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Commercial Property Financing After the Crisis

In: Understanding German Real Estate Markets

Author

Listed:
  • Frank Nickel

    (Deutsche Bank AG.)

Abstract

Since the beginning of the financial crisis in 2007 capital markets worldwide were in shock. While initially only markets in the United States were affected, during the summer of 2007 the European securitization market, which is essential for the refinancing of commercial real estate debt in Europe, was seized. Even though there were no major real estate bubbles in Germany compared to most European and US markets, the financing of commercial real estate as well as the refinancing of existing debt has become notably more difficult. This chapter shows the differences between Mortgage Pfandbrief and securitization through the issuance of CMBS, analyses the market developments during the last few years and gives a short introduction to real estate finance.

Suggested Citation

  • Frank Nickel, 2012. "Commercial Property Financing After the Crisis," Management for Professionals, in: Tobias Just & Wolfgang Maennig (ed.), Understanding German Real Estate Markets, edition 127, pages 195-214, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-642-23611-2_14
    DOI: 10.1007/978-3-642-23611-2_14
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