PT - JOURNAL ARTICLE AU - Susan Hudson-Wilson AU - George J. Pappadopoulos TI - CMBS and the Real Estate Cycle AID - 10.3905/jpm.1999.319735 DP - 1999 Jan 31 TA - The Journal of Portfolio Management PG - 105--111 VI - 25 IP - 2 4099 - https://pm-research.com/content/25/2/105.short 4100 - https://pm-research.com/content/25/2/105.full AB - 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.