![](\"https:\/\/www.commercialpropertynews.com\/cpn\/photos\/stylus\/67361-Ed_Padilla_cptn.JPG\")
<\/p>\n<\/p>\n
We are looking at $18 billion in CMBS maturities for the calendar year of 2009. <\/span>A year or two ago, that didn\u2019t sound like a big deal. <\/span>Today, the picture has changed.<\/p>\n But hold on.That CMBS number for 2009 is chump change\u2026 for 2010 it swells to $65 billion, in 2011 it\u2019s $55 billion, and in 2012, it\u2019s back closer to $70 billion. Don\u2019t forget to add the life company, agency, and bank maturities to those numbers and now you\u2019re talking some real money.\n<\/p>\n So how are they going to be refinanced? With the CMBS market effectively moribund, the life companies having severely restricted programs, the agencies having been bailed out and facing restructures and portfolio cut-backs, and banks gasping for life\u2026 the answer is the question.<\/p>\n In reality, there is not enough money to handle the upcoming maturities unless there is a rebirth in some form of the CMBS securitization market. <\/span>But will it happen?Possibly, but not in time.<\/p>\n The maturing loan market is a tsunami in formation. The answer will be a lawyer\u2019s dream. There are going to be discounts, recasts, extensions, renegotiations, and a whole lot of cash out of pocket if owners want to hold onto their properties. Did I say foreclosures? Those too! What faces the industry is an asset manager\u2019s dream\u2026 in the near term that is likely to be the growth industry<\/p>\n <\/span><\/p>\n","protected":false},"excerpt":{"rendered":" We are looking at $18 billion in CMBS maturities for the calendar year of 2009. A year or two ago, that didn\u2019t sound like a big deal. Today, the picture has changed. But hold on.That CMBS number for 2009 is chump change\u2026 for 2010 it swells to $65 billion, in 2011 it\u2019s $55 billion, and…<\/p>\n","protected":false},"author":936,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39372],"tags":[],"class_list":["post-1004211561","post","type-post","status-publish","format-standard","hentry","category-cpe-blog"],"acf":[],"yoast_head":"\n