SAN ANTONIO-In 2006, during the frenzied real estate bubble, debt was incredibly cheap and plentiful. Six years later, much of the debt issued in the mid-2000s is maturing – and USAA Real Estate Co., based here, has positioned itself to take advantage of that trend by making what has been termed in reports as a “significant investment” in Square Mile Capital Management LLC, which is based in New York City.

And there is plenty of opportunity to be had when it comes to distressed debt. Square Mile’s managing principals Jeffrey B. Citrin and Craig H. Solomon tell that the current deleveraging cycle taking place will last for several more years.

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