The current liquidity crisis in the credit markets is likely to continue unabated. Declining rents and rising vacancies are adding pressure to an already difficult situation for commercial properties. Increasing numbers of borrowers of syndicated real estate loans will be unable to refinance or repay such loans upon maturity. Administrative agents will be charged with spearheading the workout process and reconciling the differing interests and demands of the parties. The agent’s resourcefulness and fortitude will be thoroughly tested.

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