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Buchanan Street Partners Aden Kun

'By changing the way the rating agencies get compensated, hopefully it will bring some more confidence to the market.'

By Don Jergler | Updated on June 08, 2008

Place your CMBS Bets

It seems a large percentage of our Quick Poll respondents are fond of fairytales, with 70% of respondents stating their belief that “CMBS is sleeping,” far outweighing pessimistic respondents who said “CMBS is dying” (12%) and “CMBS is dead” (18%).Aden W. Kun, a vice president with Newport Beach, CA-based real estate investment bank Buchanan Street Partners, thinks Prince Charming may eventually come around and wake the CMBS market.

I would take the side that it’s sleeping, unless you think it’s going to be a slow death. There’s still some activity going on in the market. However, it’s slowed appreciably. At the end of last year at this time we were running about $107 billion of US CMBS, and this year at end of May 2008 we’re a tad under $11 billion US CMBS. It’s been pretty dramatic.

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