August 1994, Vol 19, No 2
Abstract: The real estate capital market in 1994 is very different from what it was at the beginning of this decade. The authors present an overview of where capital markets are headed and why today’s use of debt and equity securitization is a more efficient way to decrease the cost of capital to the industry. From less than $5 billion in 1991, commercial mortgage-backed securities increased to $17 billion at the end of 1993.