Monday, November 24, 2008

DBSI Bankruptcy - next CMBS headline

You already know about the DBSI bankruptcy earlier this month if you play in the CRE space, but the connection to CMBS hasn't really been broad market news despite a Moody's downgrade on the MLMT 2008-C1 deal (8% exposure to DBSI).

Bridger is advising, defaults & liquidations are likely, and losses are expected given the market. I haven't done the credit work necessary to make a judgement on how bad losses may be, though the properties may all be performing well and things may not be too bad - I have no idea yet. The Bankruptcy has its own blog, how hip is that -

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