In the wake of the 2008 real estate crash and subsequent economic downturn, access to bank loans for commercial real estate tightened significantly, giving rise to a new capital source: debt funds.
Many of these funds were formed to serve specific real estate segments, such as multifamily, mixed-use development, or hotels. The funds have long provided short-term capital to developers and other real estate parties in the form of bridge loans, construction financing and redevelopment loans.
Today, particularly in certain sectors, these funds are starting to see a series of defaults among borrowers, leaving the lenders in control of various real estate assets. These may include:
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