The Limited didn't have the most stores or make the most money, but its bankruptcy was the largest in 2017 in terms of its impact on an important part of the real estate investment market, according to a new report from data and investment analysis firm Trepp, which specializes in the market for commercial mortgage-backed securities (CMBS).
Trepp found that more than $35 billion in CMBS debt is exposed to retailers that filed for bankruptcy protection this year. Commercial mortgage-backed securities typically bundle multiple commercial property loans of varying risk profiles into securities that can be sold to third parties. . . . more