MIAMI—What does 2015 hold on the capital markets front? Like Isaid before, it depends on whom you ask.

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Armando Montelongo, a real estate flippingexpert and star of the reality TV show Flip This House, ishelping me prove that point. Earlier this month, I askedGreg Matus, regional managing partner ofFranklin Street's South Florida offices, for hisquick predictions on the capital markets in 2015.

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"Next year, we will see a lot of the mid-to-large commercialreal estate deals take place, primarily because a lot more debtwill be available to investors,” Matus told me. “2015 will be theyear that CMBS and non-recourse financingexplodes.”

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But Montelongo doesn't exactly agree—or at least he doesn'tthink it should. He tells GlobeSt.com the real estate market isdriven by demand—and demand is created by the availability of fundsor credit.

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“In the residential market across America, 2014 has shown ahealthy growth in most major cities, such as Las Vegas, Orlando,Miami, San Antonio, Los Angeles, to name a few, creating a lot ofopportunities to the educated investor,” Montelongo says.“Additionally, international investors have had a major influenceon these cities and the growth in real estate.”

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For the market to hit high growth, Montelongo says lendinginstitutions need to create products that the American family canutilize for purchasing real estate. Without this, he warns, the endusers that demand the growth will not reach its full potential,growth will only continue on the path it is now and will dry upwhen the ROI to professional real estate investors no longer makessense.

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“Investors have the opportunity to make money in any market, andcan actually make more in a down market if they positionedthemselves correctly,” Montelongo says. “If non-recourse financingoptions become available you will see an explosion of investment.However, if the loans are not structured correctly we also may seehistory repeating itself. Either way, the educated, professionalreal estate investor will always win.”

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"Explode" is a strong word. What makes Matus think that's theappropriate prediction for the CMBS market?

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For one thing, he says, investors have been backfilling theirspace over the past few years in an improving economy. That has ledto higher occupancy rates.

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“As a result, they have grown significant equity in theirassets,” Matus says. “Now, these investors are in a position totake equity out, as buyers can secure non-recourse loans atfavorable rates.

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Does the market have a short-term memory? Maybe, if Matus isright: “I think we'll start approaching the same level of tradesthat we did prior to the market crash in '08 in all asset classes,with significant growth in multi-tenant retailbusiness.”

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