Restructuring experts. Operational lens.
CASE is a senior-led advisory firm representing borrowers in complex, high-stakes commercial real estate restructurings.
We are borrowers, lenders, and CMBS investors, so we know how assets underperform and what lenders expect. That familiarity and deep relationships help us structure ideal and sustainable resolutions, often making adversarial processes collaborative.
It also lets us execute distinct investment strategies*, resulting in the acquisition and repositioning underperforming assets alongside best-in-class operators.
One business, two books.
Distress advisory for complex CRE debt.
Lenders need an asset plan. We process the property history to game-plan a loan workout strategy that positions the borrower as the lender’s best solution, economically and operationally.
See how we workPrincipal capital across the distressed stack.
We acquire underperforming equity and impaired credit positions in top‑tier, sustainable assets. We then drive the workout with a sharp operational focus alongside top‑tier operators.
Our investment process*We do not invest in deals where we’ve been retained to work out loans.
Loan maturity walls don’t disappear. They roll.
Rent gets collected at a property. It flows through accounts including often a lockbox, services a loan, feeds a Lenders balance sheet, or a CMBS or agency trust by moves through its bond distribution waterfall. Unlike many players, CASE owns fluency across the entire path.
The challenge and opportunity is now magnified with the extend-and-pretend era is ending. $957 billion in CRE loans matured in 2025 (20% of the $4.8 trillion outstanding). Another $875 billion is bow maturing in 2026. One in three CMBS loans failed at maturity through 2020-2025. According to Trepp, CMBS special servicing grew to 11.20% in June 2026. When par recovery dies, the fiction dies with it.
Most of that distress never touches a broker or hits the auction block. It hides in balance-sheet books, bilateral conversations, and ever-changing “limbo loans.” That’s where we specialize, and that’s where we execute.
The visible market is not the opportunity.
We see much of our deal flow because of the advisory work. When we don’t independently develop it, both clients and counterparties keep us informed of opportunity.
Representative transactions.
What our clients say:
If the solution were obvious, we wouldn't be required.
Situations without clear answers are the conversations we want to have.