美联储-CRE再开发方案和抵押贷款融资的使用（英）-2024.6-51页

FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)CRERedevelopmentOptionsandtheUseofMortgageFinancingDavidGlancy,RobertKurtzman,LaraLoewenstein2024-046Pleasecitethispaperas:Glancy,David,RobertKurtzman,andLaraLoewenstein(2024).“CRERedevelop-mentOptionsandtheUseofMortgageFinancing,”FinanceandEconomicsDiscus-sionSeries2024-046.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.046.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.CRERedevelopmentOptionsandtheUseofMortgageFinancing∗DavidGlancy†1,RobertKurtzman‡1,andLaraLoewenstein§21FederalReserveBoard2FederalReserveBankofClevelandJune4,2024AbstractAsignificantshareofcommercialrealestate(CRE)investmentproperties—abouthalfbyourestimates—arepurchasedwithoutamortgage.UsingcomprehensivemicrodataontransactionsintheU.S.CREmarket,weanalyzewhichtypesofpropertiesarepurchasedwithoutamo...