Real Estate Finance 3: Capital Markets

Real Estate Development

Spring 2013

Merrie Frankel, instructor

This course focused on the debt and equity markets that are linked to real estate assets. Both the public and private markets were examined in detail. Topics include the history of real estate cycles, the US mortgage finance system, the agency mortgage-backed securities (MBS) market, the non-agency MBS market (subprime, Alt-A and jumbo), commercial mortgages and mortgage-backed securities (CMBS), structured products such as CMOs and CDOs, MBS valuation, real estate investment trusts (REITs), commingled real estate funds (CREFs), real estate limited partnerships (RELPs) and master limited partnerships (MLPs), derivative products, and asset allocation and real estate portfolio theory.