San Francisco and San Jose have been duking it out for decades for the leadership position in tech employment, but now the two cities are in a competition neither wants to win: Bay Area city with the most CMBS loans that are in distress.
According to reports this month in two local business journals, San Francisco currently has a big lead in maturing CMBS debt, in terms of the total amount due by the end of 2024 and the number of loans in distress—but Greater San Jose has jumped out into the lead on the value of its distressed loans.
About $11.4B worth of CMBS loans in San Francisco will come due within the next 18 months, out of which 134 loans with a balance of $1B are showing signs of distress, the San Francisco Business Times reported.
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