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CRE Finance World, Winter 2014

Available Now A publication of Winter issue 2014 sponsored by CRE Finance World Winter 2014 77 real estate, and have, in the last five years, displaced European capital as the most influential foreign region in U.S. real estate. In time, the particular biases of these capital sources may influence the direction of investment and development. Like their US counterparts, foreign pension funds, endowments, and private investors form their decisions according to investment type, pursuing core, opportunistic, value-add, income generating, or other investment classes based on their particular strategy. Likewise, foreign real estate investors typically have specific preferences when it comes to risk, market, and asset class. However, their approach to investment opportunities may differ from Americans’ according to cultural expectations or the maturity of their own financial system. Cultural and language differences, as well as expectations of investment performance, may prevent many foreign investors from pursuing opportunities in any but the most well-known gateway markets. Foreign investors face higher risks than local investors that limit their competitive advantages. Exchange rate fluctuation, cultural differences, and geographical distance are just a few of the challenges international investors face when exploring an investment opportunity in the U.S. As we head into another year, uncertainty remains. For decades, the U.S. was the poster child for economic success. The financial turmoil of 2008-2009 dented the nation’s reputation as a safe haven, but as emerging markets slow and Europe lingers in uncertainty, the U.S. is well positioned to rebuild its reputation as a stable investment destination. The Foreign Capital Marriage: Prenuptial Considerations CRE Finance Council CMBS E-Primer CRE Finance Council, through its Education Committee, is now offering its members the newly updated CMBS E-Primer series. This convenient e-book gives the reader an introductory, yet comprehensive, overview of Commercial Mortgage Backed Securities financing. The series covers the following: • An Overview of CMBS • CMBS History and Evolution • Originating and Underwriting Commercial Mortgages for CMBS • Structuring • AAA Rated CMBS Securities • Investing in Mezzanine CMBS • Investing in IO • Investing in B-Piece CMBS • Closing CMBS Transactions Parties, Key Documents and Servicing • An Overview of the Taxation of REMICs • CMBS Subordinate Debt To purchase the E-Primer, or for more information, visit www.crefc.org or contact Stephanie Heliker, Production Manager, at sheliker@crefc.org. a publication of $249. CREFC EduCaTion SERiES


CRE Finance World, Winter 2014
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