Commercial real estate is in crisis — specifically, office buildings.

The pandemic unleashed an unpredictable torrent of changes in how people work and live, and the dramatic rise in interest rates over recent months has broken funding models for many property owners.

That’s extremely bad news for a lot of investors in the real estate market, but it also creates opportunities for savvy lenders. On this week’s podcast, Will Caiger-Smith asks Rich Byrne, president of Benefit Street Partners, what we can learn from the distress in CRE.