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Institutional Real Estate Americas

May 2012: Vol. 24 No. 5

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  • The Mess That Is CMBS: Delinquencies, Special Servicing and Possible Conflicts of Interest Plague the Market

    It would be an understatement to say that commercial mortgage–backed securities have issues. The CMBS market is striving for a moderate comeback in 2012, but a steady stream of troubled assets from past issuances have been falling into foreclosures. Meanwhile, the structures in place to fix those distressed loans, i.e., the special servicers, are sometimes structurally conflicted as to whether to foreclose on a loan and clear it from the books or push out a final settlement (extend and pretend) to some point in the obscure future. Needless to say, the backdrop to the current CMBS market consists of unhappy bondholders, stressed special servicers, players who have tried to game the system, and just plain investors who would like to dive back into the pool, so-to-speak.

  • What's in a Name? It Does Matter What You Call Yourself

    I’m not sure the folks who are trying to push the idea that real estate investing is really a part of private equity investing are doing a good thing — at least, not if their intention is to position real estate investing as a subset of private equity investing.

  • Where's the Gusher?: Investors Hoping for a Repeat of the RTC Heyday Have Been Disappointed

    When the full impact of the financial crisis began to unfold in early 2009, I must confess I rubbed my hands in anticipation of a flood of buying opportunities, as did many in the commercial real estate market with access to cash. I envisioned a wildcatter’s dream with deals gushing forth like oil raining on James Dean in the 1956 film Giant,where he played opposite Elizabeth Taylor.

  • Exploring New Opportunities: What Kinds of Investment Options Are Available for Institutional Investors in Latin American Real Estate?

    Institutional investors targeting property investment in Latin America have many more choices than they did just a decade ago. There has been an increase in U.S., Canadian and European institutional investors looking at the region, and a concomitant increase in the number of vehicles and the types of products available.

  • REIS Progress Report: Real Estate Information Standards

    In the October 2010 issue of The Institutional Real Estate Letter – North America, I authored an article describing our common goal and set forth why the Real Estate Information Standards (REIS) are important to us all:

  • Shop Talk: A Conversation with Nancy Sims

    Since its creation in 1989, the Robert Toigo Foundation has become a valued partner in the finance industry, and its reach and impact have continued to grow during the past two decades. The foundation is well known for its programs and initiatives that promote workforce diversity, and its MBA fellowship program has helped to prepare approximately 1,000 students for careers in finance. In recent years, the Toigo Foundation has expanded its menu of services to focus on leadership development and career advancement for both minorities and women. Nancy Sims, president and CEO of the Toigo Foundation, recently spoke with Larry Gray,editorial director at Institutional Real Estate, Inc., to discuss the organization’s focus today, new programs and initiatives, and the challenges of diversity within today’s environment.