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Recent activity in the real estate markets has consisted in large part of the sale and acquisition of commercial mortgage and mezzanine loans. The pre-downturn prevalence of CMBS financings at high leverage levels has given the holders of commercial real estate loans significant control over the trading of commercial properties; a property that will not sell for more than the debt stack simply cannot be disposed of outside of bankruptcy absent some concession from one or more lenders. As a result, in recent years savvy real estate investors looking for access to properties began to acquire mortgage and mezzanine loans (and co-lender interests in those loans), initially at very attractive pricing that strongly enhanced projected returns. As the market in real estate debt has strengthened, the pricing advantages seem to have diminished to some extent.

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