Real estate executives predicted that the global market for commercial mortgage-backed securities will be limited to simple deals as it slowly comes back to life. "We're back to where we were when the securitization market was created in the mid-'90s, which is single-asset, single-borrower or -tenant, clean and straightforward CMBS," said John Carrafiell, managing partner at Alpha Real Estate Advisor. "That's how the market will come back, very, very slowly and in much smaller volumes."

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