As a first-in-line alternative to banks, life insurance companies have for years been a steady source of capital for office building owners—until now.
That's right, insurance companies have joined banks and issuers of commercial mortgage backed securities in slamming the lending window shut on office owners who are facing—take your pick, an avalanche, tsunami, Great Wall—of maturing debt coming due in the next three months.
With office valuations plunging in major urban markets, office owners who can't secure refinancing may have to choose between a fire sale and giving the keys back to the original lender.
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