Nomura re-enters U.S. commercial real estate lending after nearly three decades, hiring Barclays’ top CMBS team to fill the gap left by retreating banks. We break down what this means for borrowers with trophy assets, the near-$1B Marco Island resort sale testing luxury hospitality cap rates, and why CMBS distress still isn’t translating into forced sales. Plus, the CRE360 Take on how selective capital is reshaping deal flow.