TY - JOUR T1 - CMBS and the Real Estate Cycle JF - The Journal of Portfolio Management SP - 105 LP - 111 DO - 10.3905/jpm.1999.319735 VL - 25 IS - 2 AU - Susan Hudson-Wilson AU - George J. Pappadopoulos Y1 - 1999/01/31 UR - https://pm-research.com/content/25/2/105.abstract N2 - Knowledge of market economic cycles and the relationship of specific property type performance characteristics is crucial to the proper evaluation of commercial mortgage-backed securities. Loan pools that appear equally well diversified may, in fact, behave quite differently. In this article, the authors show that unexpected and undesirable results may occur if a full range of specific market level factors are not considered and appropriately modeled. ER -