Much has been made of how far commercial real estate values fell from the onset of the Great Recession in 2007. The fall inflicted significant damage on properties purchased and financed at the peak of the market.

Currently, more than 200 of the individual office properties purchased or refinanced in 2007 and on which the loans were subsequently pooled into commercial mortgage backed securities have loan balances larger than their most recent value. Here, as identified by CMBS servicers, are the 15 loans with the largest current loan to value ratios.Information for these lead listings was provided by Trepp LLC, an industry leader in providing surveillance data on loan and commercial real estate performance underlying the CMBS market.