Welcome to The Note
Expect specifics, stories from real deals, and where to find hidden opportunities.
Media
Commentary from inside the workout.
Notes, press, bylines, podcasts, and broadcast appearances. Plus The Note, our recurring memo on where distressed CRE is heading.
Press
Revealed: The Banks Powering Private Credit's CRE Lending Boom
Bisnow reveals how banks quietly fund private credit's CRE lending boom, with CASE's Shlomo Chopp on what leverage-on-leverage means for borrowers.
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One memo, every two to four weeks, on where distressed CRE is heading.
More Commercial Real Estate Owners See Value in Special Servicing Platforms
Commercial Observer on why more commercial real estate owners hire borrower-side special servicing platforms like CASE to navigate loan workouts.
CASE’s Shlomo Chopp on the “New Graves” Emerging Across Commercial Real Estate
CASE's Shlomo Chopp challenges assumptions about which commercial real estate assets are safe and where the market's 'new graves' are forming.
Why Distressed Commercial Real Estate Deals Die at the Table
Distressed CRE deals rarely die from bad assets, they die at the negotiating table. Shlomo Chopp breaks down capital-stack standoffs and how to fix them.
What We Actually Do as Commercial Real Estate Debt Restructuring Experts
What does a commercial real estate debt restructuring expert do? CASE's Shlomo Chopp explains building leverage, workout strategy, and borrower advocacy.
CRE Workouts, Maturity Walls, and the Art of Restructuring
Shlomo Chopp joins Altus's CRE Exchange to unpack 2026 loan workouts, the maturity wall, and how borrowers restructure distressed CRE debt from strength.
Four Questions for a Restructuring Expert: AI Can Help, but You Can’t Abdicate Your Responsibility
AI can help a CRE workout, but it can't own the outcome. CoStar asks CASE's Shlomo Chopp four questions on AI, judgment, and restructuring responsibility.
Extend & Pretend Is Over: Negotiating Distressed CRE Debt From Strength
'Extend and pretend' is ending. Shlomo Chopp explains how borrowers with distressed multifamily and office loans negotiate workouts from strength.
How New Technologies Are Putting Real Estate at Risk
Technology is a wrecking ball for CRE: e-commerce hit retail, remote work hit office. Shlomo Chopp on what's next and how owners should adapt.
Shlomo Chopp Warns CRE Must Rethink Its Business Models
GlobeSt: Shlomo Chopp warns commercial real estate must rethink outdated business models as tenant demand, technology, and debt markets shift.
New Graves to Dance On
Which CRE assets are quietly dying? Shlomo Chopp's 'New Graves to Dance On' maps obsolete properties and the distressed opportunities they create.
When Non-Recourse Isn’t Risk-Free
Non-recourse doesn't mean no risk: carve-outs and bad-boy guarantees can create personal liability. Shlomo Chopp explains how borrowers protect themselves.
Negotiating Non-Recourse Terms With Your Lender
White paper: how CRE operators negotiate non-recourse carve-outs, including waste, tax, and litigation provisions, before they become personal liability traps.
Foreign Capital Rethinks U.S. Commercial Real Estate
Is foreign money leaving US real estate? Commercial Observer quotes Shlomo Chopp on why fundamentals, not politics, drive foreign CRE investment.
Ami Magazine: Preventing Mortgage Foreclosure
How do owners prevent mortgage foreclosure? Restructuring veteran Shlomo Chopp on early planning, lender negotiation, and workout options, in Ami Magazine.
Shlomo on Slow Pay - Loan Workouts With Shlomo Chopp
Michael Bull and Shlomo Chopp discuss commercial loan workout strategies: slow pay, lender leverage, and when borrowers should push back.
CMBS Loan Workouts Unfiltered With Shlomo Chopp
Shlomo Chopp on TreppWire: CMBS loan workouts vs bank loans, why early planning wins, and how special servicers actually behave in negotiations.
Inside the Ghermezians’ Fight to Keep $4B American Dream Alive in Miami
The Real Deal on the Ghermezians' fight to keep the $4B American Dream Miami alive, with restructuring insight from CASE's Shlomo Chopp.
Preparing for CMBS Workouts and Negotiating Effectively.
A borrower's CMBS workout playbook: re-underwrite early, control the loan documents, and use a pre-negotiation agreement without giving away leverage.
Why Passive Income Often Leads to Passive Losses With Shlomo Chopp
Passive CRE income can quietly become passive losses. Shlomo Chopp on underwriting discipline, sponsor risk, and spotting trouble before it hits.
In the CMBS Trenches With Shlomo Chopp—Distress, Risk, and Finding Diamonds in the Rough
Shlomo Chopp takes the CRE Weekly Digest inside CMBS distress: where risk hides, how workouts unfold, and finding diamonds in the rough.
Shlomo Chopp & the Art of Debt Restructuring
Shlomo Chopp on The Crexi Podcast: the art of debt restructuring, from capital-stack analysis to negotiating with special servicers.
How to Navigate Distress Before It’s Too Late
When should a borrower act on distress? Before default. Shlomo Chopp on early warning signs, lender psychology, and protecting your equity.
Leverage and Overplaying Your Hand
Even under pressure, borrowers have leverage. Shlomo Chopp on finding it in CMBS and CRE loan workouts — and the mistakes that destroy it.
Winning the Workout Before You Even Have a Problem
A borrower's guide to lender relations: build credibility early, communicate strategically, and win the workout before distress ever arrives.
How the Ghermezian Family, Owners of Biggest Malls in the US, Made Good on the American Dream
The Real Deal on how the Ghermezian family, owners of America's biggest malls, made good on American Dream obligations, featuring Shlomo Chopp.
Dealing With Distressed Commercial Real Estate
Shlomo Chopp joins CRE Exchange on dealing with distressed commercial real estate: triage, transparency, and turning workouts into outcomes.
Why You Must Plan Early in Loan Workouts
Early planning decides loan workouts. Waiting burns negotiation leverage and properties you could have saved. Here's the timeline that works.
Cash Management in CMBS: Did You Know?
What is a cash trap in commercial real estate? How CMBS cash management, lockboxes and waterfalls seize property cash flow, and what borrowers can do about it.
Foreclosures Pick up, Starting With the Largest Landlords
Bisnow: CRE foreclosures are accelerating, starting with major landlords. Shlomo Chopp on why big sponsors walk and what lenders do next.
How to Work Out Your Distressed Loan
How to work out a distressed loan: re-underwrite the property, master your documents, and negotiate from evidence. A step-by-step CASE guide.
Trepp’s CMBS Market Update Webinar
Trepp's CMBS market update webinar with Shlomo Chopp: delinquency trends, special servicing, and how borrowers navigate loan workouts.
Navigating Your Own Distress
Shlomo Chopp on the New York City Multifamily Podcast: what owners should do at the first sign of distress and the mistakes that cost buildings.
CMBS Bondholders Left in the Dark as Valuations Tumble
Bisnow: CMBS bondholders face tumbling valuations with little transparency. Shlomo Chopp on what opaque servicing means for investors.
How We Got Here.
From the S&L collapse to the GFC to COVID: how each crisis reshaped real estate finance and set up today's distressed CRE opportunity.
Investment Matters: Driven to Learning and Success
Commercial Property Executive talks with Shlomo Chopp about his path from PropTech to distressed CRE investing and lessons for operators.
Where to Invest in Commercial Real Estate? That Was the Question.
Commercial Observer asks where to invest in commercial real estate now; Shlomo Chopp makes the case for distressed debt and repriced assets.
How to Navigate Distress in the Commercial Real Estate Market
Commercial Observer byline: Shlomo Chopp on navigating distress in commercial real estate. Early triage, lender negotiations, and capital options.
As Distressed Assets Pile up, Shlomo Chopp Tells Us How to Look for Opportunities
As distressed assets pile up, Shlomo Chopp tells TreppWire where opportunity hides and how investors underwrite troubled CMBS deals.
Cap Rates Under Pressure Amid 10-Year Treasury's Climb
GlobeSt: rising 10-year Treasury yields squeeze cap rates. Shlomo Chopp on what repricing means for CRE values and refinancing.
Signs of Distress Growing in NYC Office Market, but ‘the Worst Is yet to Come’
Bisnow: distress signs grow in NYC's office market. Shlomo Chopp on why the worst is still ahead, and what that means for owners and lenders.
Shlomo Chopp on Finding Distressed CRE Opportunities
Commercial Observer profiles Shlomo Chopp on finding distressed CRE opportunities: debt-first analysis and operator-grade diligence.
San Francisco Leans Into AI and Conversions to Aid a Painful Recovery
Commercial Observer on San Francisco's recovery through AI tenants and office conversions, with market insight from Shlomo Chopp.
Understanding Distressed Properties and the Dynamics of Commercial Real Estate With Shlomo Chopp
Shlomo Chopp joins Lead-Lag Live to explain distressed property dynamics: debt structures, servicer incentives, and where value hides.
Inside the Room: How Handing Back the Keys on Commercial Real Estate Works
What happens when a CRE owner hands back the keys? Commercial Observer goes inside the room with Shlomo Chopp on deeds-in-lieu and workouts.
Debt Default Could Prove Catastrophic for Commercial Real Estate: Here’s Why
A US debt default could prove catastrophic for commercial real estate. Shlomo Chopp explains the transmission through rates and credit.
When It Comes to Distressed Real Estate, Shlomo Chopp Takes His Own Advice
CoStar profiles Shlomo Chopp: the restructuring adviser buying distressed real estate with his own playbook, and what he looks for.
Secret Sauce With Shlomo Chopp
Shlomo Chopp joins Karly Iacono's Secret Sauce: why loan problems start at the term sheet, how to spot distress early, and why "today is the best day to buy" is a myth.
Carl Icahn Goes to War Against Rialto, CMBS Servicers
The Real Deal covers Carl Icahn's war with Rialto and CMBS special servicers, with workout perspective from Shlomo Chopp.
A Tale of Two Markets: Some CMBS Players See Huge Losses, Others Opportunity
The Real Deal: COVID split the CMBS market, with huge losses for some players, rare buying opportunities for others, says Shlomo Chopp.
CMBS in Flux
Commercial Property Executive examines a CMBS market in flux (issuance, delinquency, and servicing) with input from Shlomo Chopp.
CMBS Deals Continue in Face of Uncertainty
Commercial Property Executive: CMBS issuance pushes through pandemic uncertainty; Shlomo Chopp on pricing risk when values are unclear.
NYC Property Mogul Charles Cohen Sticks With Buy-and-Hold Plan in Crisis
Bloomberg on NYC mogul Charles Cohen holding through crisis, with Shlomo Chopp on the risks of riding out distressed cycles.
CRE Owner Cash Out: Refinancing's Open Secret
MarketWatch: owners routinely pull cash out of buildings via refinancing. Shlomo Chopp on how cash-outs set up today's CMBS distress.
American Dream Leaves Clan Behind Mall Empire Mired in Debt - Bloomberg
Bloomberg: the American Dream megamall leaves the Ghermezian empire mired in debt. Shlomo Chopp on the stakes of mall debt restructuring.
The Mall Is Dead. Long Live Bricks-and-Mortar? - National Real Estate Investor
National Real Estate Investor on retail's reinvention: which malls die, which convert, and how debt decides with Shlomo Chopp.
A Brighter Outlook for CMBS
Shopping Centers Today sees a brighter CMBS outlook. Shlomo Chopp on what improving issuance means for retail borrowers.
REFI TV: Trepp/Case Distressed Borrower Roundtable
REFI TV roundtable with Trepp and CASE: distressed borrowers, special servicing, and CMBS workout strategy on camera.
What, Us Worry?
Commercial Observer questions pre-crisis complacency in CMBS underwriting, featuring market warnings from Shlomo Chopp.
Ruling Turns up Heat on CMBS Appraisers
Reuters: a court ruling raises the stakes for CMBS appraisers; Shlomo Chopp on valuation games inside securitized workouts.
Mission Peak Ruffles Feathers With Stealthy NY Hotel Swoop
Reuters covers Mission Peak's quiet move on a New York hotel, with Shlomo Chopp on distressed-debt acquisition tactics.
How to Merge Yield Hungry Investors and CMBS Workouts.
How do yield-seeking investors meet CMBS workouts? Shlomo Chopp's early framework for pairing rescue capital with distressed loans.
No Magic Formula to Special Servicers
GlobeSt: special servicers follow no single playbook. Shlomo Chopp on why every CMBS workout demands its own strategy.
Distressed Opportunities Can Still Be Found
GlobeSt: even late in the cycle, distressed CRE opportunities remain. Shlomo Chopp on where patient capital should look.
Meet Tomorrow's Leaders
GlobeSt names Shlomo Chopp among tomorrow's commercial real estate leaders for his work in CMBS workouts and distressed investing.
CMBS Loans Need Workouts 'More Than Many Know'
GlobeSt: far more CMBS loans need workouts than headline numbers suggest, says Shlomo Chopp. Early intervention is everything.
Turning Around Dying Malls, Struggling Communities
Real Estate Forum on turning around dying malls and struggling communities through repositioning, featuring Shlomo Chopp.