CMBS workouts aren’t for the faint of heart—and CMBS expert Shlomo Chopp knows it better than most. With 20+ years of experience untangling distressed assets, Shlomo offers a rare, unsparing look into what borrowers, bondholders, and even AAA investors often get wrong. From why “non-recourse” loans aren’t always what they seem to how banking can relationships collapse under pressure, Shlomo lays out why CMBS is a different beast—and why many borrowers walk in unprepared. He dives into tranche warfare, special servicers, and the dangers of relying on outdated property values.

For bondholders, the takeaway is clear: think like real estate professionals. If you're not walking the property and talking to brokers, you're already behind. Stay to the end to hear a sneak peek of Shlomo’s patented micro-fulfillment retail centers—aimed at reviving malls by merging e-commerce with in-store logistics.

This episode is part finance class, part war story, and a must-listen for anyone trying to read between the lines of CRE distress.

01:13 Understanding CMBS Borrowers and Their Motivations

03:19 Recourse vs Non-Recourse Loans in CMBS

07:36 Complexities of CMBS Trusts and Workouts

11:25 Navigating Distress in CMBS Investments

15:17 The Importance of Market Awareness for Investors

25:20 Understanding Market Dynamics and Credit Risk

29:38 Current State of the Distress Cycle

32:43 The Evolution of Retail in the E-Commerce Era

Have questions for the pod team? Send them to Podcast@LightBoxRE.com.

www.lightboxre.com