"A lot of other groups are trying to figure out ways to lend money to be able to get that 8 to 10 to 12 percent return with equity, mezzanine equity and hard money lending," Faye says. "You've got all of these different funds that are going to be buying."

Fay says those funds could be looking to buy notes or mortgages from banks and special servicers. "We see a lot more money out there, and there's a lot of money chasing deals," he says. "My belief is starting in November and going through next year and probably the year after, we're going to see all sorts of opportunities." 

While investors will have opportunities to buy distressed debt, there will also be chances to secure properties.

"There could be opportunistic sales where an investment group or a REIT is cycling out of one product and into another product," Fay says. "Maybe the asset has some vacancies, they believe they have already gotten the majority of their return and they want to sell."

In other cases, these groups may want to cycle out of one asset class or region and move into a new one after there is a vaccine or therapeutic solutions to the coronavirus.

"There is going to be a lot of movement, in my opinion, as we start to understand the risks post-pandemic," Fay says. 

While there are a lot of questions going forward, Fay is confident a lot of money will find its way into real estate.

"You cannot rely on putting money in banks or bonds in this low-interest-rate environment," Fay says. "You're going to look at real estate and maybe some REITs."