A whopper of a discount. Like buying $100 bills for around $80.
Those with capital are king (SPG, BXP, MAC). Huge wealth transfer coming from those w/o capital in need of refi and those with. Best part of it is that CE REITs are on sale because the general public doesn't "get" the wealth tranfer (Bank->REIT) that is happening.
Can you believe people can't understand that REITs and the Commercial RE market are two very different things?