Sales of loans secured by struggling commercial real estate, including offices, are gaining momentum despite resulting in financial losses. Banks, in particular, are increasingly putting more loans secured by office buildings and other commercial properties on the market compared to last year.
For instance, the Canadian Imperial Bank of Commerce (CIBC) agreed to sell $316 million worth of loans on office buildings in Austin, Phoenix, Seattle, and San Francisco at a discounted price, according to the Financial Post. Additionally, Bloomberg recently reported that investment bank Morgan Stanley (MS) plans to purchase approximately $700 million of commercial real estate loans from a group including Blackstone (BX), Rialto Capital, and the Canada Pension Plan Investment Board. These CRE loans had previously been held by the now-defunct Signature Bank.
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