What is B-piece?
The most subordinate (first-loss) bonds in a CMBS, bought by specialized credit investors who conduct detailed loan-level due diligence and may have kick-out rights over the pool before securitization.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.