Read the market reports and you might assume that commercial real estate debt is a risky place to invest. UBS liquidated the CS Real Estate Fund International that came with the Credit Suisse acquisition. CRE delinquency rates have been on the rise. RXR's CEO said that CRE faces a "new paradigm" of permanently higher interest rates, which only makes refinancing even harder to manage.

And yet, Bloomberg reported that Goldman Sachs is very interested — depending on the property and debt. "Just because there are some problem properties with very high vacancies and a problem with their cost of capital or the cost of debt — that doesn't mean that the entire asset class has something wrong with it," Lindsay Rosner, head of multisector investing at the firm, told Bloomberg. "What we've been able to do is find a lot of opportunities in commercial mortgage-backed securities."

The response touches on an important issue in CRE investing — and other types, as well. There are many variations and differences among asset types and individual properties. There are no single takes by categorical.