European debt financing for CRE is drying up fast

09/21/2011 | Wall Street Journal, The

Real estate developers in continental Europe are finding that banks are scaling back lending for projects because of the sovereign-debt crisis. Some are cobbling together alternative forms of finance, but the pinch is affecting transactions and borrowers of all sizes. "It is becoming more and more difficult to close any deal in the pipeline," said Borja Sierra, CEO of Europe for Savills. "Debt markets are closing up again."

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