by Wolf Richter, Wolf Street:

But foreclosure sales are far worse, including a total wipeout of CMBS investors.

36% loss. Private equity firm Blackstone sold two 13-story Class A office towers, the Griffin Towers, in Santa Ana, Orange County, California, for $82 million to a joint venture between Barker Pacific Group and Kingsbarn Realty Capital. The towers, built in 1987, have a vacancy rate of 24%.