The first three months of 2016 have proven just how quickly the commercial real estate lending environment can change. Going into 2016, forecasts called for more than $125 billion in CMBS issuances in 2016. Today, those forecasts have been revised significantly downward to $60 billion, as regulatory changes, tightening credit standards, and widening spreads have dampened the appetite for CMBS loans.   On the other hand, life insurance companies continue to have a healthy appetite for commercial real estate debt and have increased their mortgage and equity allocations by 10 to 20 percent over last year. Spreads on A-Note general account loans are 75 to 100 b...