Real estate project financing has changed after the global financial crisis. Lenders are now using different strategies to assess risk and provide funding for real estate projects. The use of debt in real estate financing has a significant impact on the sector, with subordinated debt playing a role in project funding. The real estate lending market has evolved in the past decade, becoming more financialized. Regulations like the BSCS framework have influenced commercial real estate lending. Empirical evidence shows how leverage affects real estate projects, as seen in a case study of acquiring a logistics warehouse in Italy.