Top-rated commercial real estate bonds hit with first post-crisis losses.

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For the first time since the financial crisis, top-rated bonds backed by commercial real estate debt are suffering catastrophic losses. Investors in a $308 million note tied to the 1740 Broadway building received less than three-quarters of their original investment after the loan sold at a steep discount, marking a grim milestone in the post-crisis era. Lower-ranking creditors were completely wiped out, underscoring the deepening distress in the US commercial real estate market.

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