Loans on distressed properties owned via the tenant-in-common (TIC) structure are piquing the interest of yield-hungry investors who are willing to work through the complexities surrounding these transactions. “These properties aren’t performing as well, debt is maturing and major decisions have to be made. You can have up to 35 tenants-in-common with different opinions on what to do with the property,” said David Sobelman, executive v.p. of Washington, D.C.-based commercial real estate advisory firm Calkain Companies.

The TIC structure was popular prior to....

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