In an interview with Bloomberg TV at the Milken Institute Global Conference, Josh Friedman said higher interest rates would wreak havoc in portions of commercial real estate.
Friedman is the co-founder and CEO of alternative asset manager Canyon Partners.
- Friedman
told Bloomberg that companies, especially parts of commercial real
estate, are struggling to maintain their balance sheets amid the Fed's
monetary tightening initiatives.
- He believes the recent
turmoil at regional banks, which offered loans to commercial real estate
firms, is compounding the stress.
- Friedman added that a
pullback by these banks would open new opportunities for private lenders
as properties look for refinancing.
