Introduction to Real Estate Financial Analysis: ULI Online Live Workshop
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Held over two sessions this new online live workshop will 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.
Session 1: October 15, 2013 1:00-3:00 p.m. ET
- Understanding present value (PV), future value (FV), RATE, NPER, and PMT functions
- Accumulating a future sum (sinking fund)
- Nominal Equivalent Rates (annual, quarterly, monthly, daily)
- Understanding Net Present Value (NPV) vs. XNPV
- Understanding Internal rate of return (IRR) vs. XIRR
- Partitioning the IRR
- How return measures are derived
Session 2: October 17, 2013 1:00-3:00 p.m. ET
- How to size a loan using four stress tests (LTV, DSCR, Debt Yield, Exit LTV)
- Modeling floating and fixed interest rate amortization tables
- Using the PMT function (self-liquidating, balloon, negative amortizing, and interest only mortgages)
- Future balance analysis using FV and PV
Who Should Attend
- Project/construction managers
David Eyzenberg is a Principal in the New York office of Avison Young, where he focuses on capital raising/structuring for Avison Young’s CRE clients. Mr. Eyzenberg’s practice spans entity and asset recapitalizations, financing debt and property acquisitions/developments, as well as advising Canadian and domestic institutions on deploying capital into appropriate opportunities. Complementing his professional endeavors, Mr. Eyzenberg teaches graduate real estate finance studies in New York University’s Masters of Science in Real Estate program.
Mr. Eyzenberg previously served as Managing Director and head of commercial real estate for NewOak Capital, a New York-based financial advisory firm. There, Mr. Eyzenberg completed multiple property financing and CMBS/CRE CDO valuation assignments. His tenure at NewOak began in 2011 after its acquisition of the investment banking practice of Eyzenberg’s Prodigious Capital Group, where Mr. Eyzenberg served as President since 2005. There he led the firm in consummating over $350M in financing and advisory assignment. These included single asset, portfolio, and entity level financings, as well as joint venture and structured financing, debt, equity, and hybrid products, and CMBS.
Prior to running Prodigious Capital Group, Mr. Eyzenberg led the New York office of Madison Capital Group, where he originated and executed real estate investment banking transactions involving equity and structured debt. While at Madison, Mr. Eyzenberg's team successfully delivered over $300 million of new multifamily development project financing in the South Florida and Las Vegas markets. Mr. Eyzenberg also served as Director at Wall Street Realty Capital, a New York based spin-off of Cantor Fitzgerald, where he consummated over $350 million in equity/mezzanine placement assignments. That followed his time at investment management firm Ramius Capital Group where he sourced, evaluated and structured over $1.8 billion of debt and equity transactions nationwide encompassing all property sectors. Mr. Eyzenberg began his career as a member of Merrill Lynch's Real Estate Planning and Transactions Group. During his tenure he provided financial analysis support for domestic and international land acquisition, sale/leaseback transactions, leasing and office renovation/purchase efforts.
Mr. Eyzenberg is a graduate of New York University, where he received a Bachelor's Degree and a Master's Degree in real estate finance and investment. He serves as President of the NYU Schack Real Estate Institute Alumni Board. Mr. Eyzenberg is an active member of Corenet, ICSC, RELA, YMBA, MBA, and ULI and a frequent speaker at industry events.
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