“Pretend and extend” is out. Working with borrowers to maximize a sale price is in. That’s the key takeaway from Steven “Sonny” Ginsberg of Taylor Johnson client Ginsberg Jacobs LLC in a recent REjournals byline on the current state of suburban Chicago office loans. In the article, which our team pitched and secured on his behalf, Ginsberg explains that a lack of new construction and increase in return-to-office policies have investors looking at suburban offices again. But don’t expect a return to pre-pandemic valuations. Ginsberg says lenders who have spent the past few years working with delinquent borrowers have five general paths they can take to finally get those nonperforming loans off their books.
