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In the CMBS Trenches with Shlomo Chopp— Distress, Risk, and Finding Diamonds in the Rough
Manage episode 487234475 series 3642898
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CMBS workouts aren’t for the faint of heart—and CMBS expert Shlomo Chopp knows it better than most. With 20+ years of experience untangling distressed assets, Shlomo offers a rare, unsparing look into what borrowers, bondholders, and even AAA investors often get wrong. From why “non-recourse” loans aren’t always what they seem to how banking can relationships collapse under pressure, Shlomo lays out why CMBS is a different beast—and why many borrowers walk in unprepared. He dives into tranche warfare, special servicers, and the dangers of relying on outdated property values.
For bondholders, the takeaway is clear: think like real estate professionals. If you're not walking the property and talking to brokers, you're already behind. Stay to the end to hear a sneak peek of Shlomo’s patented micro-fulfillment retail centers—aimed at reviving malls by merging e-commerce with in-store logistics.
This episode is part finance class, part war story, and a must-listen for anyone trying to read between the lines of CRE distress.
01:13 Understanding CMBS Borrowers and Their Motivations
03:19 Recourse vs Non-Recourse Loans in CMBS
07:36 Complexities of CMBS Trusts and Workouts
11:25 Navigating Distress in CMBS Investments
15:17 The Importance of Market Awareness for Investors
25:20 Understanding Market Dynamics and Credit Risk
29:38 Current State of the Distress Cycle
32:43 The Evolution of Retail in the E-Commerce Era
Have questions for the pod team? Send them to [email protected].
www.lightboxre.com
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