Early this year, John B. Levy, principal of John B. Levy & Co., a real estate investment bank in Richmond, Va, said the market seemed to be recovering. Now he is not so sure. In fact, he says it could be heading towards a cliff. The fear is that there won't be enough capital to refinance commercial loans.
Despite low interest rates, new loans are hard to get. More than $150 billion of commercial real estate loans will be due by the end of 2012, and $100 billion will have trouble refinancing.
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