Banks will have to cut their exposure to commercial real estate because of a $2tn “wall” of property debt coming due in the next three years, according to a leading US brokerage.
“Banks will be under pressure,” said Barry Gosin, chief executive of Newmark, which handled $50bn of loan sales for failed Signature Bank.
Post-financial crisis regulation meant some lenders would need “to liquidate their loans or find other ways to reduce their weight in real estate”, he added, whether by syndicating the debt, doing risk transfer deals — where other investors agree to take on the risk of losses — or ceasing new lending to the sector.
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