Good news in the commercial real estate market has been hard to come by of late. But there was a glimmer of hope in the US market last month with the launch of a new CMBS transaction – the first in the US market for nearly 18 months. The CMBS market has been among the worst affected by the crisis, and the outlook for the commercial property sector in the country remains unremittingly grim. It is hardly surprising, therefore, that when the first post-crisis deal, a $400 million three-tranche transaction from US Reit Developers Diversified Realty (DDR) closed, protagonists dared to hope that it could be the start of a turnaround.
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