Brookdale Senior Living has put a bow on a $438 million mortgage from Oak Grove Capital and paid down two chunks of debt that would have come due next February and August. The loan is for $20 million more than the company had estimated but its interest rate also is a bit higher than had been expected.

"Though longer leases on office properties have historically mitigated sharp changes in performance, continued job losses are expected to increase pressure on the office sector," said Managing Director and U.S. CMBS group head, Susan Merrick. "With the looming possibility of leases expiring on space under-utilized by companies that have downsized, office performance may not reach a trough for a few years."

Fortunately, this time around we have an advantage. We know how a contained credit problem can morph into a monster that destroys financial institutions and cripples the economy. Living through the housing bust may make us better able to cope with the commercial real estate bust. At least, it's pretty to think so.