Over the past several years, most of the returns in real estate have been generated because of declining interest rates and cap rates. If you just held on to properties long enough, even without successfully executing on a business plan, you fared well. However, an oversupply of capital resulted in overly unrealistic underwriting for both lenders and operators, and distress has ensued. In more recent years, the tide has changed, and a much higher degree of expertise is required to be successful. Jack Cohen, Managing Director of ArrowMark Partners, and prior owner of Cohen Financial, has a 40+ career in commercial real estate lending and investing, and was one of the largest commercial real estate lenders in the nation.