Stephen Blank

Stephen R. Blank joined ULI in December 1998 as Senior Fellow, Finance. His primary responsibilities include: expanding ULI’s real estate capital markets information and education programs; authoring real estate capital market commentary; participating as a principal researcher and adviser for the Emerging Trends in Real Estate series of publications; organizing and participating in real estate capital markets programs at ULI events worldwide; and participating in industry meetings, seminars, and conferences. Prior to joining ULI, Blank served from December 1993 to November 1998 as Managing Director, Real Estate Investment Banking of Oppenheimer & Co., Inc. His responsibilities included: structuring, underwriting, and executing corporate financings including initial public offerings of common and preferred shares, unsecured debentures, and convertible bonds; property acquisitions, dispositions, and financing; and financial advisory services including mergers and acquisitions, corporate restructurings, and recapitalizations.

All 12 Federal Reserve Districts reported some level of improvement in economic activity during the most recent survey period (mid-November to Mid-January) as well as for 2011, including improved hiring plans. Read a summary of select highlights from the survey.
Each quarter, REIT Cafe’s editor notes top trends and themes in the real estate investment trust space. Read a summary of the editor’s strategic trends and company picks for the first quarter of 2011.
Regardless of your investment or operating quadrant—public or private real estate equity or debt—or property sector (multifamily, office, industrial, retail, or hospitality), 4Q 2010 turned out to be pretty okay. Read what Stephen R. Blank, ULI’s Senior Resident Fellow, Finance, writes about REITs, CMBS, private real estate equity capital markets, and private debt real estate capital markets.
While transaction volume is still “meager” when compared to the heady days of 2007, it represents an inflection point; whether it will be defined as the “beginning of the end” or the “end of the beginning” is immaterial. Read about what is material and review this week’s numbers round-up.
Despite growing evidence of acceleration in the recovery, the latest employment reports offered some sobering reality checks. The ranks of the long-term unemployed rose by 113,000 in December. True, the U.S. economic recovery has thrown off several other strong signals of recovery. But the expanding layer of near-permanently jobless people or clearly underemployed remains bad news for long-term fiscal and social health. Read a round-up of recent economy and market information.
2010 ended on a strong note with all-in 10-year mortgage spreads in 5.25%+/- range which should have proved attractive to all but the most jaded investors. But as they say, it’s still “early days” and few lenders have announced plans and targets for 2011.
This week’s Monday’s Numbers should be subtitled: “Credit Suisse Group Sells $2.8 Billion European Commercial Property Loan Portfolio for $1.2 Billion”
After three difficult years of dislocations and losses during which property values were reported to have declined by as much as 40 percent, some relief is coming. So say participants in surveys for Emerging Trends in Real Estate® 2011. Learn which five markets were identified by participants as the ones to watch in terms of commercial and multifamily investment.
ULI holds a series of invitation-only, real estate capital markets forums each year. The 2010 forums, held in Singapore, Tokyo, London, and New York, convene a wide array of industry participants. Read what the participants predicted and concluded on the 2011 and beyond public equity capital markets, the situation in Germany, debt regulation, the situation in Ireland, banks and lending, and trends.
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