Even as delinquency rates continue to rise on existing CMBS loans, a new wave of commercial mortgage backed securities has begun to bring a taste of liquidity back to a parched market. But before you say, “Oh no, here we go again,” consider this: loan originators are focused on well-leased, well-located properties with seasoned sponsorship, and loan terms are stringent.

While 2010 may not turn out to be a banner year for capital flows to commercial real estate, investors of all stripes do have a growing hunger for yield, which has led to an increasing willingness to wade back into the market. Still missing from the overall picture, though: a much-anticipated boom of dispositions/acquisitions of problem loans and distressed properties.