Capital Markets RE119
The commercial real estate industry is a voracious consumer of third-party capital, which may take the form of debt, equity, or a combination of the two. In recent years, the public markets have become an increasingly important yet volatile force that, when combined with the traditional private channels of debt and equity finance, has resulted in an ever-widening array of financial alternatives.
Topics: This course examines alternative capital sources by comparing and contrasting the types that are available to a project from a variety of suppliers, including commercial banks and thrifts; insurance companies; pension funds; conduit lenders; credit companies; and REITs.
Prerequisites: Fundamentals of Investment Analysis (RE 107) and Fundamentals of Real Estate Finance Analysis (RE 112). Underwriting the Commercial Mortgage (RE 116) is recommended.
- Offered in January
Textbooks and Class Materials
- HBS Case Study
802-165: "Notes on Commercial Real Estate Financial Market" REQUIRED
HBS Case Study UV2-690: "Real Estate Investment Trusts" REQUIRED
HBS Case Study UV1-094: "Crawford Development Co & Southeast Bank of TX" REQUIRED
HBS Case Study KEL-757: "Return of the Loan: Commercial Mortgage Investing After the 2008 Financial Crisis" REQUIRED
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