Editor's note: Republished with permission from TheRealDeal.com. Click here to view original article. By DAVID JONES NEW YORK -- As the real estate industry scrambles to unwind billions of dollars in distressed inventory, a number of high-profile deals are stuck in neutral as lenders battle it out with each other to see who will get paid and who will be left holding the (empty) bag. While creditors often turn on each other during a workout, the massive number of securitized loans with multiple lenders and third-party servicing firms managing the funds is creating a level of complexity that may take years to sort out, analysts said. Unlike the previous downturn in the 1990s, the majority of large deals during the recent real estate boom were made using securitized loans -- or at least loans with large syndicates, or groups of lenders sharing the burden of a single loan. "It's a nightmare," said Dan Fasulo, managing director of research at Real Capital Analytics, a ...
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