
recovered steadily and found a healthy “new normal” in terms of
annual issuance, spreads, subordination and asset quality. CMBS
is beginning to grow again and growing with new investors and
borrowers. It will be up to the market participants to maintain
discipline, lending standards and asset quality. Disruptions, of
course, will occur in the ordinary course, often due to outside
events. These events will create short-term windows of meaningful
opportunity for those prepared to dive in.
Edward L. Shugrue III is the CEO of Talmage, LLC. Talmage is an
independently owned commercial real estate investor and Special Servicer.
Talmage professionals have made in excess of $10 billion of real estate
debt investments and acted as the Special Servicer or advisor on over
$40 billion of loan resolutions. Talmage is headquartered in New York City.
www.talmagellc.comCMBS 2.0 — State of the Market 2015
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