Distress is building faster than most investors realize — and 2025–2026 will be the biggest transfer of CRE wealth since the Great Financial Crisis.

This episode is Part 2 of Aviva Sonenreich’s extended conversation with Michael Cohen, continuing the deep dive into CMBS distress, why Denver is becoming one of the most troubled MSAs in the country, and how investors can prepare for the wave of maturities ahead.

Highlights:

• The real reasons Class A assets are stabilizing while Class B properties face mounting distress
• The CMBS data points that reveal the severity of Denver’s office, multifamily, and hospitality stress
• Whether high-profile assets — like Aspen’s $85M Prada store — can still secure CMBS financing
• How DSCR drops, trapped reserves, and cash sweeps quietly strip borrowers of leverage
• The decision-making hierarchy inside CMBS servicing — and why “waiting and hoping” never works

Perfect For:

Investors preparing for the 2025–2026 distressed cycle, owners with CMBS loans nearing maturity, family offices protecting generational assets, brokers advising clients through workouts, and anyone who wants a clear, unfiltered understanding of how CMBS distress actually works — and what’s coming next.

Connect with Michael: Website | LinkedIn