Bloomberg – Axonic Capital LLC, LibreMax Capital LLC and Saba Capital Management LP are among firms positioning to provide loans as more than $1 trillion in commercial real-estate debt originated before the property crash comes due over the next three years, aiming to bridge the gap for borrowers needing more cash than banks are willing to lend.
“New participants are capitalizing on that void,” said Richard Hill, an analyst at Morgan Stanley, who said he’s surprised by the range of investors entering the market. “The wave of loans coming due is going to create a bottleneck. The image I get is a snake trying to swallow an elephant.”
