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Real estate finance has changed dramatically in the last decade. The growth of securitization, a seemingly infinite variety of derivative products, the deregulation of financial markets and the resurgence of REITs (Real Estate Investment Trusts) have brought dramatic changes to the tools and structures used to finance commercial real estate.
Acker describes modern and traditional approaches to structuring real estate finance to accommodate today's ownership structures and the trend towards partnerships and participations between developers, investors and financiers. Tools, techniques, cases and commentaries are included to illustrate the situations, problems and solutions facing financiers. There is also a section devoted to credit analysis and risk assessment plus divergent approaches to EBITDA and Free Cash Flow.