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According to government and private-sector data compiled by the Federal Reserve Board, banks held a whopping $1.3 trillion of the $3.1 trillion worth of outstanding commercial and multifamily real estate debt at year-end 2011. With close to $1.7 trillion of this real estate debt set to mature over the next five years, there is a very real possibility that debt supply will not meet debt financing demands. The fact is that lenders are hesitant to take any risk and the moderate levels of CMBS originations we are seeing are not providing enough liquidity to refinance this massive debt. As a result, a vast number of real estate assets will simply be handed back to lenders or face foreclosure.

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