August 2012 Outlook

Prior to 2008, the $2.6 billion structured capital market for commercial property was, in our experience, more liquid in sub $5 million exposures as opposed to larger mezzanine deals. This was a reflection of the market risk appetite and demand at the time given structured debt facilities of $1 million to $5 million were associated with deals with a total cost of approximately $10 million to say $40 million.

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