CRE redevelopment options and the use of mortgage financing
研究发现约一半商业地产交易无抵押贷款，再开发潜力大的物业更倾向避免抵押融资，以避免后续再开发障碍，疫情期间这一效应更强。
Abstract A significant share of commercial real estate (CRE) investment properties—about half by our estimates—are purchased without a mortgage. Using comprehensive microdata on transactions in the US CRE market, we analyze which types of properties are purchased without a mortgage, highlighting the important role of renovation or redevelopment options. We show that mortgage‐financed properties are less likely to be subsequently redeveloped, and that owners anticipate these redevelopment frictions and avoid mortgage financing for properties with greater redevelopment options. These effects were even stronger during the COVID‐19 pandemic, when uncertainty increased redevelopment option values.