Real Estate Finance and Investment
Collapse ABCs of Commercial Real Estate Bankruptcy
Bankruptcy is a ubiquitous term in the commercial real estate business lexicon.  However, relatively few professionals have a fundamental understanding of this somewhat arcane part of the business world and the rights and risks conferred when a bankruptcy petition is filed.  This new ULI webinar will provide an informative primer on the different types of bankruptcy cases (Chapter 7, 9, 11, 12, 13) that can be filed, and the implications they can hold for various stakeholders.  The program will address the rights, risks, and remedies that exist from the perspective of lenders, owners, tenants, vendors, and borrowers. Delivered by a non-attorney, this program will explain the basic processes and procedures associated with a commercial real estate bankruptcy in a clear and succinct manner. This informative program will help you prepare for what is often an unexpected and perplexing business event.

Program highlights: 

  • Overview of the bankruptcy process
  • Risk quantification for stakeholders (landlords, lenders, tenants, vendors)
  • Timelines – the order of events
  • Types and priority of claims
  • Business operations during the bankruptcy process
  • Reorganization and liquidation plans
  • Plan confirmation standards
  • Cramdowns
  • Single Asset Real Estate (SARE) cases
  • 1111b elections and their implications for creditors
  • Examples and outcomes

Formats Available: Streaming
Original Program Date: November 17, 2014
On-Demand Release Date: Available Now
MORE INFOMORE INFO ABCs of Commercial Real Estate Bankruptcy
Collapse Comparative Real Estate Deal Analysis

Most small development companies are very constrained in their resources and cannot afford time or capital to pursue multiple deals. This new ULI online program will identify the practical considerations, financial hurdles, and other relevant analytics that a residential developer may use to evaluate multiple opportunities when confronted with scarce resources. Using the tools developed by in this program a real estate company may determine the most appropriate opportunity to pursue given their company’s resources such as capital availability, timing, risk appetite, debt, etc). Later in the program, new considerations will be introduced that will be used to compare either engaging in another project, or two more projects which would require taking on a financial partner. Resource allocation becomes a science and analyzed in a new way to maximize returns while managing risk.

 

Session 1 Highlights: Understanding the considerations 

  • General review of project considerations

               - Risk
               - Profitability
               - Capital Need
               - Debt Need
               - Development/ Management Fees
               - Timing of project
               - Sensitivities
               - "Free looks"

 

 

  • Development risks (Entitlement, Finance, Construction, and Sales)
  • Introduction and review of financial hurdles (Internal Rate of Return, Profit Margin, Return on Investment, and unlevered return)
  • Review pros and cons of each hurdle individual  [i.e. a 80% IRR may not mean you have a great project]
  • Review of  sample projects which excel in some hurdles but not others 

 

 

Session 2 Highlights: Choosing the first project

  • Introduction of the Weighted Average Hurdle Score (WAHS) – assigns a value or a score to each hurdle which is then assigned a weight – the result is a weighted average score that allows two projects to be compared, quickly and simply.  
  • Maximizing the capital stack - identifying low cost of capital sources (i.e.  buyer deposits, structured acquisitions, seller mortgages, etc)
  • Apply WAHS to  sample projects

 

 

Session 3 Highlights: Analysis of a second project

  • New considerations to apply when choosing a second project 

               - Avoiding interference with pre-allocated capital
               - Debt ceiling
               - Timing
               - Exposure if market softens
               - Other

  • Reviewing a company cash flow model, incorporating two project cash flows into one (includes income tax review)

 

Session 4 Highlights: Is a part of many better than all of one?

  • Review of partnership structures 

              - Who puts up capital?
              - Who guarantees debt?
              - Fees earned and timeliness of payment
              - Other investor structure terms

  • Comparison of multiple partnership projects vs single project as reviewed in Session 3

 

Instructor

Daniel Whitehurst 

Managing Partner

Ten Oaks Realty

Falston, MD

Formats Available: Streaming
Original Program Date: April 05, 2016
On-Demand Release Date: Available Now
MORE INFOMORE INFO Comparative Real Estate Deal Analysis
Collapse Deal Sourcing and Preliminary Evaluation: A Primer

Real estate developers may sift through hundreds of potential deals before finding one that makes sense to even begin to pursue. A key skill that all successful developers share is the ability to efficiently and objectively find and evaluate potential projects. This new ULI webinar will introduce participants to where potential real estate deals can typically be found and impart methods for objectively evaluating whether the terms of a deal are worth further research.

Utilizing sample deal terms and property characteristics drawn from real listings the program will walk participants through the methods to accurately determine the potential feasibility of a deal. The program will also offer practical insights into valuing the land for your project, and tips for making an offer to gain control of the site to perform further due diligence. Don’t miss this unique program led by an experienced instructor who has refined and used these techniques to identify potential future development projects in his own development practice.

 

Program Highlights

•Common sources/methods for finding projects

•What to focus on in listings

•Understanding zoning and entitlements in feasibility

•Determining value using residual land value (RLV)

•Making an offer and gaining site control

•Creative deal structuring to enhance feasibility

 

 

Instructor

David Farmer, PE, AICP
Principal
Keystone Development Advisors
Naples, Florida

David H. Farmer is a developer, licensed real estate Broker, certified planner, civil engineer, state certified general contractor and Department of Environmental Protection qualified stormwater management inspector.

Dave Farmer began his career in the development industry in 1989 with an engineering firm designing commercial and residential projects for private clients. A professional engineer, Farmer left the engineering field in 2000 to work fulltime for Keystone Communities overseeing the entitlement, design and construction of residential communities, resort facilities, and commercial projects. In 2002, after earning his Certified General Contractors license, he also became responsible for the permitting and construction of custom homes.

Following a large sale of entitled and developed residential lots in 2003, the company’s focus shifted from development to entitlement and infrastructure development. At this time Farmer took on the additional responsibility of site selection and acquisition for the company. In 2005, he was made a principal of the company and participated in both the rewards and costs of acquisition, entitlement, and development.

Farmer’s development experience includes both very successful projects and less successful projects. In the tradition of ULI, he feels it’s important to focus more on mistakes made and lessons learned when teaching the real estate development process. One learns quickly what not to do when you are spending your own money on development projects.

In 2008, Farmer and his development partner dissolved the original company and each went their own way. Today he works in Florida with a new partner on identifying development sites and helping investors develop property. Farmer has brokered more than $70 million in real estate transactions and entitled thousands of homes and millions of square feet of commercial property. His favorite quote is “Begin with the end in mind.”

 

Formats Available: Live Event + Archive
Original Program Date: June 27, 2019
On-Demand Release Date: Available Now
MORE INFOMORE INFO Deal Sourcing and Preliminary Evaluation: A Primer
Collapse Health Amenities and Real Estate Premiums: Project Examples and Case Studies

The nexus between physical design and human physical and mental well-being is increasingly being recognized and quantified. Social and community programming in real estate projects can demonstrate similar effects. Healthier, more active communities and improved opportunities for both urban and suburban residents are increasingly being pursued by the private sector as health amenities become a growing trend in both residential and commercial spaces.


Less well documented are the specific amenities and programs being incorporated into real estate projects and how these can impact, feasibility, marketing, construction, operational efficiency, and regulatory approvals. Using examples from real-world projects, this new ULI webinar will explore the complexity, potential conflicts, costs, and not least of all the premiums these amenities can generate. Don’t miss this unique opportunity to learn first-hand how health can pay real estate dividends.


Program Highlights

  • Overview of current state of health and the built environment
  • Understanding the cost and complexity of incorporating healthy amenities
  • How healthy amenities can affect project underwriting
  • Marketability of health-related amenities to buyers
  • Cost versus value – the return premium of health-related amenities
  • Partnerships important to success
  • Case studies

Formats Available: Streaming
Original Program Date: July 23, 2015
On-Demand Release Date: Available Now
MORE INFOMORE INFO Health Amenities and Real Estate Premiums: Project Examples and Case Studies
Collapse Introduction to Real Estate Finance and Investment (April 2019 On Demand)

Developed for non-finance professionals, this new ULI online program will provide a broad and solid introduction to the basics of real estate finance and investment. Held over four sessions, the course will begin with a general overview of real estate investment and financing decisions. From there the program will progress discussing basic analytical tools and performance measures. The workshop will acquaint students with fundamental real estate finance terms and concepts including: time value of money, capital stack, risk-return tradeoff, and financial leverage. Using examples and Excel spreadsheet, it will demonstrate important calculations in real estate finance and investment, such as internal rate of return (IRR), mortgage payment and loan balance, and property valuation. This course is recommended for non-finance real estate professionals who wish to gain a basic understanding of real estate finance that also will help them get more out of their professional interactions.

 

Program Highlights

Module 1.

•Introduction

•Overview of real estate markets

•Capital sources: debt vs. equity

•Key financial concepts

                -Time value of money (TVM)

                -Risk and return

•Basic TVM calculations

                -Compounding and discounting

                -Financial functions in Excel

 

Module 2.

•Financial leverage: implications and examples

•Key features of commercial mortgages

•Mortgage Calculation

                -Monthly payment and Annual Debt Service

                -Outstanding Loan Balance

                -Annual Percentage Rate (APR)

•Mortgage underwriting

                -Loan-to-value ratio

                -Debt coverage ratio

                -Debt yield

•Mezzanine Debt vs. Second Mortgage

 

Module 3.

•Basics of Real Estate Investment

•Net operating income (NOI) and Pro Forma

•Real Estate Valuation

                -Direct Capitalization Approach

                -Discounted Cash Flow (DCF) Approach

•Performance Measures

                -Net Present Value (NPV)            

-Internal Rate of Return (IRR)

-Cash on Cash

                -Equity Multiple

•Introduction to Investment Return Waterfalls

 

Instructor

Charles Tu

Professor of Real Estate

Burnham-Moores Center for Real Estate

University of San Diego

San Diego, California

 

Tu is the Daniel F. Mulvihill Professor of Commercial Real Estate at the Burnham-Moores Center for Real Estate at the University of San Diego (USD). Tu joined the USD faculty in 2004 and was appointed the academic director of the Master of Science in Real Estate (MSRE) program in 2010. He is also responsible for the curriculum of the undergraduate real estate major. In addition to teaching courses, Tu coaches student teams in local and national competitions.  USD MSRE students won six first-place and two second-place victories in the ARGUS University Challenge in the eight years the event was held. 

Tu’s research covers a wide range of topics, including housing valuation, smart growth and the new urbanism, sustainable and green buildings, commercial mortgage-backed securities (CMBS), real estate investment trusts (REITs), multifamily housing, retail shopping centers, and real estate education. He has published in many academic journals and for professional organizations such as the Urban Land Institute (ULI) and the Mortgage Bankers Association (MBA). He currently serves on the editorial board of the Journal of Sustainable Real Estate.

Tu earned his PhD in business administration from the George Washington University (GWU) in 1999. He received the Chartered Financial Analyst (CFA) designation in 2000 and became a LEED Accredited Professional in 2009. He is ARGUS Software Certified (ASC) for ARGUS Valuation-DCF, ARGUS Enterprise and ARGUS Developer. Before joining USD, Tu taught real estate and finance courses at GWU and California State University and Fullerton.

Registration

Members: $395
Nonmembers: $495
Govt./nonprofit member: $350
Govt./nonprofit nonmember: $465

 

Formats Available: Streaming
Original Program Date: May 02, 2019
On-Demand Release Date: Available Now

Approved Credit:
  • ULI: 8.00 hours Attendance

  • MORE INFOMORE INFO Introduction to Real Estate Finance and Investment (April 2019 On Demand)
    Collapse Introduction to the Real Estate Development Process (February 2019 On Demand)

     Introduction to the Real Estate Development Process

    Real estate development is a complex and iterative process that relies on the skills, efforts, and knowledge, of multiple professional disciplines to be successful. This new ULI program presents the basic elements of the real estate development process in a convenient online format. Delivered over six sessions, this program is designed to introduce to public and private sector professionals, the fundamental steps and analyses that developers and other professionals engage in during the real estate development process.  The objective of the series is to provide a broad understanding of the development process from building a project budget to valuing raw land before purchase, to finance concepts used by lenders. 

    Each session is recorded and will be available for registrants to review for 60 days

     

     

    Session One

    Introduction
    -Outline of items/topics covered
    -Risk
    -Demand
    -Finance
    -Types of developers and projects

    Budgeting

    -Feasibility

    -Bar napkin from finance

     

    The Market Study
    -Purpose of document
    -Ways to quantify demand

    -Project location and proximity to similar projects
    -Absorption
    -Key risks


    Session Two

    Project Valuation Methods

    -Understanding NOI

    -Appraisal

    -Time value of money
    -Defining and using cap rates

    Residual land value

    -Building on project valuation (to determine land value)

    -Utility of Land Use

    -Impacts of rising construction costs on land value

     

    Site Selection
    -Best practices
    -Why this site and not that one
    -Site limitations (zoning, geometry, environmental etc)

     

    Session Three

    Due Diligence
    -Confirm assumptions in site selection
    -Sample DD budget
    -Project economics
    -Entitlement risks/PERT

    Real estate deal structures
    -How projects get financed
    -Lender requirements of developers
    -Lenders triangle
    -Partnership structures (and why)
    -Profit split example with investor

    Session Four

    Entitlements
    -Timelines and budget/project risks
    -Review local, regional, state and federal permits
    -Rezones/land use changes
    -Reactionary zoning

     

    Session Five

    Introduction to Finance Tools
    -Review terminology
    -Review concepts of TVM (time value of money)
    -Calculate Loan amount
    -Calculate loan payoff amount
    -Calculate project ROI and annual ROI (return on investment)

    -Introduction to net present value (NPV)

    -Introduction to discounted cashflow (DCF)

     

    Session Six

    Construction
    -How to bid a project
    -How to review bids
    -Working with your contractor
    -Risks and how to mitigate them
    - Course Wrap up

     

    Program highlights include:

    •Building project budgets

    •Market studies and their purpose

    •Project valuation methods

    •Residual land value

    •Project site selection

    •Due diligence

    •Aspects of deal structuring

    •Entitlements and permitting issues

    •Introductory financial analysis

    •Bidding and reviewing project construction bids

     

    Instructor

    David H. Farmer

    Principal
    Keystone Development Advisors
    Naples, Florida

     

    David H. Farmer is a developer, licensed real estate Broker, certified planner, civil engineer, state certified general contractor and Department of Environmental Protection qualified stormwater management inspector.

    Dave Farmer began his career in the development industry in 1989 with an engineering firm designing commercial and residential projects for private clients. A professional engineer, Farmer left the engineering field in 2000 to work fulltime for Keystone Communities overseeing the entitlement, design and construction of residential communities, resort facilities, and commercial projects. In 2002, after earning his Certified General Contractors license, he also became responsible for the permitting and construction of custom homes.

    Following a large sale of entitled and developed residential lots in 2003, the company’s focus shifted from development to entitlement and infrastructure development. At this time Farmer took on the additional responsibility of site selection and acquisition for the company. In 2005, he was made a principal of the company and participated in both the rewards and costs of acquisition, entitlement, and development.

    Farmer’s development experience includes both very successful projects and less successful projects. In the tradition of ULI, he feels it’s important to focus more on mistakes made and lessons learned when teaching the real estate development process. One learns quickly what not to do when you are spending your own money on development projects.

    In 2008, Farmer and his development partner dissolved the original company and each went their own way. Today he works in Florida with a new partner on identifying development sites and helping investors develop property. Farmer has brokered more than $70 million in real estate transactions and entitled thousands of homes and millions of square feet of commercial property. His favorite quote is “Begin with the end in mind.”

     

    Registration

    ULI Members: $395
    Nonmembers: $525
    Govt./nonprofit ULI member: $350
    Govt./nonprofit nonmember: $465

     

    Formats Available: Streaming
    Original Program Date: March 22, 2019
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Introduction to the Real Estate Development Process (February 2019 On Demand)
    Collapse Retail and Mixed-Use Development:  A Primer

    Retail and Mixed-Use Development:  A Primer

    December 19, 2018

    1:00-3:00 p.m. eastern time

    Developers can sometimes find themselves under pressure from public officials, residents, and neighborhood groups to see more mixed-use development featuring ground-floor retail. However, successful execution of a retail-oriented mixed-use development begins with a solid understanding of how retailers approach site selection, trade areas, traffic flow, and building design. A successful project must feature both favorable retail market attributes, along with a thoughtfully designed facility.

    Led by a 30-year veteran of corporate real estate and retail development, this new ULI webinar will begin with a solid overview of retailer economics and will shed light on where retail uses will and won’t work as part of a mixed-use development. Beyond satisfying fundamental trade-area economics and demographics criteria, a successful mixed-use development must also feature a design that accommodates the business and operational needs of retailers.

    Don’t miss this opportunity to better understand where and when retail makes sense in a mixed-use project.

    Program Highlights

    •Commodity and specialty retail

    •Active/non-active retail

    •Retail economics 101: How retailers make go-ahead decisions

    •Definition – types of MXD

    •Demographics

    •Traffic patterns

    •Market share

    •Site attributes

    •Role of design

    •Store layout considerations

    •Mixed use and urban design

    •Best practices – Facades, corners, sidewalks

    •Best practices – layout, back of house

    •Best practices – Separation/compatibility of uses

    •Best practices – Access and parking

    •Best practices – Utilities and building systems

    •Best practices – lighting and signage

    •Issues that separate cities and property owners

    •Understanding where retail doesn’t work and why

    Instructor

    David Greensfelder

    Managing Principal

    Greensfelder Real Estate Strategy

     

    David Greensfelder is the founder and managing principal of Bay Area-based Greensfelder Commercial Real Estate LLC which provides strategic planning, market research/analysis, and real estate development services to communities, financial institutions and investors, and develops for its own account as well as for other property owners and partners.  As a developer, consultant, and an experienced corporate real estate executive, David has driven more than 325 projects spanning 6.5 million square feet with an aggregate acquisition and construction value exceeding $750 million (finish market value estimated at well over $1.25 billion). 

    David’s expertise ranges from market analytics and location intelligence to real estate economics, overseeing due diligence, acquisition, land-use and entitlements, mixed-use project implementation, project management (design, leasing, and construction oversight), and asset management (including administration of existing portfolios).  Significant assignments include developing comprehensive retail and economic development strategies for cities, providing fee development services to technology companies in pre-IPO fundraising rounds, managing national retail store development programs for Fortune 25 companies such as CVS/health, developing market strategies for retailers and institutional owners, and specialized expertise repositioning “dead†malls.

    Prior to forming his own firm, David was Director/VP and Principal of LandMark/NewMark's Northern California office and managed corporate real estate programs for publicly traded Fortune 500 companies.  David frequently speaks at national and regional conferences, and lectures at UC Berkeley’s Fisher Center for Real Estate and Urban Economics and Haas Graduate School of Business, USC’s Lusk Center for Real Estate Development, and ULI and ICSC education programs. He serves on Bay Area-based Satellite Affordable Housing Associates’ Board of Directors and CCLR’s Board of Directors, is an active member of the ULI (Urban Revitalization Product Council, Advisory Services, and UrbanPlan steering committee) and ICSC’s P3 National Steering Committee.  David graduated from Pitzer College (The Claremont Colleges) with a degree in Business Economics.

     

    Registration

    Public Member: $100.00

    Member: $125.00

    Public Nonmember: $135.00

    Full Price: $165.00

    Formats Available: Live Webcast + Streaming
    Original Program Date: December 19, 2018
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Retail and Mixed-Use Development:  A Primer
    Collapse Understanding and Using Real Estate Cap Rates

     

    Understanding and Using Real Estate Cap Rates

    Many real estate professionals regularly engage in conversation about real estate capitalization rates ("cap rates"). But how well do they understand where they come from, what they signify, and how they can be applied to understand real estate valuation across markets, over time and through the development process?  Part of the difficulty is that the cap rate reflects so many different components of a real estate project’s valuation.  It is, in effect, an "all in" index incorporating conditions in capital markets, investor perceptions of regional and sector differences, expectations on the stability or potential growth of cash flows, and projections about future market conditions.  There is a lot of information in one number.


    This webinar explores the multiple inputs that determine a cap rate and explains how a developer, investor, lender, or broker can apply that understanding to making better, more informed decisions in the real estate market.  It also illustrates how to use the projected cap rate of a development project as a "hurdle" for determining the project's economic viability for attracting capital investment.

    Program Highlights

    A comprehensive understanding of how existing and anticipated capital and real estate market conditions, property characteristics and regional and sector differences determine a particular real estate capitalization rate. 

    • How real cap rates determine property value in investment decisions over a time horizon. 
    • How to evaluate the viability of a real estate development project by comparing its "development cap" to the current market cap rate. 
    • How to analyze and portray investment and development opportunities based on existing (“going inâ€) and projections of future (“terminalâ€) cap rates.

     

    Instructor

     

    Charles A. Long
    > Principal, Charles A. Long Properties, LLC
    Principal, Junction Properties, LLC
    Oakland, CA

    Charles A. Long is a developer specializing in mixed-use infill projects, including acquisition, entitlement and public private partnerships.  He is currently developing two multi-family projects in Oakland, CA, one at 78 units, the other at 97 units. 

    He served for eight years as city manager in Fairfield, California.  Since 1996, he has worked as a consultant to public and private clients on development and management.  He has held interim positions for several cities in finance, redevelopment and management, including Interim Town Manager of Mammoth Lakes and Interim City Manager of Pinole and Hercules, California.   His assignments have been diverse including negotiating development agreements, writing redevelopment plans, pro-forma analyses, strategic planning, economic development, organizational development, capital and financial planning, budget reform, base reuse and alternative energy development. He has overseen over $600 million of public financing in his career.

    Mr. Long is a full member of the Urban Land Institute and, within ULI, a member of the Public Private Partnership Council. He is a faculty member of the ULI Real Estate School, teaching both in the US and internationally.  He has served on eighteen ULI Advisory Panels, chairing panels in Salem, OR, Boise, ID, Dallas, TX, Buffalo, NY Pasco County, FL and San Bernardino, CA.  He received the 2012 Robert M. O’Donnell Award for distinguished service in the advisory program.  He is the former co-chair of the Sustainability Committee for the San Francisco District Council and, in that capacity, initiated several reports including recommendations for streamlining California’s environmental review process, a directory of financing sources for building efficiency and a survey of resiliency best practices in the Bay Area.   He is the author of the book, Finance for Real Estate Development, published by ULI in April 2011 and winner of the 2012 National Association of Real Estate Editors Silver Award.

    Mr. Long has a BA in economics from Brown University and a Masters of Public Policy from U. C. Berkeley.  He served in the U.S. Army as an infantry platoon sergeant.

     

    Registration

    Public Member: $100.00
    Member: $125.00
    Public Nonmember: $135.00
    Full Price: $165.00

     

     

     

     

    Formats Available: Streaming, Live Event + Archive
    Original Program Date: November 28, 2018
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding and Using Real Estate Cap Rates
    Collapse Underwriting Office and Multifamily Real Estate Investments

    Held over two sessions, this new online live program will introduce students to a process-oriented approach for evaluating office and multifamily investments from a physical and financial perspective. Each session will introduce theoretical investments and lead participants step by step through the areas of highest importance when evaluating these two product types for investment. Particular focus will be paid to underwriting the physical product, the surrounding market and existing tenancy, and the implications of these on the cash-flow development process. Instruction will be provided through case study materials that simulate the information and data one would receive in a typical transaction. Participants will conclude the workshop with a much more refined understanding of how to engage in a thoughtful process for evaluating an office or multifamily asset for acquisition. Each person will also receive a checklist of critical items to consider when underwriting an office or multifamily asset in the future.

    Formats Available: Streaming
    Original Program Date: August 09, 2016
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Underwriting Office and Multifamily Real Estate Investments
    Collapse Creating an Effective Investment Proposal Template
    Originally held over two sessions, this program will focus on the general structure of an investment proposal for seeking equity capital. The program will use a sample case study project to illustrate the components of an effective equity investment proposal.
    Formats Available: Streaming
    Original Program Date: November 12, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Creating an Effective Investment Proposal Template
    Collapse Creating Reliable Valuations for Distressed Assets
    The continuing stagnation of the commercial real estate market since the last quarter of 2007 has resulted in a marked absence of comparable sales upon which to base value.  And yet, investors, brokers, lenders, appraisers, and receivers are consistently asked to give valuation advice.  Is there a way to deliver good valuation analysis in a world void of comps?  Yes there is, and this webinar is designed to help you get there.

    Who Should Attend:
    • Real Estate Investors
    • Real Estate Brokers
    • Lenders
    • Receivers
    • Property Managers
    • Attorneys
    Formats Available: Streaming
    Original Program Date: February 16, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Creating Reliable Valuations for Distressed Assets
    Collapse Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
    Evaluating the financial viability of a real estate development project requires an understanding of the metrics used by capital sources. Most sources will assess the project's internal rate of return to see if it meets their "hurdle" for viability. But, a project's internal rate of return depends on a detailed cash flow analysis both during construction and after close-out to show both return of and return on equity. How can a developer evaluate a project in its early stages without having accurate information on detailed cash flow? What metrics will capital sources see as legitimate means for evaluating project viability until more information becomes available? How are the metrics used early in a project consistent with a full internal rate of return analysis? This webinar discusses how to evaluate a project’s economic viability using a variety of metrics leading to a full internal rate of return analysis.

    Who Should Attend:

    • Managers of acquisitions
    • Development managers
    • Project managers
    • Entitlement managers
    Formats Available: Streaming
    Original Program Date: August 16, 2011
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Evaluating Project Viability Using Internal Rate of Return (IRR) and Other Financial Metrics
    Collapse Graphing Real Estate Finance and Analysis Data with Excel
    Held over two sessions, this program will instruct attendees in the skills required to better display quantitative data using Microsoft Excel. It will focus on the tools provided in Excel, with specific emphasis placed on commonly used graphics for financial reporting and analysis and particular attention paid to real estate uses. 

    The first session will familiarize participants with Excel graphing tools, demonstrating line and bar charts, and will include axes formatting, data labels, secondary y-axis, and formatting of graphs. Session 2 will demonstrate the full range of the graphic options available in MS Excel. Advanced chart types, such as contour, bubble, and radar, will be covered and their relative strengths and weaknesses demonstrated. 

    The data used for the course will be real estate–specific. Participants will be provided with a data set for hands-on use in the second session. At the conclusion of the program, participants will understand how to graph data using multiple chart types and how to construct customized data labels. Attendees will receive a set a completed graphs and corresponding data at the conclusion of the program to facilitate ongoing review and understanding of the lessons.

    Program Highlights
    • Building sophisticated charts to better convey quantitative data in a visual format
    • Determining which graphic format is most appropriate for particular data and why
    • Constructing charts using real estate specific–data
    • Creating advanced chart types and customized graphs
    • A set of completed graphs and data at the conclusion of the program
    Formats Available: Streaming
    Original Program Date: September 18, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Graphing Real Estate Finance and Analysis Data with Excel
    Collapse Hotel Pro Forma Development for the Beginner
    Held over four sessions, this new online workshop will guide students step-by-step through the construction of a development pro forma for a mid-size hotel property. Beginning with a blank spreadsheet, the program will take students through the entire project from development through sale. Students will be instructed in the basic differences between a hotel pro forma model and other asset classes such as office or multifamily and the corresponding inputs and structure. At the end of the last session, participants will have completed their own hotel pro forma that will actively link to a cash flow page, allowing students to understand the basic valuation of a hotel and how investment decisions are made. 

    Each session of the workshop is designed to build on the previous one with each participant having a completed pro forma model at the conclusion. Participants will use learned skills to independently build individual sections and maintain the pace of the workshop. However, to avoid the possibility of anyone falling behind, the completed stages will be distributed the evening of each completed workshop. At the conclusion of the workshop, the instructor’s copy will be distributed, which will provide, at a minimum, a working hotel pro forma model for each participant.
    Formats Available: Streaming
    Original Program Date: March 28, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Hotel Pro Forma Development for the Beginner
    Collapse Pro Forma Modeling a Single-Family-Home Community
    Held over four sessions, this new online live program will focus on developing a single-family residential builder pro forma. The program will model and value a 50-lot single-family-home community. The model will assume the developer/builder is working with finished lots. Unlike a typical commercial model, this model does not include construction of an amortization table; instead, a residential builder uses a rolling facility. This construct will be explained in detail in session three of the course. 

    Each session of the workshop will build on the previous one, with each participant having a completed pro forma model at the conclusion. 

    Formats Available: Streaming
    Original Program Date: July 16, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Pro Forma Modeling a Single-Family-Home Community
    Collapse Structuring the Deal to be Profitable
    Ensuring that the capital structure of your development project is appropriately matched to current strategic objectives and risks, is crucial for the project's success, and the developer's financial return. In this program, participants will review the fundamental mechanisms of development financing by looking at typical financing structures and how they impact developer profitability. The course allows for the practical application of these concepts by helping participants understand how to best finance development projects and identify and review different capital sources and structures. Special focus is given to the real-world demands of real estate development. Various project examples will be used to demonstrate that structuring a profitable deal is about much more than just the lowest cost of capital. 
     
    Attendee Takeaways: 
    • Overview of Developing Financing
    • Review Basic Financing Mechanisms
      • Senior Debt
      • Institutional Equity
      • Mezzanine Debt
    • Groundwork for Financing a Successful Project
    • Understanding how the structure of the capital stack affects project returns

    Who Should Attend:
    • Development Project Managers
    • Acquisitions Directors
    • Analysts
    • Architects and Builders who work with Developers

    Formats Available: Streaming
    Original Program Date: November 25, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Structuring the Deal to be Profitable
    Collapse Understanding and Navigating the World of Real Estate Private Equity
    This webinar is intended to provide a primer on the real estate private equity markets and will cover the market’s basic nomenclature, primary investment vehicles, and investment strategies and deal structures. All of this will be discussed within the context of today’s real estate capital markets in terms of what deals are getting done and how deals are currently being structured. The discussion will also address how to navigate the world of private equity in an increasingly complex economic environment.

    Who Should Attend
    :
    • CEO's
    • CFO's
    • Financial Analysts
    • Real Estate Consultants
    • Development Associates
    • Real Estate Investors

    Formats Available: Streaming
    Original Program Date: September 21, 2010
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding and Navigating the World of Real Estate Private Equity
    Collapse Understanding and Utilizing the Time Value of Money (TVM) Concept
    Time value of money is one of the fundamental concepts in real estate finance. TVM is based on the concept that a dollar that you have today is worth more than the promise or expectation that you will receive a dollar in the future. The reason for this is that money held today can earn a return through investment so that you will have more than a dollar in the future. This basic concept leads to the central components of time value—present and future value. This relationship between present and future value is why real estate investors must consider both the timing of and the amount received from real estate investments.

    While financial calculators and spreadsheets can perform TVM calculations, many people fail to understand the underlying concepts. Without a basic understanding of the math, it is difficult to understand and interpret the solution provided by those tools.  And, equally important, it can be nearly impossible to recognize when the answer is wrong.  
     
    Attendee Takeaways:

    This webinar will provide an introduction to:
    • the power of compounding  by comparing simple and compound interest returns
    • the valuation of cash flow streams, both constant and variable.
    • the mathematics of TVM in order to provide a foundation for understanding the numbers
    • a simple introduction to working TVM problems in Excel

    Who Should Attend

    This course is designed for those who work in real estate in the fields of:
    • property management
    • brokerage
    • development
    • finance
    • local government
    • urban planning
    Formats Available: Streaming
    Original Program Date: January 12, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding and Utilizing the Time Value of Money (TVM) Concept
    Collapse Using the Employment-Based 5th Preference (EB-5) Visa Program in Economic Revitalization

    In the wake of the Great Recession, there has been renewed interest in the EB-5 investor visa program among developers and economic development agencies around the country. This visa program provides immigrants with green cards upon their investment of at least $500 thousand in a US development project, and was rarely used until 2009. The program requires that projects create American jobs and provides incentives for development in areas of high unemployment.


    This webinar will explain how the EB-5 program operates and how it can be used as a source of capital for development projects. The program will teach participants how to navigate the program, identify projects that are a good match for EB-5 funds given the program’s requirements, and how to secure foreign investors. Special attention will be paid to understanding the many players involved, and how to coordinate among them. The continually evolving policy and regulatory environment will also be covered. Specific case studies will be used to illustrate the steps necessary to complete a project funded through EB-5, including the redevelopment of the Philadelphia Navy Yard.


    Program Highlights

    • Effectively using EB-5 investor funds as a source of capital for development projects
    • How to structure a business entity eligible for the EB-5 visa program
    • How to structure deals using EB-5 funds
    • Navigating the program and coordinating among multiple relevant parties (USCIS, regional centers investors, etc.)
    • Identifying projects that are appropriate for EB-5 funds
    • Finding and securing foreign investors
    • Importance of recognizing the fluctuation of the policy and regulatory environment
    • Case Studies

    Formats Available: Streaming
    Original Program Date: March 04, 2015
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Using the Employment-Based 5th Preference (EB-5) Visa Program in Economic Revitalization