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Private EquityOpportunities and Risks$
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H. Kent Baker, Greg Filbeck, and Halil Kiymaz

Print publication date: 2015

Print ISBN-13: 9780199375875

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780199375875.001.0001

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Mezzanine Capital and Commercial Real Estate

Mezzanine Capital and Commercial Real Estate

(p.84) 6 Mezzanine Capital and Commercial Real Estate
Private Equity

J. Dean Heller

Oxford University Press

This chapter explores the salient features, varied modes, sources and users, and history of mezzanine investment in commercial real estate (CRE). While mezzanine capital is also important in corporate finance, the chapter focuses on CRE financing, where mezzanine loans in particular became a routine component in larger debt financings before the Great Recession in late 2008. Among other topics, the chapter traces a brief history of real estate mezzanine financing from the late 1980s until the present and analyzes the differences and similarities between equity and debt forms of mezzanine financing. As real estate emerges from the shadow of that event, mezzanine capital appears ready to resume its place on the stage, if perhaps more often in the guise of preferred equity than before.

Keywords:   mezzanine capital, mezzanine financing, preferred equity, commercial real estate

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