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	<title>AZ Advisory - Commercial Real Estate Investment Advisory by Alex Zylberglait &#187; TALF</title>
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	<link>http://commercialrealestateinvestmentadvisory.com</link>
	<description>AZ Advisory - Commercial Real Estate Investment Advisory by Alex Zylberglait</description>
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		<title>Encouraging Signs Emerge Amidst Cautious Lending</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2010/01/22/encouraging-signs-emerge-amidst-cautious-lending/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2010/01/22/encouraging-signs-emerge-amidst-cautious-lending/#comments</comments>
		<pubDate>Fri, 22 Jan 2010 19:40:30 +0000</pubDate>
		<dc:creator>AZ Advisory Team</dc:creator>
				<category><![CDATA[2010 Forecast]]></category>
		<category><![CDATA[Bank Failures]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategies]]></category>
		<category><![CDATA[Lenders]]></category>
		<category><![CDATA[U.S. Economy]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Buildings]]></category>
		<category><![CDATA[Commercial Office Building]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Financing]]></category>
		<category><![CDATA[Investment Opportunities]]></category>
		<category><![CDATA[Lending]]></category>
		<category><![CDATA[Miami]]></category>
		<category><![CDATA[Miami-Dade]]></category>
		<category><![CDATA[South Florida]]></category>
		<category><![CDATA[TALF]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=855</guid>
		<description><![CDATA[Lenders Remain Cautious, but Encouraging Signs Emerge. Banks will remain the primary source of financing for commercial real estate, with the exception of apartments, which will continue to benefit from agency lending. Life insurance companies are showing renewed interest in lending, but a 2010 surge is unlikely due to capacity limitations. While traditional CMBS is [...]]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2010/01/22/encouraging-signs-emerge-amidst-cautious-lending/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>US Life Insurers to Suffer Mild Commercial Loans Losses Compared to Banks</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/12/16/us-life-insurers-to-suffer-mild-commercial-loans-losses-compared-to-banks/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/12/16/us-life-insurers-to-suffer-mild-commercial-loans-losses-compared-to-banks/#comments</comments>
		<pubDate>Wed, 16 Dec 2009 18:37:02 +0000</pubDate>
		<dc:creator>AZ Advisory Team</dc:creator>
				<category><![CDATA[Bank Failures]]></category>
		<category><![CDATA[Banks]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategies]]></category>
		<category><![CDATA[Commercial Real Estate Investments Outlook]]></category>
		<category><![CDATA[Commercial Real Estate Loans]]></category>
		<category><![CDATA[U.S. Economy]]></category>
		<category><![CDATA[U.S. Life Insurers]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Commercial Real Estate Investment Intelligence]]></category>
		<category><![CDATA[Distressed Commercial Real Estate]]></category>
		<category><![CDATA[Maturing Commercial Mortgage Debt]]></category>
		<category><![CDATA[TALF]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=694</guid>
		<description><![CDATA[Moody&#8217;s Investor Services, learning from lessons received 20 years ago, predicts in a report that U.S. life insurers will suffer a  less due to commercial-mortgage losses compared to banks. The commercial real estate market last went through a crisis 20 years ago which resulted in major losses for the life insurers.
&#8220;Life insurers&#8217;  portfolios [...]]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/12/16/us-life-insurers-to-suffer-mild-commercial-loans-losses-compared-to-banks/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>A Lender Resumes Commercial Real Estate Loans on Income-Producing Properties</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/12/14/a-lender-resumes-commercial-real-estate-loans-on-income-producing-properties/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/12/14/a-lender-resumes-commercial-real-estate-loans-on-income-producing-properties/#comments</comments>
		<pubDate>Tue, 15 Dec 2009 03:02:26 +0000</pubDate>
		<dc:creator>AZ Advisory Team</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Loans]]></category>
		<category><![CDATA[Investment Opportunities]]></category>
		<category><![CDATA[Lenders]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Buildings]]></category>
		<category><![CDATA[Commercial Office Building]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Miami]]></category>
		<category><![CDATA[Miami-Dade]]></category>
		<category><![CDATA[Property Management]]></category>
		<category><![CDATA[Public-Private Investment Program]]></category>
		<category><![CDATA[South Florida]]></category>
		<category><![CDATA[TALF]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=685</guid>
		<description><![CDATA[Bridger Commercial Funding announced today that it  will resume originating new commercial real estate loans on income-producing  properties. Loans made under Bridger’s new program will be underwritten to  eligibility standards for securitization under the Federal Reserve’s Term  Asset-Backed Securities Loan Facility, or TALF. Separately, Bridger also  announced that it has [...]]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/12/14/a-lender-resumes-commercial-real-estate-loans-on-income-producing-properties/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Regional and Small Banks Face Risk</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/11/17/commercial-real-estate-investment-advisory-regional-and-small-banks-face-risk/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/11/17/commercial-real-estate-investment-advisory-regional-and-small-banks-face-risk/#comments</comments>
		<pubDate>Wed, 18 Nov 2009 03:00:41 +0000</pubDate>
		<dc:creator>AZ Advisory Team</dc:creator>
				<category><![CDATA[Banks]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Loans]]></category>
		<category><![CDATA[Investment Opportunities]]></category>
		<category><![CDATA[Miami]]></category>
		<category><![CDATA[South Florida]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[Commercial Buildings]]></category>
		<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Distressed Commercial Real Estate]]></category>
		<category><![CDATA[Maturing Commercial Mortgage Debt]]></category>
		<category><![CDATA[Miami-Dade]]></category>
		<category><![CDATA[TALF]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=576</guid>
		<description><![CDATA[Losses due to commercial real  estate loans are what U.S. regional banks face greater exposure to according to a Fitch Ratings report. This may increase the possibility of their future ratings being downgraded. The risk is generally manageable for large financial institutions while the downgrades would be more prevalent among the regional  mid-sized [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>DISTRESS MOUNTING</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/11/16/distress-mounting/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/11/16/distress-mounting/#comments</comments>
		<pubDate>Mon, 16 Nov 2009 13:32:16 +0000</pubDate>
		<dc:creator>Alex Zylberglait</dc:creator>
				<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Office Buildings]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategies]]></category>
		<category><![CDATA[Current State of Commercial Real Estate Market]]></category>
		<category><![CDATA[Investing Tips]]></category>
		<category><![CDATA[Investment Opportunities]]></category>
		<category><![CDATA[Miami]]></category>
		<category><![CDATA[Property Listings]]></category>
		<category><![CDATA[South Florida]]></category>
		<category><![CDATA[U.S. Economy]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Buildings]]></category>
		<category><![CDATA[Commercial Office Building]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Commercial Real Estate Investment Intelligence]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategy]]></category>
		<category><![CDATA[distressed assets]]></category>
		<category><![CDATA[Distressed Commercial Real Estate]]></category>
		<category><![CDATA[Government Programs]]></category>
		<category><![CDATA[Investing]]></category>
		<category><![CDATA[Maturing Commercial Mortgage Debt]]></category>
		<category><![CDATA[Miami-Dade]]></category>
		<category><![CDATA[TALF]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>
		<category><![CDATA[toxic assets]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=570</guid>
		<description><![CDATA[As we continue to track the amount of debt in distress across all product types and geographies, it is evident that it&#8217;s a matter of time until lenders begin to divest these assets. Even though they currently do not have as much pressure to realize losses immediately they will eventually have to do something about [...]]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/11/16/distress-mounting/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Will PPIP Finally Inject some Transparency into Distressed Asset Pricing?</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/10/23/commercial-real-estate-investment-advisory-miami-will-ppip-finally-inject-some-transparency-into-distressed-asset-pricing/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/10/23/commercial-real-estate-investment-advisory-miami-will-ppip-finally-inject-some-transparency-into-distressed-asset-pricing/#comments</comments>
		<pubDate>Sat, 24 Oct 2009 02:45:35 +0000</pubDate>
		<dc:creator>AZ Advisory Team</dc:creator>
				<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Public-Private Investment Program (PPIP)]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Government Programs]]></category>
		<category><![CDATA[Maturing Commercial Mortgage Debt]]></category>
		<category><![CDATA[Miami]]></category>
		<category><![CDATA[Miami-Dade]]></category>
		<category><![CDATA[PPIP]]></category>
		<category><![CDATA[Public-Private Investment Program]]></category>
		<category><![CDATA[South Florida]]></category>
		<category><![CDATA[TALF]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=457</guid>
		<description><![CDATA[With five of the selected nine asset managers for the Treasury Departments Public Private Investment Program now fully funded with their debt and equity capital commitments, there is some $12.27 billion in purchasing power aimed at the so-called legacy – or to be more precise, toxic – assets still clogging the real estate markets.]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/10/23/commercial-real-estate-investment-advisory-miami-will-ppip-finally-inject-some-transparency-into-distressed-asset-pricing/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>The Public-Private Investment Program</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/09/21/commercial-real-estate-investment-advisory-the-public-private-investment-program/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/09/21/commercial-real-estate-investment-advisory-the-public-private-investment-program/#comments</comments>
		<pubDate>Mon, 21 Sep 2009 14:05:39 +0000</pubDate>
		<dc:creator>Alex Zylberglait</dc:creator>
				<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Outlook Reports]]></category>
		<category><![CDATA[Investment Opportunities]]></category>
		<category><![CDATA[Public-Private Investment Program (PPIP)]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategy]]></category>
		<category><![CDATA[Government Programs]]></category>
		<category><![CDATA[PPIP]]></category>
		<category><![CDATA[Public-Private Investment Program]]></category>
		<category><![CDATA[TALF]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=190</guid>
		<description><![CDATA[The proposed government-private partnerships aimed at moving toxic assets off of banks’ balance sheets were initially well-received and promising, but implementation has proven difficult. To start, banks have raised large amounts of equity capital without having to sell assets at deep discounts, reducing their motivation to participate in the program. Furthermore, some potential participants are reluctant to partner with the government, wary of possible restrictions that could be imposed at a later date.]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/09/21/commercial-real-estate-investment-advisory-the-public-private-investment-program/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Outlook on Commercial Mortgage-backed Securities (CMBS) and Term Asset-Backed Securities Loan Facility (TALF) – 3 of 3</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/09/18/outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-%e2%80%93-3-of-3/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/09/18/outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-%e2%80%93-3-of-3/#comments</comments>
		<pubDate>Fri, 18 Sep 2009 12:00:12 +0000</pubDate>
		<dc:creator>Alex Zylberglait</dc:creator>
				<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate Outlook Reports]]></category>
		<category><![CDATA[Investment Opportunities]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>
		<category><![CDATA[U.S. Economy]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Buildings]]></category>
		<category><![CDATA[Commercial Office Building]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategy]]></category>
		<category><![CDATA[Government Programs]]></category>
		<category><![CDATA[Outlook Reports]]></category>
		<category><![CDATA[TALF]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=179</guid>
		<description><![CDATA[a growing number of large property owners and lenders will take advantage of the program by year end. ]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/09/18/outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-%e2%80%93-3-of-3/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Outlook on Commercial Mortgage-backed Securities (CMBS) and Term Asset-Backed Securities Loan Facility (TALF) – 2 of 3</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/09/16/commercial-real-estate-investment-advisory-outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-%e2%80%93-2-of-3/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/09/16/commercial-real-estate-investment-advisory-outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-%e2%80%93-2-of-3/#comments</comments>
		<pubDate>Wed, 16 Sep 2009 13:00:06 +0000</pubDate>
		<dc:creator>Alex Zylberglait</dc:creator>
				<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Outlook Reports]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>
		<category><![CDATA[Capital]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Commercial Real Estate Investment]]></category>
		<category><![CDATA[Commercial Real Estate Investment Advisory]]></category>
		<category><![CDATA[Commercial Real Estate Investment Strategy]]></category>
		<category><![CDATA[Government Programs]]></category>
		<category><![CDATA[TALF]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=154</guid>
		<description><![CDATA[Of the many government programs, TALF appears to hold the most promise for freeing up capital for commercial real estate lending in the near term. Since it can take a few months to organize a TALF-eligible CMBS deal, the program is off to a slow start, but the wheels are now in motion, and a growing number of large property owners and lenders will take advantage of the program by year end. While TALF was set to expire at the close of 2009, the program was recently extended to March 31, 2010, for existing CMBS and June 30, 2010, for newly issued CMBS.
]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/09/16/commercial-real-estate-investment-advisory-outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-%e2%80%93-2-of-3/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Outlook on Commercial Mortgage-backed Securities (CMBS) and Term Asset-Backed Securities Loan Facility (TALF) &#8211; 1 of 3</title>
		<link>http://commercialrealestateinvestmentadvisory.com/2009/09/14/commercial-real-estate-investment-advisory-outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-1-of-3/</link>
		<comments>http://commercialrealestateinvestmentadvisory.com/2009/09/14/commercial-real-estate-investment-advisory-outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-1-of-3/#comments</comments>
		<pubDate>Mon, 14 Sep 2009 14:24:36 +0000</pubDate>
		<dc:creator>Alex Zylberglait</dc:creator>
				<category><![CDATA[Commercial Mortgage-backed Securities]]></category>
		<category><![CDATA[Commercial Real Estate]]></category>
		<category><![CDATA[Commercial Real Estate Outlook Reports]]></category>
		<category><![CDATA[Term Asset-Backed Securities Loan Facility]]></category>
		<category><![CDATA[CMBS]]></category>
		<category><![CDATA[Government Programs]]></category>
		<category><![CDATA[Outlook Reports]]></category>
		<category><![CDATA[TALF]]></category>

		<guid isPermaLink="false">http://commercialrealestateinvestmentadvisory.com/?p=140</guid>
		<description><![CDATA[Over the remainder of 2009, government programs should be instrumental in stimulating demand for traditional existing and newly issued, highly rated CMBS. This should, in effect, mark the starting point for clearing lenders’ balance sheets and eventually lead to increased lending capacity for new commercial mortgage loans.]]></description>
		<wfw:commentRss>http://commercialrealestateinvestmentadvisory.com/2009/09/14/commercial-real-estate-investment-advisory-outlook-on-commercial-mortgage-backed-securities-cmbs-and-term-asset-backed-securities-loan-facility-talf-1-of-3/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
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