This module provides students with an opportunity to understand the important role the capital markets play in commercial real estate investment and development. Often, the reason a project succeeds or fails lies in a developer/investor\'s ability to obtain and structure the appropriate financing. Students will enhance their analytical skills, particularly with respect to valuation, leverage, and legal aspects of ownership as they explore the characteristics of the public and private markets providing capital to commercial real estate. Students will gain an understanding of the evolution of the securitization of real estate debt and equity financing. Special emphasis will be placed on understanding the objectives and investment needs of the players. The cyclical nature of the capital markets will be discussed in relation to the cyclical nature of the real estate market. The specific sources of capital to be covered will include the following:1.) Private equity investors including syndications; 2.) REITs and Public Real Estate Companies;3.) Commercial Banks and other financial institutions; and4.) Commercial Mortgage Backed Securities (CMBS).The instructor was formerly a senior financial officer of Olympia & York, once the largest commercial real estate company in the world, and the developer of the World Financial Center in New York and Canary Wharf in London. The course will be taught using Harvard Business School cases, including a case on Canary Wharf, as well as background texts and some original documents. Grading will be based on class participation and written work.Prerequisite: A prior course in real estate finance and development or permission of the instructor.