CMBS Loans In Hard-Hit Detroit, Cleveland, Take Creativity

Law360, Minneapolis (November 10, 2016, 1:33 PM EST) -- As pre-crash commercial mortgage-backed securities loans are coming due, properties in hard-hit markets like Detroit and Cleveland are having difficulty refinancing as big banks are hesitant to lend in those markets, and lawyers say borrowers are having to cast a wide net in search of lenders and get creative with loan structures — and some are actually defaulting.

Office, retail, hotel and multifamily properties across the U.S. took out hundreds of billions in CMBS debt in the run-up to the crash in 2005 to 2007 — in fact, CMBS issuance peaked in 2007 at more than $200 billion. As those 10-year...

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