CRE Distress Decoded with Tammy & David Goldfisher—The Real Story Behind Loan Workouts, Distressed Assets & Capital Market Risk

The CRE Weekly Digest by LightBox

Distress is building in the CRE market—and borrowers are running out of room as opportunistic investors prepare to jump in. The power duo Tammy and David Goldfisher of The Henley Group join the LightBox team to break down what’s really happening behind the scenes with distressed commercial real estate assets, workouts, and the evolving capital markets landscape. With over 30 years of experience each in lending, advisory, and CMBS workouts, they specialize in helping owners navigate distressed assets and save their properties. They explain why we’re still early in the distress cycle, where borrowers are making critical mistakes, and how loan workouts today look very different from the COVID-era playbook. From the hidden risks in floating-rate multifamily loans to the long grind ahead for distressed office assets, they offer a clear-eyed view of where the cracks are widening—and what lenders want to see from borrowers now.

Don't miss their take on why early engagement matters, where capital markets are surprising to the upside, and why this cycle will reward those who move early—not those who wait for a rescue.

01:26 Current Market Conditions and Distress

02:09 Loan Maturity and Valuation Gaps

04:38 Lender and Borrower Dynamics

10:09 Valuation Disputes and Market Transparency

14:25 Office Sector Challenges and Bright Spots

18:51 Common Misconceptions in Special Servicing

21:11 Optimal Timing for Borrower Engagement

23:40 Market Forecast and Liquidity

30:02 Unexpected Turnaround Stories

Have questions for the pod team? Send them to [email protected].

www.lightboxre.com