The Real Deal Miami

CMBS 2.0

A behind-the-scenes look at how the commercial mortgage-backed securities market began rising from the dead
By Adam Piore | January 11, 2011 12:40PM

Anthony Orso of Cantor Commercial Real Estate

From the New York 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.

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]