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The Journal of Private Equity

The Journal of Private Equity

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Primary Article

Making Sense of CMBS in a Loan Workout Environment

Stephen Karbelk, Edward Durnil and Bobby Guy
The Journal of Private Equity Spring 2006, 9 (2) 86-93; DOI: https://doi.org/10.3905/jpe.2006.628338
Stephen Karbelk
A partner and auctioneer with Tranzon Fox in Fairfax, VA.
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  • For correspondence: SKarbelk@tranzon.com
Edward Durnil
Managing Partner and CEO of Tranzon Asset Advisors in Elizabethtown,KY.
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  • For correspondence: Edurnil@tranzon.com
Bobby Guy
A member of the law firm of Waller Lansden Dortch & Davis,LLP,in Nashville,TN.
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  • For correspondence: bobby.guy@wallerlaw.com
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Abstract

With $550 billion in commercial loans generated, and potential problems on the horizon in the real estate and interest rate markets, the commercial mortgage-backed securities (CMBS) marketplace is one of the most widely used vehicles for commercial loan funding by borrowers, but one of the least understood by turnaround professionals. This article outlines recent CMBS history, breaks down the CMBS structure and its players, and then turns its attention to strategies for obtaining present value for defaulted loans within the context of the CMBS trust. For those whose workout clients have a CMBS loan on their commercial real estate, it is important to understand why special servicers are not like traditional banks.

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The Journal of Private Equity
Vol. 9, Issue 2
Spring 2006
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Making Sense of CMBS in a Loan Workout Environment
Stephen Karbelk, Edward Durnil, Bobby Guy
The Journal of Private Equity Feb 2006, 9 (2) 86-93; DOI: 10.3905/jpe.2006.628338

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Making Sense of CMBS in a Loan Workout Environment
Stephen Karbelk, Edward Durnil, Bobby Guy
The Journal of Private Equity Feb 2006, 9 (2) 86-93; DOI: 10.3905/jpe.2006.628338
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