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New York

CMBS 2.0

<i>A behind-the-scenes look at how the commercial mortgage-backed securities market began rising from the dead </i>


Anthony Orso of Cantor Commercial Real Estate

From the January issue: Conditions weren’t exactly ideal when Doug Tiesi arrived from London in the spring of 2009 to head up The Royal Bank of Scotland’s North American real estate advisory group.

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The bankers on his new team were shell-shocked from the recently imploded markets and the layoffs that followed. The market for securitized commercial debt had disappeared. Many believed that it was never coming back.

A year and a half later, the CMBS markets — in which pools of real estate loans are bundled together and sold to investors — are showing signs of life, and most expect the CMBS market to continue rebounding. [more]