By Carmen Arroyo and Natalie Wong
23 May 2024 at 07:00 GMT-4
Updated on 23 May 2024 at 11:14 GMT-4
For the first time since the financial crisis, investors in top-rated bonds backed by commercial real estate debt are getting hit with losses.
Buyers of the AAA portion of a $308 million note backed by the mortgage on the 1740 Broadway building in midtown Manhattan got less than three-quarters of their original investment back earlier this month after the loan was sold at a steep discount… Read More
“Values have plunged because of the combination of rising interest rates, which means
Harold Bordwin, Bloomberg
increasing investment return requirements, as well as decreasing cash flow,”
