Real Estate Capital Markets
Evolution, Structure, Participants
(First Edition)
©2025, 238 pages
Paperback list price: $106.95
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Real Estate Capital Markets: Evolution, Structure, Participants explores the historical development, current structure, and future trends within the United States real estate capital sector. The book offers insight into the public and private real estate capital markets expansion and the pivotal moments shaping it, such as the recent global pandemic. It investigates structures like REITs, commercial mortgage-backed securities, collateralized loan obligations, and derivatives, focusing on their role and regulation in the market.
Applying the four quadrants to delineate between public and private equity and debt, the book provides a thorough framework for understanding real estate capital market dynamics. It covers pertinent topics such as debt instruments, valuation processes, and the impact of technological advancements like PropTech and blockchain.
Real Estate Capital Markets is ideal for both undergraduate and graduate-level courses in finance, real estate, architecture, urban planning, and investment, equipping students with comprehensive knowledge of the strategic underpinnings of the capital landscape in real estate. It is also ideal for industry professionals, as well as any reader who has an interest in real estate finance.
Applying the four quadrants to delineate between public and private equity and debt, the book provides a thorough framework for understanding real estate capital market dynamics. It covers pertinent topics such as debt instruments, valuation processes, and the impact of technological advancements like PropTech and blockchain.
Real Estate Capital Markets is ideal for both undergraduate and graduate-level courses in finance, real estate, architecture, urban planning, and investment, equipping students with comprehensive knowledge of the strategic underpinnings of the capital landscape in real estate. It is also ideal for industry professionals, as well as any reader who has an interest in real estate finance.
Merrie Frankel is the president of Minerva Realty Consultants, LLC (REIT/ratings advisory and litigation support), serves on the board of directors of Agree Realty Corporation, and teaches courses on real estate capital markets at Columbia University and New York University. She holds a J.D. and M.B.A. from Hofstra University and a B.A. in English from the University of Pennsylvania.
Hugh Kelly heads his own consulting practice, Hugh F. Kelly Real Estate Economics, which serves the private sector, governmental organizations, and not-for-profit organizations. From 1984-2016, he taught at NYU’s Schack Institute of Real Estate. From 2017-2021, he helped Fordham University establish its master’s degree program in real estate. He holds a Ph.D. in urban economics from the University of Ulster.
Constantine Korologos is the principal of Leonidas Partners, LLC, a clinical assistant professor of real estate in the NYU Schack Institute of Real Estate, and the managing director with Frontstage Capital. He holds an M.B.A. in finance from the NYU Stern School of Business.
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"One is unlikely to refer or describe a textbook as concise, clear, and highly readable in the same sentence as well-structured, informative and pithy, yet this book is all of these and more. Although it is primarily targeted for real estate education, real estate practitioners in all areas of real estate will find the book provides a full background on the history of capital markets in the US as well as modern practice. [...] One of the book’s premises is that over the past several decades, real estate capital markets have been put to the test and because of volatile economic periods, have evolved into a more rigorous practice to reduce risk and incorporate more structure into the decision-making and investment process. This premise is demonstrated throughout the book with detailed information on various real estate financing structures including the use and structure of derivatives, collateralized mortgage obligations, pooling of real estate mortgages for increased liquidity in the capital markets, REITS and others. Nearly all of the examples provide clear, concise and yet detailed information on various debt structures, how they are utilized in the capital markets by investors, lenders, agencies and holders of real estate."
An excerpt from the book review published in The Counselors of Real Estate
Read the full review HERE
An excerpt from the book review published in The Counselors of Real Estate
Read the full review HERE
Read the "Review of Real Estate Capital Markets: Evolution, Structure, Participants" by Mary Bujold, CRE in Volume 49, Number 1 of The Counselors of Real Estate.
