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CMBS: When Are Cap Rates Too High, Too Low, or Just Right?

By Tad Philipp, Managing Director, and Sally Gordon, Vice President, Moody's Investors Service

Capitalization rates play an extremely important role in commercial real estate credit. The cap rate - akin to a building's P/E ratio - drives the loan-to-value ratio (LTV), one of the two key loan level credit...

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