The financial mess is just starting, says Robert J. Plumb of AEW Capital Management. As CMBS debt matures over the next three years, “it’s going to be awful.”
Plumb was just one of the participants in the annual Transwestern/Real Estate Forum Capital Markets Symposium, which gathered together decision-makers from some of the nation’s top institutions for a frank discussion on the state of affairs today. The conversation revolved around determining how, when and where to place capital in the midst of an unreliable global economy and credit market upheaval, as well as expectations for the near and long term.
“No one is going to step in to refinance debt because life insurance companies don’t want it, and banks won’t touch it, either,” Plumb noted. “Most borrowers can’t afford to borrow a loan from the bank. So it’s just going to be a train wreck. The issue is about debt, and equity is going to have to become debt.”
Read more...GlobeSt.com - FORUM: Credit Market Fallout Is Just Starting, Says AEW's Plumb - Daily News Article
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