Construction Loans usually make up the bulk of the financing of development projects in the world. In the United States, for example, construction loans are traditionally provided by commercial banks. According to the Federal Reserve Bank, after the crisis of 2008–2009, the requirements for borrowers have become tougher, including higher equity requirements (often 30–35 %) and stricter requirements for underwriting (the process of evaluating and analyzing a business).

In the EU countries, conservative lending is practiced with an LTV (Loan-to-Value) ratio of no more than 70–75 %, which is associated with the experience of financial turmoil. And in Russia, construction loans are used to a limited extent due to high interest rates and high equity requirements.

In general, development financing is fundamentally different in the five key regions of the world. The differences are due to macroeconomic conditions, the regulatory framework, the availability of capital, and the role of the state. The main differences are presented below:

Table 1

Brief description of macro-regions for attracting investments (compiled by the author)

Let's take a closer look at each region in terms of the specifics of attracting financing.

Due to studying and summarizing information on the current state of investment activity of developers in the United States, Federal Reserve analytical information on LIBOR [30] rates and Bank of America analytics [6], research by the National Association of Realtors [45] and JPMorgan [55], as well as research by companies such as Commercial Real Estate Services Ltd [18], Insula Capital Group [37], Altus Group [4] and BREIT [11] were involved. Based on the research data, the author draws the following conclusions:

1. The typical capital accumulation structure for the USA (60–70 % LTV) is as follows:

Table 2

Typical capital accumulation structure for the USA (compiled by the author)

2. As a result, the main sources of financing in the United States can be distributed as follows:

2.1. Senior Construction Loans (reach 55–70 % of the cost of the entire project) with the following main characteristics:

— Rate: LIBOR + 2.5–3.5 % (in 2025: ≈6.5–7.5 %)

— Term: 2–4 years (usually before refinancing)

— Lenders: JPMorgan Chase, Bank of America, Wells Fargo, Blackstone Real Estate Income Trust (BREIT)

— LTV (Loan-to-Value): Up to 65–75 % of the estimated project cost

— Priority: First (senior)

When using Senior Construction Loans, the key requirements for a borrower in the United States will be:

— At least $100 million in annual turnover

— At least 3 completed major projects

— Debt Service Coverage Ratio (DSCR) at least 1.25x

— 3-year financial statements

It is important to note that LIBOR rates remain elevated in 2025 (above 5 %), which makes alternative financing more attractive in the United States.

2.2. Mezzanine Financing (averages 10–15 % of the cost of the entire project) with the following main characteristics:

— Rate: LIBOR + 9–11 % (in 2025 the final rate is ≈14–16 %)

— Term: 3–5 years

— Collateral: Second lien (second stage of repayment) on assets

— Creditors: Kite Realty, Resource Capital Corp., Wells Fargo, Apollo Global Management

The main function of Mezzanine Financing is to fill the gap between first-line lenders (Senior Construction Loans) and the investor's main return (equity), allowing the developer to maintain control without unnecessarily diluting the asset between them.

Higher rates in mezzanine financing compensate for the greater risk and this type of financing has a higher flexibility in payment terms, already partially including the investor's participation in the project's profits.

2.3. CMBS (Commercial Mortgage-Backed Securities) — in recent years, this instrument has taken up to 40 % of all financing in development projects and the total market size in the United States in 2024 was $45 billion. This tool has the following main characteristics in the USA:

— Rate: 5–7 % for AAA tranches, 8–12 % for BBB

— Term: 10 years (permanent financing)

— Lenders: Institutional investors through CMBS funds

— The process of attraction: 2–3 months (longer than a bank loan)

— CMBS structure:

• AAA Tranche. The average volume is 40 %, the average yield is 5.0 %, the main buyers are insurance companies and pension funds.
• AA Tranche. The average volume is 20 %, the average yield is 6.0 %, the main buyers are banks and investment funds.
• A Tranche. The average volume is 15 %, the average yield is 7.0 %, and the main buyers are alternative investors.
• BBB Tranche. The average volume is 15 %, the average yield is 9.0 %, the main buyers are hedge funds and Private Equity.
• Equity. The average volume is 10 %, the average yield is 15 %, the main buyers are the developer himself.

2.4. REITs (Real Estate Investment Trusts) are open investment trusts specializing in real estate. This tool accounts for up to 10 % of all financing in development projects and the total market size in the United States in 2024 was $5 trillion. This tool has the following main characteristics in the USA:

— Rate: varies (usually 5–8 %)

— Form: may be equity investors or mezzanine lenders

— Examples: open investment trusts Realty Income, Healthplex, Lexington Realty Trust (LXP Industrial Trust)

Very often, open investment trusts act as participants in preferred equity or full-fledged joint venture partners, thereby providing long-term financing, but also participation in the management and income of the developer.

2.5. Tax Credits are also actively used in the United States and account for up to 10 % of the financing of development projects. There are two main types of tax benefits:

a) The Historic Tax Credits (HTC) is the most important federal financial incentive designed to encourage the preservation and restoration of certified historical sites to generate revenue from their operation. The program provides a tax discount of 20 % of the federal income tax amount to cover the costs of qualified rehabilitation of historical sites (QREs). The HTC program is a collaboration between the National Park Service (NPS) and the Internal Revenue Service (IRS) in partnership with government agencies for the protection of historical and cultural monuments (SHPO). Obtaining approval for a tax benefit is up to 3 years.

b) The New Markets Tax Credits (NMTC) is a federal financial instrument designed to stimulate economic development and create jobs in low-income communities throughout the United States. As a result of an important legislative change that took place in July 2025, the NMTC program became a permanent part of the Tax Code, ending the fact that Congress required its periodic renewal. The program attracts private capital to distressed urban and rural areas by providing investors with significant federal income tax relief in exchange for equity investments in certified financial intermediaries called Community Development Organizations (CDEs). The tax credit is 39 % of the initial investment amount. It is provided gradually over a seven-year period: 5 % of the investment amount during the first three years, 6 % of the investment amount during the remaining four years. Investors are often large corporate organizations.

In general, attention should be paid to a number of key trends in financing development projects in the United States as of 2025. Firstly, there is an increased risk appetite of alternative investors in the market and a decrease in the activity of ordinary banks. Secondly, the development of hybrid financing models (for example, a combination of a construction loan and a loan for current activities in one) and the active use of current loan refinancing tools. Thirdly, the increase in the requirements for the debt coverage ratio (DSCR) from 1.25 to 1.35–1.5, reflecting the current uncertainty in project revenues. And fourth, the development of fintech platforms leads to faster approval of project financing and acceptance of small projects ($5–50 million).

For a comprehensive analysis and a set of information on the current state of investment activity of developers in Europe, a detailed analysis of the information presented in official documents and analytical materials of the European Investment Bank [27], the National Bank of Germany (KfW) [47], the National Bank of France (Caisse des Dépôts) [46], the National Bank of Spain (Instituto de Crédito) [49], the National Bank of Italy (Cassa Depositi e Prestiti) [48], the European Central Bank (European Central Bank) [24], the Bank for International Settlements (BIS) [8], the current investment program of the European Union [26], the official website of the EURIBOR rate [28]. Based on the research data, the author draws the following main conclusions:

1. The typical capital accumulation structure for the European Union (especially for green construction) is as follows:

Table 3

The typical capital accumulation structure for the European Union (compiled by the author)

2. As a result, the main sources of financing in the EU can be distributed as follows:

2.1. The European Investment Bank (EIB) Financing is the official EU bank for financing public interest projects. It occupies a share in the range of 30–45 % of the financing volume of development projects. The main parameters of the bank's financing for development projects according to data for 2025:

— Rate: EURIBOR + 1.5–2.5 % (in 2025, an average of about4–5 %)

— Amount: Up to €50 million per project

— Duration: 10–20 years (very long)

— Condition: The project must meet EU objectives (climate, social housing)

EIB actively uses various special programs when working with developers, such as:

— Green Building Program: provides reduced rates up to EURIBOR+1 % for green construction

— Housing in Cities: provides various special rates for social housing projects

— InvestEU: The European Investment Fund supports small and medium-sized developers in individual projects

In order to receive any social support from the EIB, projects must have a positive social impact, as well as compliance with ESG standards.

2.2. National Promotional Banks and Institutions (NPBI) are the state development banks of each EU country that actively provide financing for development projects. Среди ключевых банков следует отметить:

— Germany: KfW (Kreditanstalt für Wiederaufbau)

— France: CDC (Caisse des Dépôts)

— Spain: ICO (Instituto de Crédito Oficial)

— Italy: Cassa Depositi e Prestiti

The main conditions for financing NPBI projects are on average:

— Rate: EURIBOR + 1.5–3 % (lower than commercial banks)

— Amount of funding: usually more than the EIB

— Loan term: 12–20 years

— Terms of receipt: more lenient than those of commercial banks

— Each EU country has its own NPBI, which creates market fragmentation and differentiation of financing options

2.3. Real Estate Bonds (Green & Social Bonds account for 10 to 20 % of project financing, depending on the EU countries. «Green» and social bonds in real estate are a growing segment of the sustainable financing market, directing capital into environmentally friendly and socially beneficial real estate projects. According to Research and Markets [52], the sector saw steady growth in 2025, driven by investor demand and regulatory clarity, although social bonds lagged slightly behind their «green» counterparts. There are three main types of green and social bonds.

The first type is directly «green» bonds. When analyzing data on BDO UK's [34] green bonds, we conclude that green bonds are used only to finance real estate projects that have a positive impact on the climate or the environment and help the sector achieve net profit targets. For example, the funds received are used to improve the energy efficiency of buildings (for example, to obtain BREEAM or LEED certificates), install renewable energy sources such as solar panels, sustainable water and waste management, as well as to develop environmentally friendly infrastructure and data centers.

According to VanEck [54], the real estate green bond market has been strong, with total global green bond issuance exceeding $467 billion by the end of the third quarter of 2025. This growth is driven by a combination of investor demand for ESG assets and the need to raise significant capital to decarbonize existing properties. In recent years, the green bond market has generally outperformed the traditional bond market.

The second type of «green» and social bonds are social bonds in the real estate sector. The key characteristic of this type of bond is given by Nasdaq, Inc. [44]. Social bonds, in particular, finance projects with positive social outcomes, such as affordable housing, medical facilities, and access to basic services.

According to Moody's [42], the social bond market is facing constraints in 2025 due to a shortage of standard-size projects and changing market sentiment. However, the broader debt market, including social and sustainability bonds, continues to grow. The total debt of GSS+ (eco-friendly, social, sustainable, etc.) exceeded $6.2 trillion by mid-2025.

The main challenge for social bonds compared to «green» bonds is the identification and structuring of large-scale projects that meet the strict reporting and verification standards required by investors.

The third type of «green» and social bonds are Sustainability-Linked Bonds (SLB) — bonds linked to sustainable development, which are a promising type of debt instruments, the financial characteristics of which (coupon rate) are linked to the achievement by the issuer of predefined goals in the field of sustainable development or ESG (environmental, social and managerial). Unlike green bonds, funds from which are allocated to specific projects, funds from SLB are allocated to general corporate purposes.; The issuer is subject to a penalty (usually a higher interest rate or «raise») if it fails to achieve the agreed sustainability Targets (SPT).

According to the IEEFA [36] and the International Capital Market Association [38], the SLB market is in a state of change in 2025, showing resilience but facing challenges related to total output. Since its peak in 2022, SLB output has steadily declined. The volume of issuance in the first half of 2025 decreased by 35 % compared to the same period last year, after a 49 % decrease in 2024. This is partly due to increased control over the reliability of targets (problems of the «green» approach) and changes in regulations. In the first half of 2025, SLB accounted for only about 4 % of the total volume of new securities issued, compared with green bonds, which accounted for 57 %.

In general, Real Estate Bonds have the following main characteristics in the EU as of 2025:

— Rate: 4–6 % for green, 5–7 % for social

— Term: 5–10 years

— Investors: Pension funds, insurance companies, ESG funds

— Availability of tax advantages in some EU countries

2.4. According to the European Commission [25], Co-financing & Blended Finance is another popular financing tool in the EU. This instrument provides for the following financing structure for the developer:

— Grant (EU cohesion funds): up to 20–30 % of the total financing (non-refundable)

— EIB/NPBI loan: up to 45–55 % of the total financing at the EURIBOR+2 % rate

— Private debt: up to 10–15 % of the total financing at the EURIBOR+2 % rate EURIBOR+4–5 %

— Equity: 10–15 % of the total amount of financing at the rate of 18–20 %

Grants reduce the project's WACC to 6–8 %, making projects more cost-effective, but they are very difficult to obtain.

5. Coherence Policy Funds or EU Cohesion Policy Funds are a very specific and applicable only in the EU. They are the main investment instruments of the European Union aimed at reducing inequality between regions and promoting balanced economic, social and territorial development. The current framework program (2021–2027) provides for the allocation of 392 billion euros for key priorities such as green and digital transition.

The main conditions and characteristics of Cohesion Policy Funds are:

— The maximum amount of grants is up to 50 % of the project financing

— The project should increase housing affordability

— The average price per meter should be 20–30 % lower than the local average %

— At least 20 % of the project area for socially vulnerable groups

— If the object is leased (rented), then 10–15 years of lease or ownership (if resold) with price restrictions.

The general features of financing developers in the EU as of 2025 are the following:

— Changes to the Basel III standard from January 1, 2025 in mainland Europe: an increase in banks' equity requirements, a reduction in development loans, and a shift towards alternative financing.

— ESG has become a prerequisite for obtaining financing: all new projects must comply with green standards (LEED, BREEAM) and financing without ESG is almost impossible.

— Growth of green bonds: €30 billion is expected in 2025 (an increase of 25 % compared to 2024) and investors are actively looking for green assets.

— Reducing the funding gap: The shortage of affordable housing remains a problem and there is an increase in government involvement in financing.

The assessment of the current state of investment activity of developers in China is based on the analysis of information provided in official documents and analytical materials of the China Ministry of Housing and Communal Services [17], leading banks of China (Asian Development Bank [5], Industrial and Commercial Bank of China [35], Bank of China [7], Agricultural Bank of China [2]), the Chinese Regulatory Commission Banking and Insurance (CBIRC) [15], China Life Insurance [16], as well as on the websites of analytical publications such as: Global Property Guide [33], Chambers [14], Statista [53], Morningstar [43], Reuters [51], Bloomberg [9], Fitch Ratings [32] и CEIC [12].

Based on the analysis of the above data, the author draws the following main conclusions:

1. The typical capital accumulation structure for China after the 2023–2025 reforms is as follows:

Table 4

A typical capital accumulation structure for China (compiled by the author)

2. The main sources of financing in China can eventually be distributed as follows:

2.1. The Whitelist Program (50–60 %) is the largest government program aimed at stabilizing China's construction sector. It is focused on supporting large companies included in the government's «white list».

As of the end of 2024, there were 5,392 projects on the white list with approved financing of more than 1.4 trillion yuan (≈$190 billion), with an increase in financing of more than 400 billion yuan in 2024 alone.

Participation in the program allows you to receive preferential government financing at a rate of 3–5 % per annum (significantly lower than the market 6–8 %) for up to 7 years, including for the completion of projects. The main creditors are the big four banks of China (State-owned banks): ICBC, Bank of China, Agricultural Bank of China.

The key criteria for entry into the «white list» for Chinese companies are:

— Minimum 10 billion yuan in annual sales

— Rating BBB or higher

— Having a difficult situation (delays in completing projects) is considered an advantage for «rescue financing»

In 2024–2025, the allocation of 4 trillion yuan was announced under this program, and the main focus was on completing projects that have already begun:

2.2. Loans from commercial banks in China (accounting for 15–25 % of the total construction financing) In 2025, developers could receive commercial bank financing according to the following main parameters:

— Rate: 5–8 % per annum (higher than the whitelist program)

— Term: 2–5 years

— LTV: 50–70 % (depends on the developer's rating),

— Priority: varies by developer level

In China, the hierarchy of access to credit is of great importance, which is distributed as follows:

Table 5

Hierarchy of access to credit in China (compiled by the author)

Thus, banks give preference to top-10 developers, creating a financial «trap» for regional and small developers.

2.3. Equity financing and partnerships — Equity Financing & Partnerships (accounts for 10–20 % of the total construction financing). After the crisis of 2021–2023, developers are increasingly using the following types of equity financing:

a) Investments of insurance companies (Insurance Company Equity). China Life Insurance and PING AN are mainly involved, investing in the developer's stake. The main goal of the insurance company in this case is long-term rental income, for example, Sino-Ocean Group transferred 49.895 % of China Life Insurance to Beijing INDIGO Phase II for 3.1 billion yuan.

b) International investments (Foreign Investors). Thus, in 2025–26, the three largest international players in China's real estate and asset management market — Swire Properties, CapitaLand and Brookfield — continue to expand their presence in China, focusing on high-end mixed projects, logistics and innovative financial instruments. The author highlights the following main distribution of investments of these companies in China:

Table 6

Distribution of investments of large developers in China (compiled by the author)

c) Active application of trade-in programs in the real estate market (vivid specifics of 2024–2025 for China). Under such programs, the buyer can «exchange» an old house for a new one at a discount, and the developer receives a loan from the government for participating in the program. By the end of 2025, more than 100 Chinese cities had their own trade-in programs.

2.4. Asset-Light Models (a growing trend in China). After the crisis in the real estate sector, China has been actively encouraging developers to move from the traditional model based on debt and mass sale of new housing to a more sustainable «asset-light» business model (without asset ownership or with minimal asset ownership), where the main focus is on services and management:

— Real Estate management and Services: Developers are increasingly focusing on managing facilities that have already been built, providing high-quality housing and communal and commercial services, and managing assets on behalf of other owners.

— Contract construction: Companies such as Greentown Management Holdings use their expertise to offer third-party project management and construction services for a fee, which allows them to make a profit without the high cost of buying land.

— Commercial Real estate and C-REIT: In the commercial real estate sector, the asset-light model is implemented through the creation of C-REITs (Chinese Real Estate Investment Trusts). This allows developers to sell mature, income-generating properties to funds, freeing up capital for new projects and focusing on managing and receiving commissions.

In general, under this model, the developer traditionally finances construction, and after completion sells the property to an investor (for example, Swire, Brookfield) and makes a profit from management, and the investor receives a long-term income (7–9 % per annum).

2.5. Managed Loans, often arranged through «Trust Plans», is a form of shadow banking that has been strictly regulated in China since 2018. This mechanism allowed companies with an excess of funds to lend to other firms (often in the real estate and infrastructure sectors) through an agent bank, bypassing traditional banking rules. At the moment, this tool is practically not used due to strict regulation.

Thus, the key feature of China in attracting financing from developers is its extremely high government role, as the Whitelist program finances more than 50 % of projects at a rate of 3–5 % per annum. At the same time, state-owned banks have a pronounced preference for certain developers and hierarchical access to financing has been formed, with a clear advantage for top-10 developers with privileged access, while regional and small developers are financial outcasts. It is important to have Trade-in Programs as a new form of government support, and more than 100 cities have similar programs.

Analytical information from UAE Central Bank [56], Abu Dhabi Islamic Bank (ADIB) [1], First Abu Dhabi Bank (FAB) [31], Dubai Islamic Bank (DIB) [21], Central Bank of UAE [13], Islamic Financial Services Board [39], Emirates NBD (ENBD) [23], Waha Capital [57], Al Noor Investment Group [3], Middle East Funds (MAF) [41], DAMAC [19], DAMAC Finance [20], Meraas [40], Emaar Properties [22], F6S [29], BNW Developments [10] and PwC Middle East [50], the author came to the following key conclusions on financing development projects in the UAE.

1. The typical capital accumulation structure for the UAE is as follows:

Table 7

The typical capital accumulation structure for the UAE (compiled by the author)

2. The main sources of financing in the UAE are eventually distributed as follows:

2.1. Islamic Banking (Islamic Banking Products) accounts for up to 60 % of all development financing. Islamic banking is based on financing in accordance with Sharia law (without interest), which in the UAE is presented in two main variants:

a) Murabaha — «Cost-Plus» (Cost-Plus Financing), when the bank buys materials/equipment and sells it to the developer at a premium of 3–5 % (equivalent to interest). The settlement period for the developer is 5–7 years. The main banks operating on the Murabaha principle in the UAE are ADIB (Abu Dhabi Islamic Bank), FAB (First Abu Dhabi Bank), DIB (Dubai Islamic Bank).

b) Istisna'a (Construction Finance) — an asset purchase and sale agreement that does not yet exist, but will be created according to clear specifications of the customer (the Russian equivalent is a purchase and sale agreement for a future item). That is, the bank finances the construction by obtaining ownership, then sells to the developer. This mechanism allows you to finance construction in the process (like a regular construction loan). The cost of such financing is usually lower than Murabaha and amounts to 2.5–4 % and is provided for a period of «until the completion of the project» + 5 years for payments.

It should be noted that Islamic banking represents 60–70 % of the financing volume of developers in the UAE and only 30–40 % in Saudi Arabia.

2.2. Commercial Bank Financing accounts for 15 to 25 % of the total financing of developers. Commercial financing for developers in the UAE is carried out at an EIBOR rate of + 2–3 % (in 2025 it is equivalent to about 5–6 %) for a period of 5–7 years (permanent financing) with an LTV of 60–75 % (higher than in other regions), but in general, the requirements for obtaining financing by a developer in the UAE are less strict than in western countries.

The main commercial lenders in the UAE:

— FAB (First Abu Dhabi Bank) — mixed financing, the largest lender for the corporate sector

— ENBD (Emirates NBD) — conventional loans, a leader in supporting SME growth initiatives with limits up to 15 million AED

— WAM (Waha Capital) — alternative financing (it is not a classic bank that provides loans to developers, but acts as an investment partner and asset manager through its private equity division and subsidiary Waha Land)

— In the UAE, large developers with problems but with a good history receive approvals better than unknown developers, even taking into account risk allowances due to difficulties.

2.3. Large public development and investment companies (Real Estate Investment Companies & Private Equity) and their own project financing account for 5–15 % of the total UAE development. This niche is represented by local and international investment companies, for example:

— Abraaj Group (currently in a difficult position)

— Al Noor Investment Group

— Emaar Investment Fund

— MAF (Middle East Funds)

Such financing is usually carried out subject to the investor's participation in the management, and the financing itself goes through preferred shares (preferred equity) or intermediate financing (mezzanine) and the investor receives an income of 10–15 % (above bank), and his minimum participation is 50 million dirhams.

2.4. Direct financing from the developer (Developer-Backed Financing) in the UAE is from 5 to 10 % of all investments in development. Large developers finance their partners themselves, for example:

— Emaar Properties finances its partners' projects by 4–6 %

— DAMAC provides financing through DAMAC Finance

— Meraas structures its own sources of financing

2.5. Support from the Government and the Federal Office for Infrastructure Stability (FAIS) accounts for up to 3 % of development financing in the UAE.

The Federal Authority for Infrastructure Stability (FAIS) is a key regulatory and regulatory body in the UAE, whose activities directly affect the development and construction sector. The Office was created to centralize control over the quality, safety and financial stability of large-scale infrastructure projects at the federal level. It is rare, but it is used for megaprojects, such as the UAE Vision 2030 projects.

Thus, Islamic finance dominates in the UAE (60–70 % of all loans) with a yield of 2.5–5 % (competitive with Western ones) and the developer market is mainly represented by state-owned and semi-state companies (about 40 % of developers): Emaar, Nakheel, Meraas — all are associated with the state. There is also an excess of capital in the UAE due to the fact that the state The funds are quite rich (oil revenues), and private investors are actively looking for real estate, and all this creates more affordable financing for developers than in other regions.

Financing of development projects varies fundamentally depending on the region. Each region has developed its own unique set of tools reflecting its economic development, government policy, and capital availability. Based on the analysis of the forms and sources of financing for developers in various regions of the world, we will form an author's assessment of the availability of financing for various developers in the world, depending on their scale.

Table 8

Availability of financing for different types of developers (compiled by the author)

Legend: ✓✓✓✓ = Easy, ✓✓✓ = Good, ✓✓ = Average, ✓ = Difficult, ✗ = Almost impossible.

The situation regarding the weighted average cost of capital for a developer and the average rate of its attraction, depending on the country, is also indicative.

Table 9

Weighted average cost of capital and level of government support (compiled by the author)

Government participation in the development sector is growing everywhere, but in different ways:

— China: Government as the main financier (50–60 % Whitelist program)

— Russia: DOM.RF finances 40–50 %, average. The bid is 6.9 %

— UAE: Government investors as partners in capital

— EU: Grants for social housing (up to 30 %)

— USA: Minimal (only tax credits <5 %)

At the same time, state participation does not mean poor financing — China and the Russian Federation prove that the state can provide better rates than the market. The WACC differs by region by 2–5 %. This is a critical factor for the project economy and requires a thorough analysis of the financing structure for project implementation in different countries.

It should be noted that there is no universal solution in terms of the method of financing — a successful developer must understand the specifics of each region and adapt the financing structure to his project. And it is important to note the widespread growth of alternative financing tools — CMBS, bonds, mezzanine financing, fintech platforms are becoming more accessible. Important are sanctions and geopolitics, which are changing the financial landscape — Russia and China are demonstrating how to develop financing in the face of serious international restrictions.

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