Taking advantage of distress is usually associated with buying properties at deep discounts. There is a second version, where lenders, including new ones that enter the market, provide the financing that banks have shied off from doing. However, the availability comes at a cost.

Oaktree Capital —big in distressed debt, according to MarketWatch — is eyeing credit as a fortuitous occasion, particularly in CRE. "Clearly, the most acute area of risk right now is commercial real estate," the co-CEOs said in a Wednesday client note, the story reported.

"That's because the maturity wall is already upon us and it's not going to abate for several years. There's a need for capital, especially for office properties where there are vacancies, rental growth hasn't materialized, or the rate of borrowing has gone up materially over the last three years. This capital may or may not be readily available, and for certain types of office properties, it absolutely isn't available,"