Description
Book SynopsisHow to plan for the commercial real estate collapse
Encompassing apartment, office, retail, hospitality, warehouse, manufacturing, and flex or R & D buildings, commercial real estate (CRE) investment in the U.S. totaled $6.4 trillion at the end of 2008. As noted in the February 2010 Congressional Oversight Panel Report, $1.4 trillion of CRE debt is coming due by 2014 and half of the CRE projects securing such debt are underwater. Commercial Real Estate Restructuring Revolution: Strategies, Tranche Warfare, and Prospects for Recovery looks at how we got into this messimpacts of the housing crisis, debt structures, lender-borrower collusion, and bankruptcy abusesand offers possible solutions to the CRE crisis. Along the way, author Stephen Meister:
Discusses how CRE value losses are being driven by investors' risk adjusted cap rates, not just poorer market fundamentals
Discusses strategies and emerging trends in CRE foreclosures, including forced le
Table of Contents
Preface ix
Acknowledgments xxix
Chapter 1 The Housing Bubble 1
Chapter 2 The Bubble Implodes 15
Chapter 3 Capital Markets Supporting U.S. Commercial Real Estate 33
Chapter 4 CRE Values and Loan Defaults 55
Chapter 5 Putting Off the Day of Reckoning 65
Chapter 6 Tranche Warfare 77
Chapter 7 Loans to Own and Chilling the Bid 91
Chapter 8 Funding Cessations and Extension Fights 101
Chapter 9 Bankruptcy Considerations 117
Chapter 10 Multifamily Market 131
Chapter 11 Governmental Actions Caused the Affordable Housing Crisis 145
Chapter 12 Governmental Reactions to the Housing Crisis 157
Chapter 13 Assessing Blame for the Financial Crisis 175
Chapter 14 The Centerpiece for Real Reform 189
Chapter 15 Other Areas Requiring Reform 203
Notes 219
About the Author 231
Index 233
