ATLANTA—Earlier this month, I reported on how tighter underwriting demands are impacting lending. But justhow much?

Well, consider the landscape. It's no secret that over $300 billionin CMBS loans will need to be refinanced betweennow and 2017. These are loans that were made at the height of thebubble and the day of reckoning is upon many commercialreal estate owners.

Nevertheless, we're seeing deals getting done. In March, aprivate family interest in Brazil won a $95 million acquisition loan for a portfolio of fivesingle-tenant office buildings—all occupied byWells Fargo. Located in Georgia, North Carolina,South Carolina and Virginia, the buildings span 1.6 million squarefeet. And that's just one example.

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