Still though, the newly appointed CEO Barden Gale has glimmers of a more hopeful future. There is, he tells GlobeSt.com, the possibility of new investments in six months, although he declines to talk about dollar amounts. "At some point, as we keep our finger on the market's pulse, we will deploy our resources appropriately to take advantage of the continued dislocation in the market." Within two years, he believes, JER "will have a stabilized management platform with new investment initiatives, some of which will very probably be abroad." 

Getting to that point from this, though, will be a tough path, not only for JER but the commercial real estate in general, he says; simply put, he's not necessarily sure that the worst is over.

"Certainly I am not of the school that believes in a rapid recovery," he explains. "I think fundamentals have further to decline and the real estate situation will continue to be impacted by a variety of factors." These include, of course, looming defaults and the ongoing dearth of debt and equity capital. 

The changes being enacted to address this situation is also muddying the waters, at least in the short term, he adds. "Changes in mark to market rules and the government's intervention in the market is changing the playing field a bit. TALF and PPIP and the elimination of mark to market all mean that less assets come to market and there is less price discovery." 

As for JER's own assets and their valuations, Gale had this to say: "I don't think it is appropriate to discuss individual investments; there are some where we think we can maximize returns, some are hanging in the balance and others we won't spend a lot of time or money on." Some will clearly deliver a negative impact; in certain situations JER might be able to lesson this, he says. JER's focus, not surprisingly, will be on the former two, Gale says.