Credit Crunch Curbs Real Estate
This article makes sense. No credit means no deals means real estate values go down. This is not fuzzy math. Banks need to start lending again. This quote is relevant for TIC deals:

Even a slight decline in values could make it difficult for property owners to refinance their mortgages, especially if they have been paying only interest on their existing debt and not paying down principal. Such interest-only mortgages have become increasingly popular.

Every TIC deal I have looked over the past several years has interest-only financing. It was the only financing that allowed sponsors to pay an attractive yield to investors.