By Michael Melody, Managing Director, Real Estate Investment Banking, Jones Lang LaSalle: In the wake of the credit crisis, the majority of US market participants had anticipated a deluge of distressed and high-yield opportunities. Veteran investors eagerly waited on the sidelines and new private equity funds were raised; however, to the industry’s surprise, banks and servicers have remained reluctant to sell and have instead chosen to restructure and extend loans. The frustration of slim pickings for investors has been compounded by a significant compression in yields.