That condominium deal, 125 Greenwich Street, consisted of 273 condominium units and 320,000 square feet. "Not all of them [those loans] are that chunky, but there is more coming," Lebensohn says.

While Lebensohn doesn't think there will be the same distressed buying opportunities as there were during the recession, he thinks the cycle is over. "Money is still very cheap, so it's still very compelling to invest in hard assets," he says. "If someone needs to get money out, there will be a lot of appetite to buy. But it's not the same market that it was a couple of years ago."

Lebensohn sees problems in condos, particularly projects developed later in the cycle. "In the higher end, where units are selling for $4 million and up, you will see distress," he says. "Then you'll see it in multifamily where people projected much richer rents than they're getting."

Multifamily could get hit especially hard in areas with rent control laws, which could lead to more problem loans. "One area where you will see it [distress] is in New York City rent-stabilized housing," Lebensohn says. "You have a million units across New York City that have virtually been shut down. There is little to no room for rental increases through the new legislation."

There will also be a limited opportunity for capital improvements.

"Anyone who over-levered those product types, which are predominantly pre-war, walk up over the five boroughs of New York City, will be in some pain," Lebensohn says. "Taxes are going up and utilities are going up, but rents are not going up. I think the legislature got it completely wrong, and the housing will suffer as a result. A lot of capital won't be going into those buildings."