Maverick Real Estate Financing

Praise for MAVERICK REAL ESTATE FINANCING

"Once you start reading, you won't be able to put the book down. You will feel you are part of the deals that industry leaders have put together. This is a real book about real people and how they address risk and reward."
--Bruce S. Schonbraun, Managing Partner The Schonbraun McCann Group LLP

"Bergsman applies a journalist's logic to the complex world of commercial real estate, making it easier for outsiders to understand. He writes with the authority of a true insider."
--Brannon Boswell, Managing Editor Shopping Centers Today

"Congratulations. Finally, someone has written a book that reflects real estate finance in the twenty-first century. With the growing proliferation of real estate education in university business schools today, this book should be required reading!"
--James D. Kuhn, President Newmark Knight Frank

In Maverick Real Estate Financing, Steve Bergsman--author of the widely acclaimed Maverick Real Estate Investing--describes the various financing methods you can use to achieve real estate investment success. Maverick Real Estate Financing also introduces you to an innovative group of real estate professionals who have used these methods to build substantial fortunes.

By listening to some of the world's most successful real estate Mavericks--includingWilliam Sanders, W. P. Carey, and Stephen Ross--you'll discover what sets them apart from the rest of the pack and learn how to apply their proven principles to your own real estate deals.

Each chapter examines a different real estate financing technique and the Maverick who best exemplifies it. Some of the strategies and products discussed include:
* Equity financing
* Public and private REITs
* Agency loans
* UPREITs
* Commingled capital
* Retail site arbitrage
* Conduit loans
* Sale-leasebacks
* Distressed mortgages
* Low-income housing tax credits (LIHTCs) Introduction.

Chapter 1. The Most Amazing Real Estate Company Ever—Again!

Chapter 2. Real Estate Loans.

Chapter 3. Advantages and Disadvantages of Conduit Loans.

Chapter 4. Agency Loans, An Easy Way to Finance Multifamily.

Chapter 5. Giving It up for Equity Financing.

Chapter 6. A Very Useful Subsidy.

Chapter 7. Turning Real Estate Into Capital.

Chapter 8. Retail Site Arbitrage.

Chapter 9. De-Stressing Distressed Mortgages.

Chapter 10. Commingled Capital.

Chapter 11. Of REITS and UPREITs.

Chapter 12. The REITs That Don't Tade Publicly.

Notes.

Index.

"Once you start reading, you won't be able to put the book down. You will feel you are part of the deals that industry leaders have put together. This is a real book about real people and how they address risk and reward."
—Bruce S. Schonbraun, Managing Partner The Schonbraun McCann Group LLP

"Bergsman applies a journalist's logic to the complex world of commercial real estate, making it easier for outsiders to understand. He writes with the authority of a true insider."
—Brannon Boswell, Managing Editor Shopping Centers Today

"Congratulations. Finally, someone has written a book that reflects real estate finance in the twenty-first century. With the growing proliferation of real estate education in university business schools today, this book should be required reading!"
—James D. Kuhn, President Newmark Knight Frank

STEVE BERGSMAN is a nationally recognized financial and real estate writer. For more than twenty-five years, he has con-tributed to a range of magazines, newsletters, and wire services, including the New York Times, the Wall Street Journal, Financial World, U.S. Banker, Investment Dealers' Digest, and Reuters News Service. For the past twenty years, he has been a regular contributor to "The Ground Floor" real estate column in Barron's and has written for all the leading real estate industry publications, including National Real Estate Investor, Retail Traffic, Mortgage Banking, and Urban Land. Bergsman is the author of Maverick Real Estate Investing, also published by Wiley. The real estate market is booming, and over the last few years, people have come to realize its incredible profit potential. But if you're unprepared, entering this arena can be confusing as well as costly.

If you're looking to make serious money in real estate, look no further than Maverick Real Estate Financing. In this follow-up to the widely acclaimed Maverick Real Estate Investing, Steve Bergsman describes in detail various real estate financing methods that can help you achieve real estate investment success. Maverick Real Estate Financing also introduces you to a group of innovators who have used these methods to build substantial fortunes. By listening to some of the world's most successful real estate Mavericks—those you'll meet in these pages—you'll uncover valuable, time-tested tools and techniques that can help you raise capital and make deals you might not have previously considered.

With this book as your guide, you'll discover what sets the Mavericks of real estate finance apart from the rest of the pack and learn how to apply their proven principles to your own real estate deals. Each chapter examines a different real estate financing strategy or product as well as the Maverick who best demonstrates this axiom in action. This way, you can see how these individuals got their start and how they made it to the top of such a highly competitive profession.

Bergsman provides important real estate financing lessons from some of the best minds in the business, including:

• William Sanders—on choosing the best type of corporate format to hold real estate
• Benjamin "Buddy" Cohen and Jack Cohen—on the use of construction, permanent, bridge, hard money, and mezzanine loans
• Milton Cooper and his maverick efforts in retail site arbitrage
• Leo F. Wells III—on the formation of private and non-traded REITs
• W. P. Carey—on the intricacies of the sale-leaseback
• Stephen Ross and his experiences with low-income housing tax credits (LIHTCs)

Whether you're a real estate owner, developer, or investor, Maverick Real Estate Financing has the information you need to succeed. Filled with in-depth insight and expert advice, Maverick Real Estate Financing will show you how to make the most of your time in this market.

Praise for MAVERICK REAL ESTATE FINANCING

"Once you start reading, you won't be able to put the book down. You will feel you are part of the deals that industry leaders have put together. This is a real book about real people and how they address risk and reward."
—Bruce S. Schonbraun, Managing Partner The Schonbraun McCann Group LLP

"Bergsman applies a journalist's logic to the complex world of commercial real estate, making it easier for outsiders to understand. He writes with the authority of a true insider."
—Brannon Boswell, Managing Editor Shopping Centers Today

"Congratulations. Finally, someone has written a book that reflects real estate finance in the twenty-first century. With the growing proliferation of real estate education in university business schools today, this book should be required reading!"
—James D. Kuhn, President Newmark Knight Frank

In Maverick Real Estate Financing, Steve Bergsman—author of the widely acclaimed Maverick Real Estate Investing—describes the various financing methods you can use to achieve real estate investment success. Maverick Real Estate Financing also introduces you to an innovative group of real estate professionals who have used these methods to build substantial fortunes.

By listening to some of the world's most successful real estate Mavericks—includingWilliam Sanders, W. P. Carey, and Stephen Ross—you'll discover what sets them apart from the rest of the pack and learn how to apply their proven principles to your own real estate deals.

Each chapter examines a different real estate financing technique and the Maverick who best exemplifies it. Some of the strategies and products discussed include:

• Equity financing
• Public and private REITs
• Agency loans
• UPREITs
• Commingled capital
• Retail site arbitrage
• Conduit loans
• Sale-leasebacks
• Distressed mortgages
• Low-income housing tax credits (LIHTCs)