MSRE509

This course examines the major capital sources for commercial real estate investment and highlights the recent trends in the capital markets. It compares and contrasts the four categories of real estate capital—private debt, private equity, public debt and public equity and discusses the instruments and deal structures in each category. Students will learn how to arrange the capital stock for a real estate transaction and how different structures allocate investment risk and return to various parties. Topics in this course include mezzanine financing, real estate syndication, private real estate funds, real estate investment trusts (REITs), commercial mortgage-backed securities (CMBS), and global real estate capital markets. Prerequisites: MSRE 500.