Tishman CEO worries about $3.7 trillion in mortgages coming due

Daniel Tishman, CEO of Tishman Construction, joined CNBC this morning to discuss the possible pending commercial real estate crisis. Tishman said that he was glad to hear Larry Summers, director of the National Economic Council, call attention to the tenuous commercial market over the weekend, calling Summers’ comments “a bit refreshing.” Tishman said that in 2007, $3.7 trillion in commercial mortgages were initiated and that as those come due, the market could face big trouble. “That $3.7 trillion worth of commercial mortgage money is going to have to be refinanced and the capacity just isn’t there,” Tishman said.