Extend & Pretend Is Over: Negotiating Distressed CRE Debt from Strength with Shlomo Chopp
The era of "extend and pretend" is winding down — and for borrowers staring at distressed multifamily and office loans, the next move could define the next decade of their portfolio. Shlomo Chopp, Managing Partner of CASE and one of the most respected voices in distressed commercial real estate, breaks down how borrowers negotiate CMBS, multifamily, and office workouts from a position of strength — protecting their equity, their guarantees, and their reputation when the market turns.
In This Episode
The era of "extend and pretend" is winding down — and for borrowers staring at distressed multifamily and office loans, the next move could define the next decade of their portfolio. In this episode, Carson sits down with Shlomo Chopp, Managing Partner of CASE and one of the most respected voices in distressed commercial real estate, to break down exactly how borrowers can negotiate from a position of strength when the loan starts going sideways.
With over 20 years in the trenches and nearly $5 billion in CRE deals invested, structured, or advised on, Shlomo has seen every flavor of workout — from CMBS nightmares to family-office repositions. He's also the inventor behind four CRE-related patents and the retailOS™ platform, and has been named a "Top Retail Expert" by RETHINK RETAIL five years running. In other words: when Shlomo talks distressed debt, lenders, borrowers, and operators listen.
Inside this conversation, you'll learn:
- Why relationships only carry you so far — and what actually moves a lender to grant relief
- The single biggest mistake borrowers make with their cash before walking into a workout (and why it kills their leverage)
- How to "re-underwrite" your own asset like a new acquisition so you can have an honest conversation with the lender
- What lenders actually want (hint: it's almost never the keys to your building)
- The negotiation tactics that work in high-stakes restructures — and the ultimatums that blow deals up
- When to fix it at the property level vs. when it's time to bring the lender to the table
- The early warning signs that your business plan has shifted from a real plan to "hope"
Whether you own a single value-add deal or a portfolio of 70+ properties, this episode is a masterclass in protecting your equity, your guarantees, and your reputation when the market turns against you.
If you're an entrepreneur, investor, or operator in commercial real estate, this is the conversation you need to hear before you make your next call to your lender.
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