{"id":1004806613,"date":"2026-08-05T05:59:47","date_gmt":"2026-08-05T13:59:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004806613"},"modified":"2026-08-05T06:40:39","modified_gmt":"2026-08-05T14:40:39","slug":"qa-with-chris-loeffler-what-makes-distressed-cre-pencil","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\/","title":{"rendered":"Chris Loeffler on What Makes Distressed CRE Pencil"},"content":{"rendered":"
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\"Chris\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
As Caliber\u2019s CEO, Loeffler leads the firm\u2019s strategy, investment and fund management activities, as well as its private and public capital-raising efforts.
Image courtesy of Caliber<\/em><\/figcaption><\/figure><\/div>\n\n\n

Distress in commercial real estate is beginning to translate from paper losses into actual acquisition opportunities. Yet a lower price alone doesn’t automatically create value. As more lenders move beyond repeated extensions and push borrowers to refinance, contribute fresh equity or sell, prospective buyers must solve the capital shortfall, the asset-level business plan and the all-in basis at the same time.<\/p>\n\n\n\n

For Chris Loeffler, founder & CEO of Caliber, that makes the current cycle less a broad buying opportunity than a test of underwriting<\/a> and execution. Bridge debt is reopening refinancing paths for assets with credible plans to grow net operating income, while acquisitions will require a meaningful discount to replacement cost.<\/p>\n\n\n\n

In this Q&A, Loeffler discusses why lenders are forcing more resolutions, where refinancing pressure is most acute and how Caliber evaluates distressed and transitional assets.<\/p>\n\n\n\n

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READ ALSO:<\/strong> CRE\u2019s Continued Tale of Bifurcation<\/a><\/p>\n\n\n\n

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For years, the CRE maturity wall produced more extensions than transactions. What has changed in the refinancing market to make lenders more willing to force a resolution today?<\/strong><\/p>\n\n\n\n

Loeffler:<\/strong> The last couple of years were really an extension market, and it was driven by both sides. Lenders and borrowers both knew there weren’t real refinancing options for a lot of assets. <\/p>\n\n\n\n

Between where rates went and the failures at Silicon Valley Bank and across the regional banking system, regulators were pushing banks to pull back on land, construction and real estate lending, and that took the liquidity out of the market. Even when a lender wanted to force the issue, there wasn’t a deep enough pool of buyers or refinancing capital on the other side.<\/p>\n\n\n\n

There are now viable refinancing options for a lot of these assets, even when the metrics aren’t perfect, and that gives lenders the confidence to make the borrower decide, whether that’s a refinance at a higher cost, a paydown or handing the asset back.<\/p>\n\n\n\n

So, the buying opportunity everyone predicted three or four years ago is finally showing up, not because values dropped, but because lenders are finally forcing a resolution<\/a>. Before, everyone could see values had come down, but nothing hit the market because nobody was being forced to sell. Today the lender posture is what’s bringing that buyer’s market to life.<\/p>\n\n\n\n

When a loan approaches maturity, which factors determine whether the asset can refinance, receive a modification, requires new equity or ultimately moves toward a sale?<\/strong><\/p>\n\n\n\n

Loeffler:<\/strong> It comes down to what the in-place cash flow supports, how big the gap is between the old and new loan and whether the sponsor can write a check to close it. The bridge market is back<\/a>, and that’s what’s unlocking a lot of these refinancings.<\/p>\n\n\n\n

If the cash flow doesn’t support the new loan but you’ve got a credible plan to grow NOI, whether that’s new management, a renovation or both, the bridge lenders will fund it. You take the higher-proceeds loan today, execute and refinance into permanent debt once the cash flow catches up, instead of writing a 15 to 20 percent check most borrowers don’t have.<\/p>\n\n\n\n

So, it’s really three options: Write the check, go to the bridge market with a turnaround plan or sell. You run that playbook and it tells you which way the deal goes.<\/p>\n\n\n\n

Are lenders intervening earlier when an asset trips a debt-yield covenant, faces an expiring interest rate cap or requires additional capital?<\/strong><\/p>\n\n\n\n

Loeffler:<\/strong> Yes, and it’s a real change in how lenders treat it. A technical default, whether it’s a debt yield trip, a covenant issue or an expired cap, used to lead to a pretty vanilla extension as long as the borrower kept paying interest on time.<\/p>\n\n\n\n

That’s not the posture anymore. Lenders are taking those defaults seriously and starting a real conversation well before maturity. I’d guess a lot of that is pressure on their own side, whether it’s internal credit and compliance teams or their regulators telling them they can’t keep extending forever, plus real fatigue with managing these loans in special servicing indefinitely.<\/p>\n\n\n\n

Where are you seeing the most acute refinancing pressure right now? Is it concentrated in specific property types, borrower profiles, market tiers or lender groups?<\/strong><\/p>\n\n\n\n

Loeffler:<\/strong> Office is the obvious one, but this isn’t only an office story or only a gateway-market story. We’re seeing a lot of pressure right now in middle-market multifamily bought with cheap bridge debt<\/a> and in hospitality, where reserves are thin and real renovation work got put off. The common thread is sponsors who don’t have the liquidity to close the gap when the loan comes due.<\/p>\n\n\n\n

For owner-operators, are repriced and distressed assets becoming more executable or do bid-ask gaps, financing costs and unfinished business plans still limit acquisitions?<\/strong><\/p>\n\n\n\n

Loeffler:<\/strong> Both are true, but this is a market for real estate problem solvers. The deals shaking loose right now aren’t clean. To win them, you have to read the whole picture at once: where the seller is, where the lender or lenders are and the state of the asset, whether that’s cash flow and management, or where a project sits in its construction cycle.<\/p>\n\n\n\n

The hard part is stepping in midstream, without having owned it from day one, and putting a credible plan on the table to finish what someone else started, whether that’s converting an office or hotel to multifamily, finishing an entitlement, or taking over a building that’s framed out but never completed. That takes a strong team and the ability to sell a new vision to the seller and the lender, qualitatively and quantitatively. The bid-ask gap and the financing matter, but they’re solvable if you can solve the asset.<\/p>\n\n\n\n

How do you distinguish a genuine value opportunity from an asset that is simply cheaper than it was at peak value? Which metrics carry the most weight in your underwriting?<\/strong><\/p>\n\n\n\n

Loeffler:<\/strong> Discount to peak pricing on its own doesn’t tell you much. The first thing we screen against is discount to replacement cost<\/a>, then we build the underwriting from there. If we’re buying at a real discount to replacement, does the basis still show a meaningful discount after we’ve finished the plan? If those hold together, that’s what moves us forward.<\/p>\n\n\n\n

Concretely, I want a 50 percent or better discount to replacement going in, and at least 25 percent when the project is complete. Get those right, and it usually produces a strong yield on cost on its own. If it didn’t, we’d just be speculating on appreciation, and that’s not something we do. The yield on cost has to work, both to support the debt and to produce the return our clients are investing for.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

How Caliber evaluates today’s value-add opportunities. <\/p>\n","protected":false},"author":237,"featured_media":1004807665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[44033,21825,21783,23891],"tags":[40476,33029],"class_list":["post-1004806613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-executive-profiles","category-finance","category-investment","category-national","tag-cpetalks","tag-caliber-companies"],"acf":[],"yoast_head":"\nChris Loeffler on What Makes Distressed CRE Pencil - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Caliber CEO Chris Loeffler discusses distressed CRE assets, bridge financing, replacement-cost underwriting and hospitality value traps.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chris Loeffler on What Makes Distressed CRE Pencil\" \/>\n<meta property=\"og:description\" content=\"Caliber CEO Chris Loeffler discusses distressed CRE assets, bridge financing, replacement-cost underwriting and hospitality value traps.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-05T13:59:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-05T14:40:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/08\/Chris-Loeffler-Headshot.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Chris Loeffler on What Makes Distressed CRE Pencil\",\"datePublished\":\"2026-08-05T13:59:47+00:00\",\"dateModified\":\"2026-08-05T14:40:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\\\/\"},\"wordCount\":1170,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2026\\\/08\\\/Chris-Loeffler-Headshot.jpg\",\"keywords\":[\"#CPETalks\",\"Caliber Companies\"],\"articleSection\":[\"Executive Insights\",\"Finance\",\"Investment\",\"National\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/qa-with-chris-loeffler-what-makes-distressed-cre-pencil\\\/\",\"name\":\"Chris Loeffler on What Makes Distressed CRE Pencil - 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