In fact, debt-related concerns comprise three of the top strategic priorities cited by fund managers in E&Y's 2009 Market Outlook--Trends in the Real Estate Private Equity Industry report. The top five include: refinancing maturing debt, raising capital for a new real estate fund, property/portfolio sales, obtaining acquisition financing and deleveraging the portfolio.

"It seems that, despite the widespread infusions of capital into various lending institutions through economic stimulus programs it appears, there is still very little, if any, lending taking place in the real estate industry right now," says Koster, head of E&Y's real estate fund services practice, in a release. "Our survey suggests that fund sponsors are not obtaining non-recourse financing on new deals."

Fund managers are also concerned about valuations, the survey says. Specifically, capitalization rates for stable income-producing commercial properties in the US are expected to continue expanding this year furthering the value declines experienced in 2008. Of the fund sponsors surveyed, 41% indicated that cap rates would increase by up to 100 basis points with another 33% of respondents indicating that cap rates would increase by more than 100 basis points.