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There are only a handful of B-piece buyers active in the market now. If the commercial real estate industry wants to see CMBS transactions push past the $50-billion figure expected for this year, more B-piece players will simply have to enter the market. For that to happen, though, they will have to disregard one of the byproducts of the Dodd-Frank Act, requiring CMBS originators to keep 5% of the loan on their books-the so-called “skin-in-the-game” provision. Of all the investors in the CMBS stack, risk retention hurts the B piece the most.

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