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The CRE-CLO Maturity Wall: Why 'Extend and Pretend' Ends This Month
The 'grace period' for the most speculative corner of commercial real estate finance—Commercial Real Estate Collateralized Loan Obligations (CRE-CLOs)—has finally run out. As thousands of short-term, floating-rate loans hit their final maturity limits this June, a wave of forced liquidations is beginning to ripple through the shadow banking system, creating a massive opportunity for 'vulture' capital but a trap for the unwary.
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