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CRE workouts, maturity walls, and the art of restructuring
Description
We sit down with returning guest Shlomo Chopp, Managing Partner of Case Equity Partners, for a candid discussion about CRE distress; the causes, the workout process, and what it takes to get to resolution. Shlomo draws on more than two decades of restructuring and advisory experience to explain why fatigued capital is pulling back from existing deals, what the maturity wall actually means for borrowers and lenders in 2026 and 2027, and why good intentions can walk a borrower straight into a recourse situation. The conversation also covers Shlomo’s LinkedIn series The Road to Default, the real job of a workout advisor, and what he thinks the industry consistently gets wrong about distress.
Key moments
01:35 Shlomo’s background and firm
04:57 Why capital is pulling back
09:34 Extensions and operator reality
11:04 Office green shoots
13:58 Hope trades and rate bets
15:09 Maturity wall and data limits
19:57 Liquidity paradox and DPOs
25:54 Debt and fundamentals
27:11 Distress cycle warning
29:00 Bankruptcy and CMBS shift
34:33 Building the workout plan
37:41 Industry pitfalls and accountability
40:03 Road To Default thesis
43:58 Fixes and final takeaways
Resources mentioned
Shlomo Chopp –
https://www.linkedin.com/in/chopp/
Case Equity Partners –
The Road To Default -