But then it happened again and this time there was no crisis: in the last week of May we learned that for the first time since the Lehman bankruptcy, Investors holding the top-most tranche debt backed by commercial real estate have suffered losses for the first time since the housing meltdown collapsed the economy 16 years ago. According to CMBS strategists at Barclays, buyers of the AAA portion of a $308 million note backed by the mortgage on the 1740 Broadway building in midtown Manhattan received less than three-quarters of their initial investment in recent weeks after the loan was dumped at a sizeable discount. All low-tier creditors were wiped out." https://lnkd.in/e2KakkTa