CMBS: “Commercial Mortgage BS”

“We should have learned our lesson and sworn off CMBS forever”: McNellis, commercial real estate developer.By John E. McNellis, at real estate developer McNellis Partners. This essay is taken from his forthcoming 3rd edition of Making it in Real Estate.I was leaning against the bar at an industry cocktail party a couple weeks ago when a guy walked up to me, stuck out his hand and said, “I’m Ethan Penner”. I asked him who he was. Ethan was taken aback by my ignorance.“I’m the guy who invented CMBS,” he procl ...