Buying Distressed Assets: Should You Acquire the Property or Its Debt?

By: Les Shaver

“Manuel Fishman’s phone has been ringing a lot lately.

Fishman, a shareholder at the Los Angeles-based law firm Buchalter, has represented real estate developers and owners in the acquisition, sale and financing of commercial properties for more than 35 years.

Now he’s getting calls from people with money and one specific interest — distressed real estate. ‘It’s the more speculative or higher-risk kind of people that are coming to me,’ Fishman says. ‘The institutional or the safe money has been looking at distressed real estate for the last few years because we all thought that we were in a bubble, even pre-[pandemic].'”

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