…For many struggling borrowers, 2023 may be the end of the line.
Michael Cohen , founder of the CMBS workouts shop Brighton Capital Advisors, said many office properties with maturities this year have relatively short leases in place, a result of tenants refusing to commit to their offices long-term.
Hotels that got through the early days of the pandemic did so by extending their loans and dipping into reserves that by now have run empty. Cohen said the days of putting Band-Aids on busted deals are over.
“There’s no more extend and pretend,” he said. “I can tell you that with 1,000 percent certainty.”
