Back in July, I wrote a post on the impending problems coming regarding commercial real estate. Well, it seems it’s ready to start showing its anger, and man, did it start off near the top.

Capmark Financial Group, one of the nation’s largest commercial real estate lenders, which also used to be known as GMAC Commercial Holding Corp, filed for Chapter 11 bankruptcy over the weekend, listing total debts of $21 billion and assets of $20.1 billion. Their banking system remains secure, but the main company states it needs time to restructure. They had posted a $1.6 billion loss for the last quarter.

These guys were heavy into bank rolling strip malls, something else I talked about when I wrote on why banks were closing. All over the country, you see both strip malls and larger malls that have a lot of empty space, with some having over 50% vacancies. It’s a similar thing to the regular real estate market, where these home builders felt if they built it buyers would come, and now there are thousands of homes in fancy developments that are practically worthless.

Unfortunately, this is only the beginning. Another big time investor that’s predicted to probably be filing for some kind of bankruptcy in the next few weeks is New York City real estate firm Tishman Speyer Properties and BlackRock Realty Advisors, who tried to bully tenants into giving up rent controlled apartments so they could build luxury apartments and charge top dollar. Instead, the tenants fought back, the judges sided with the tenants and found $200 million in increases illegal, and that’s probably going to be that.

At this point, it’s unknown what kind of impact the Capmark bankruptcy will have on jobs, other than those people who work for them. If they are funding construction projects in place right now, those will probably stop, in which case all those people will be out of work as well. What the trickle down for this will be isn’t known right now.

Brace yourself, people; it’s only just begun.