Development Magazine Summer 2010

Finance

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CMBS Loans: Rising from the Ashes 

Even as delinquency rates continue to rise on existing CMBS loans, a new wave of commercial mortgage backed securities has begun to bring a taste of liquidity back to a parched market. But before you say, “Oh no, here we go again,” consider this: loan originators are focused on well-leased, well-located properties with seasoned sponsorship, and loan terms are stringent.

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Reinventing Finance 

While 2010 may not turn out to be a banner year for capital flows to commercial real estate, investors of all stripes do have a growing hunger for yield, which has led to an increasing willingness to wade back into the market. Still missing from the overall picture, though: a much-anticipated boom of dispositions/acquisitions of problem loans and distressed properties.

From the Archives: Finance Articles from the Previous Issue

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How Financing Looks Now 

If there’s a good deal, there’s no liquidity problem. If you own real estate that’s overleveraged, there’s no financing. If you have a well-leased property but it’s underwater, “you’re probably screwed.”

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Strategically Green: Navigating Sustainability Financing 

In today’s real estate environment, sustainable building means different things to different people. It runs the gamut from using low toxicity building materials and low (or no) emission FF&E, all the way to buildings which are “net zero” and have the property’s energy need supplied with renewable and energy efficiency technologies.