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 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 (March 2017)
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 property types and capital sources. 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

Session 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

                  Compounding Frequency

 

Session 2.

Financial Leverage: Implications and Examples

Commercial and Residential Mortgages

                  Similarities and differences

                  Main underwriting criteria

Mortgage Calculation

                  Monthly payment

                  Annual Percentage Rate (APR)

Mezzanine Debt vs. Second Mortgage

 

Module 3.

Basics of Real Estate Investment

Performance Measures

                  Internal Rate of Return (IRR)

Cash on Cash

                  Equity Multiple

Real Estate Valuation

                  Direct Capitalization Approach

                  Discounted Cash Flow (DCF) Approach

How Net Operating Income (NOI) is Derived

The Real Estate Pro Forma Defined

 

Module 4.

Basics of Real Estate Development Finance

Construction Financing vs. Permanent Financing

Financial Analysis of a Development Project

                  Internal Rate of Return (IRR)

                  Equity Multiple

                  Residual Land Value

Investment Return Waterfalls

Course wrap up


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.

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). Tu was a primary investigator of research projects sponsored by government agencies, including the U.S. Department of Energy, the U.S. Environmental Protection Agency, the California Energy Commission, and the District of Columbia Government. 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.







Formats Available: Streaming
MORE INFOMORE INFO Introduction to Real Estate Finance and Investment (March 2017)
Collapse Pro forma Modeling with Excel Part II: Construction Draws and Rent Roll (January 2017)
 This is the second course for the ULI Certificate in Commercial Real Estate Pro-forma Fundamentals. 


Building on the first pro-forma modeling course, this four-part online program will help further build the participants' financial modeling and Excel skills. Students will learn more advanced Excel functions for valuation, amortization, rent roll, construction and permanent financing, construction draws, and cash flows.

In each session, students will receive concise direction in spreadsheet construction. At the end of the last session, students will have a complete pro-forma model that can be scaled further to include waterfalls, stochastic processes, portfolio analysis, and visual displays of results.


Each session of the workshop is designed to build on the previous one. Participants are expected to use learned skills to build individual sections and maintain the pace of the workshop. However, as in the first course, the completed stages will be distributed at the end of each session.


Students Will Learn


  • Advanced Excel skills required to build a development pro forma for a multifamily project of any size;
  • Graphically demonstrate the construction draw;
  • Develop the methodology for drawing construction dollars using an S-curve;
  • How to quantify project cash flows; and
  • Additional components to a development pro forma:
    • Rent roll
    • Construction financing
    • Construction draw
    • Permanent financing
    • Scenario analysis to quantify risk.
Formats Available: Streaming
Original Program Date: January 23, 2017
On-Demand Release Date: Available Now

Approved Credit:
  • ULI: 8.00 hours Attendance

  • MORE INFOMORE INFO Pro forma Modeling with Excel Part II: Construction Draws and Rent Roll (January 2017)
    Collapse Pro Forma Modeling with Excel: Investment Waterfall Distributions (February 2017)
    This is the third course for the ULI Certificate in Commercial Real Estate Pro-forma Fundamentals. 

    This third modeling course introduces students to the theory and practical construction of “waterfalls” for existing and new Microsoft Excel spreadsheet models.

    The waterfall is the method of distributing profits among partners within a transaction. In more complex transactions, profits are not distributed pari passu. (Pari passu is the proportional distribution of profits according to the percentage of capital invested—for example, with an investor who provides 80 percent of the capital receiving 80 percent of the profit.)

    During the first session, students will gain a theoretical understanding of what a waterfall is, as well as be exposed to the Microsoft Excel functions required to construct a waterfall. In the second session, students will construct a waterfall from a blank spreadsheet that can be incorporated into all existing spreadsheet models.
     

    Students Will Learn
    • Basic types of equity partnership distributions.
    • The key inputs to the waterfall distribution from a joint venture agreement.
    • How to model variable-return distributions to the project sponsor and equity investor.
    • Advanced valuation formulas in Excel.
    • How to "bolt on" the waterfall to all existing pro forma models
    Formats Available: Streaming
    Original Program Date: February 13, 2017
    On-Demand Release Date: Available Now

    Approved Credit:
  • ULI: 4.00 hours Attendance

  • MORE INFOMORE INFO Pro Forma Modeling with Excel: Investment Waterfall Distributions (February 2017)
    Collapse Pro forma Modeling with Excel: The Investment Pro forma (April 2017)

    This introductory course is a four-part online workshop that guides students through the construction and manipulation of a basic multifamily investment pro forma. The program is geared toward individuals who have never completed a pro forma from scratch. Starting from a blank spreadsheet, students will receive step-by-step direction in the creation of this investment pro forma. At the conclusion of the last session, participants will have completed their own investment pro forma and will have gained a new appreciation for how valuation and investment decisions are made. Each session of the workshop is designed to build on the previous one, and each participant will have a completed pro-forma model at the conclusion. Participants are expected to use learned skills to independently build individual sections of the model. However, the completed stages will be distributed at the end of each session. 

    All participants will receive access to the recording of each session. 

    Students Will Learn
    • How to identify the relevant project data required to begin crafting a pro forma;
    • Basic to intermediate Excel skills needed to model an industry-accepted pro forma;
    • Basic components of an investment pro forma:
      • Inputs
      • Amortization
      • Pro-forma income cash flows
      • Valuation.
    • How to construct an amortization table to accommodate three loan types: Constant Payment Mortgage (CPM), interest only (IO), and custom amortization and;
    • How to property format a Pro Forma for an Investment Template.
    Formats Available: Streaming

    Approved Credit:
  • ULI: 8.00 hours Attendance

  • MORE INFOMORE INFO Pro forma Modeling with Excel: The Investment Pro forma (April 2017)
    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 Excel Tips and Shortcuts for Real Estate Professionals
    Do you know how to use Excel to build quick models but would like to learn how to reuse what you build? The biggest challenge for intermediate Excel users is to learn how to build models that are not only powerful and customized for a particular project, but also contain reusable components.

    This information-packed webinar will present tips, shortcuts, and strategies so that you can reuse what you build in multiple models and save substantial time.

    Attendee Takeaways:
    • Learn how to structure your financial models for maximize efficiency
    • Develop how to build a library of reusable tools
    • Learn how to best plan your "attack" when designing a financial model

    Who Should Attend:
    • Financial analysts
    • Loan underwriters
    • Real estate investors and developers
    Formats Available: Streaming
    Original Program Date: September 12, 2013
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Excel Tips and Shortcuts for Real Estate Professionals
    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 Introduction to Real Estate Financial Analysis (2014)
    Originally held over two sessions this programwill provide students with the tools necessary to create their own financial models in Excel in order to both value and analyze real estate debt and equity transactions. Beginning with a blank spreadsheet, students will combine theory with practice to explore the basic building blocks upon which all financial modeling is based. The program will run the gamut from time-value of-money (TVM) analysis to derivation of returns and basic mortgage analysis.
    Formats Available: Streaming
    Original Program Date: July 22, 2014
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Introduction to Real Estate Financial Analysis (2014)
    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 Understanding Real Estate Capitalization Rates
    Real estate professionals often talk about real estate capitalization rates ("cap rates"), but do they know 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 can reflect 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 represented in just 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 further illustrates how to use cap rates as descriptors of project and investment viability.  

    Attendee Takeaways:
    • 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 and projections of future cap rates.

    Who Should Attend:
    • Real Estate Developers
    • Real Estate Lenders
    • Real Estate Investors
    • Accountants

    Formats Available: Streaming
    Original Program Date: September 24, 2014
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Understanding Real Estate Capitalization Rates
    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
    Collapse Video: Basic Real Estate Finance Workshop
    Designed for those new to real estate finance, this one-day workshop will introduce students to basic principles of real estate finance. Beginning with an introduction to finance terminology, the workshop will acquaint students with fundamental real estate finance terms and concepts including: income-producing real estate, net operating income, percentage rents, compound interest, discounting process, internal rates of return, and mortgage financing and leverage. This hands-on 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 more advanced ULI workshops.

    Who Should Attend

    Non-finance real estate professionals and public agency officials interested in gaining an understanding of real estate finance concepts and calculations.


    Formats Available: Streaming
    Original Program Date: May 17, 2012
    On-Demand Release Date: Available Now
    MORE INFOMORE INFO Video: Basic Real Estate Finance Workshop
    Collapse Video: Real Estate Finance I
    In today’s environment, commercial real estate development only occurs when property markets demand additional space and capital markets are able to provide the needed financing. The opening course in commercial real estate finance targets this intersection of property and capital markets. It highlights the market analysis necessary to support commercial leasing activity, the income and expense analyses flowing from those leases, and the resulting value creation. While addressing equity capital sources, the course focuses more directly on debt capital and understanding loan sources, lenders’ underwriting guidelines, and cash flow analysis. (Equity capital sources and requirements are addressed in detail in the second course in this sequence, Real Estate Finance II.) Finally, participants have an opportunity to complete a commercial development feasibility analysis.
    Formats Available: Streaming
    Original Program Date: November 07, 2012
    MORE INFOMORE INFO Video: Real Estate Finance I