# When CMBS Loans Go Sideways (with Michael Cohen)

Page: https://stenobird.com/podcast/closed-nyc-s-real-estate-podcast-5485623/when-cmbs-loans-go-sideways-with-michael-cohen
Text version: https://stenobird.com/podcast/closed-nyc-s-real-estate-podcast-5485623/when-cmbs-loans-go-sideways-with-michael-cohen.md
Podcast: [Closed! NYC's Real Estate Podcast](https://stenobird.com/podcast/closed-nyc-s-real-estate-podcast-5485623)
Published: 2026-06-23T18:04:07+00:00
Episode link: https://shows.acast.com/closed/episodes/when-cmbs-loans-go-sideways-with-michael-cohen
Audio file: https://sphinx.acast.com/p/open/s/628c00d916fef800144ca4ae/e/6a3aca97bfa92390374a580e/media.mp3
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JSON: https://stenobird.com/v1/public/podcasts/closed-nyc-s-real-estate-podcast-5485623/episodes/when-cmbs-loans-go-sideways-with-michael-cohen
Duration seconds: 2287

## Resource

On this episode of Closed!, Lee sits down with Michael Cohen, Managing Partner of Brighton Capital Advisors, to unpack what is happening behind the scenes in the commercial mortgage-backed securities market, and why the next several years could present serious challenges for commercial real estate borrowers. Michael explains how CMBS loans are structured, why their leverage and nonrecourse features can make them attractive, and what changes once a loan is securitized and the original lender no longer controls it. The conversation also examines the wave of ten-year loans approaching maturity in 2027, the backlog created by post-COVID extensions, and the growing pressure facing multifamily, office, and hotel assets. Michael explains why borrowers should begin preparing six to nine months before a maturity or anticipated default, what lenders expect to see in a workout proposal, and why waiting until a loan reaches special servicing can significantly reduce a borrower’s leverage. To learn more about Michael Cohen and Brighton Capital Advisors, visit https://brightoncapitaladvisors.com/leadership-team/michael-cohen/ and follow their latest research and insights on LinkedIn. To find out more about Bergstein Flynn Knowlton & Pollina PLLC, visit our website at bfkplaw.com . Hosted on Acast. See acast.com/privacy for more information.

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## Transcript

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