Abstract
Commercial real estate values have declined by45% since 2008 and there are ominous signs thatmatters could get worse.1 In 2008, the number ofdistressed commercial loans was about 1%.2 Threeyears later, the number of distressed commercialloans exceeds 9%.3 Through 2015, it is estimatedthat there are approximately $300 billion in com-mercial mortgages coming due every year.