Real Estate Capital Markets

MIT 11.435J · Graduate Level

An introduction to commercial mortgage-backed securities (CMBS), real estate investment trusts (REITs), mortgage-backed securities, and the securitization of real estate assets.

6 Modules

Self-Paced

Certificate

Graduate Level

What You'll Learn

Structure and mechanics of commercial mortgage-backed securities (CMBS)
Real estate investment trusts (REITs): structure, valuation, and performance
Agency vs. non-agency mortgage-backed securities
Securitization process: pooling, tranching, and credit enhancement
Pricing and risk analysis of mortgage-backed securities
Interest rate risk, prepayment risk, and default risk in MBS
Real estate private equity fund structures (LP/GP dynamics)
Subordination, overcollateralization, and credit support mechanisms
Real estate debt market: life companies, banks, conduit lenders
Cap rate compression, spread pricing, and yield analysis

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Academic Attribution

Adapted from MIT OCW 11.435J Real Estate Capital Markets. MIT Urban Studies and Planning / Sloan School of Management.

CC BY-NC-SA 4.0

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