Institutional Real Estate Americas

May 2012: Vol. 24 No. 5

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From the Current Issue


The Mess That Is CMBS: Delinquencies, Special Servicing and Possible Conflicts of Interest Plague the Market

It would be an understatement to say that commercial mortgage–backed securities have issues. The CMBS market is striving for a moderate comeback in 2012, but a steady stream of troubled assets from past issuances have been falling into foreclosures. Meanwhile, the structures in place to fix those distressed loans, i.e., the special servicers, are sometimes structurally conflicted as to whether to foreclose on a loan and clear it from the books or push out a final settlement (extend and pretend) to some point in the obscure future. Needless to say, the backdrop to the current CMBS market consists of unhappy bondholders, stressed special servicers, players who have tried to game the system, and just plain investors who would like to dive back into the pool, so-to-speak.


What's in a Name? It Does Matter What You Call Yourself

I’m not sure the folks who are trying to push the idea that real estate investing is really a part of private equity investing are doing a good thing — at least, not if their intention is to position real estate investing as a subset of private equity investing.


Shop Talk: A Conversation with Nancy Sims

Since its creation in 1989, the Robert Toigo Foundation has become a valued partner in the finance industry, and its reach and impact have continued to grow during the past two decades. The foundation is well known for its programs and initiatives that promote workforce diversity, and its MBA fellowship program has helped to prepare approximately 1,000 students for careers in finance. In recent years, the Toigo Foundation has expanded its menu of services to focus on leadership development and career advancement for both minorities and women. Nancy Sims, president and CEO of the Toigo Foundation, recently spoke with Larry Gray,editorial director at Institutional Real Estate, Inc., to discuss the organization’s focus today, new programs and initiatives, and the challenges of diversity within today’s environment.

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