The past decade saw property investment go global, as tax-exempt investors gained comfort with investments outside their own borders. The number of U.S. investors who commit capital to Asian real estate is still relatively small, but interest in the region has steadily increased over the years.

By now, almost every institutional investor has been faced with a bankruptcy filing by a partner in a joint venture relationship. The most common scenario is a general partner or managing member that has experienced severe financial difficulties files for protection under Chapter 11 of the U.S. Bankruptcy Code.

The Institutional Real Estate Letter – North America sat down with Andreas Calianos, managing director of Commonfund Realty, Inc.,to discuss real estate’s investment advantage, the nuances of behavioral finance and how investors can better prepare themselves for the next cycle and beyond.

For the first time since the dislocation of commercial real estate credit markets in 2007, there are tentative signs of life in the ailing commercial mortgage–backed securities (CMBS) market — a key source of commercial real estate credit for more than a decade.