7/ So what does the “correction” look like? It’s a hotel construction loan refi’d 200bps wider by a debt fund than perm loan. It’s a 75% occupied office bldg generating no cash flow, dependent entirely on exit. It’s recapping a dev project w/ preferred equity to fund overruns.

8/ so, it’s v micro, and micro doesn’t get coverage...the revolution will not be televised! Where it might manifest is in the 2019 lending and investment sales market reports. sales volume would go down and lending volume spikes while NAVs are held steady and / for tmw

9/9 there’s nothing intrinsically wrong with can kicking, it is what it is and it could work out. Whether owners are forced to sell at lower prices some day, who knows. They don’t today, but that doesn’t mean that they’re making out like kings.

Happy hunting.