Academic journal article Journal of Real Estate Literature

Maverick Real Estate Financing: The Art of Raising Capital and Owning Properties like Ross, Sanders, and Carey

Academic journal article Journal of Real Estate Literature

Maverick Real Estate Financing: The Art of Raising Capital and Owning Properties like Ross, Sanders, and Carey

Article excerpt

Maverick Real Estate Financing: The Art of Raising Capital and Owning Properties Like Ross, Sanders, and Carey. Steve Bergsman. 286 pages. Wiley, 2006.

The real estate journalist Steve Bergsman has written an informative and entertaining book about financing commercial real estate. The book combines descriptions of each of the methods used to finance real estate development or investment with interviews of prominent industry people who have been successful using those techniques. Indeed, the interviewees are a who's who of real estate financiers and include William Sanders (founder of LaSalle Partners, Security Capital Group, ProLogis, and other companies), Jack Cohen of Cohen Financial LP, Michael Mazzei (one of the creators of the commercial mortgage-backed security), Stephen Ross (founder of Related Housing Companies and donor of $100 million to the Ross School of Business at the University of Michigan), William Polk Carey (founder of W. P. Carey & Co. and donor to the W. P. Carey School of Business at Arizona State University), Milton Cooper (REIT entrepreneur), Alfred and Robert Taubman (Taubman Centers), and others.

The chapters cover the basics of the topics below that are roughly of increasing complexity:

* Basic real estate loans (construction, bridge, permanent financing, mezzanine)

* Conduit loans that become part of commercial mortgage-backed securities

* Agency loans for multi-family housing (Fannie Mae and Freddie Mac)

* Equity financing companies

* Low income housing tax credits

* Sale-leasebacks

* Retail site arbitrage (to unlock retail site value)

* Purchase of distressed mortgages

* Commingled capital

* REITs and UPREITs

Each chapter contains the story of an entrepreneur who was successful with the device in question. …

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