The Wall Street Oasis Real Estate Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the real estate industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. I...
|4||7 months 1 week ago|
I'm analyzing a property that has a large special tax assessment tied to it, with the option to prepay the assessment now and never have to pay the yearly expense amount again. The prepayment amount now is $2MM and the yearly assessment is $110,000, growing at 2% over the course of the hold period....
|5||11 min 13 sec ago|
Anyone able to explain how an A/B Restructuring works? So far, my search online has yielded very little meaningful information....
The Duke of Wall Street
|0||26 min 49 sec ago|
Hi, I'm interested in learning how to value a portfolio of non-performing real estate loans, although any information on modelling other non-performing loans such as credit card receivables would be most welcome if that is something you are more familiar with. Even some starting points would be very...
|14||1 hour 10 min ago|
I'm an undergrad graduating this June 2017, applying for PGIM RE Analyst in Singapore's office. I've got 1 step foot in through network, but I have to get pass the case studies and interviews. I was wondering if anyone has done the case studies (or similar ones for RE / have tips for me). Would al...
|0||1 hour 53 min ago|
I'm curious to see how other WSOer's job search for CRE is going. Are people seeing a lot of success or struggling?...
|284||2 hours 27 min ago|
Isn't EBITDA useless since interest is such an immense expense for REITs and impacts how much they can pay for Divs? What is the relationship between EBITDA and NOI?...
|4||4 hours 44 min ago|
Can anyone here recommend good resources/reads for timber and farmland? "From 1992-2006, returns for timber were 12.2%. During the same time, large cap stocks returned 10.6%, small cap stocks returned 15.4%, international equities returned 8.2%, and corporate bonds returned 8.0%. When you consider ...
|7||5 hours 5 min ago|
What is your opionion on the boiler room type firms that mostly work on non exclusive deals in NYC? Not going to give names but these firms take almost anyone in as a broker with the hope that the young guys they hire will come to the firm and work there ass off and make deals happen. I know th...
|6||7 hours 6 min ago|
I am currently working for a big landlord (REIT) on the east coast in retail brokerage. I am one year out of school and have been with the company for the same amount of time. I was wondering how difficult it would be to move to another market for brokerage (other east coast city) once I have some m...
|5||9 hours 16 min ago|
Hey everyone, I have a first round interview for PGIM real estate coming up and I was wondering if anyone could provide any insight or knowledge from past experiences. From what I've heard SA interviews are mostly behavioral and fit. The position would be in New Jersey but I know they have an NYC o...
|15||9 hours 28 min ago|
Have an interview at a smaller real estate focused boutique IB coming up. What can I expect? Thanks in advance...
|4||13 hours 36 min ago|
Does anyone have PDF copies of Marcus & millichap training materials? Or any other material on investment sales? Or can you point me to any sales training materials that would be helpful?training for both private capital and institutional sales would be great. Nothing in the marketplace seems to be ...
|37||17 hours 31 min ago|
Read em and weep boys. I think it was just published today. Top 50 REPE 2017 Blackstone holding the #1 rightly so with Jonathan Gray still slaying deals. Notable moves to me are PGIM, CBRE global investors, and Cerberus. I know Prudential has been recruiting hard recently for the PGIM and PM...
|6||18 hours 25 min ago|
Can somebody explain to me how CMBS shops, conduit shops, and balance sheet lending differ as far as the work that is actually done. It seems to me that it should largely be similar analysis as far as analyzing the deal. Thanks!...
|2||1 day 2 hours ago|
I'm an associate at a REIT and have been told by a number of people that the way to become a VP is to take the bull by the horns and just start doing my own deal. So a few months ago my boss (EVP) threw me a long shot bone, which I don't think anyone expected to materialize. But it did and now that ...
|18||2 days 3 hours ago|
I'm a current non-target student exploring opportunities in finance/real estate. I'm mostly pursuing REIB with the bigger name shops, but I have a family friend that works for a smaller setup that does single tenant net lease financing. I'm less familiar with this area, but I'm open to anything to g...
|1||2 days 5 hours ago|
I've been struggling for a few months now to break into the RE world while trying to coach myself on modeling. I found a scenario from online and I am beyond stuck. I'm pretty confident I haven't done this correctly. Would anyone be able to take a look and guide me to resources so I could complete?...
|15||2 days 21 hours ago|
I'm an owner operator/GP. I locate an off-market deal, brought to me through a broker but unlisted. Broker needs protection on the commission as seller will not pay (for whatever reason). 1% fee on top of the purchase price. I take the deal to a group of LPs. I include an additional acquisition...
|6||2 days 21 hours ago|
I'm beginning my MRED in the Fall, and am starting to wind up my networking efforts. I figured a CapIQ screen of every developer in the nation sorted by State/City would probably be a good start. I hope that anyone else in a similar situation finds this useful. Let me know if you have any trouble...
|20||2 days 23 hours ago|
I have a research internship at a decent size public REIT this summer. I'm a rising senior and am pretty new to CRE in general. I'm wondering what hiring is like for entry level jobs straight out of undergrad. How common are fulltime offers from rising senior summer internships? Do most firms star...
|6||3 days 1 hour ago|
Could you recommend an example of a spreadhsheet comparing three REITs that are either all in same sector or all in different sectors or vary by market cap or ratings. ...
|2||3 days 3 hours ago|
Seems like HFF acquired an IB firm and has created a new M&A group out in NYC. Any info on this group? Seems like it's actual REIB....
|12||3 days 4 hours ago|
I have a hotel construction financing opportunity that came in that I was asked to start underwriting. I haven't had any experience in UW hotels yet. I'm totally unfamiliar with how to look at franchise fees and management fees and how to judge my analysis on what information is provided in the bro...
|12||3 days 4 hours ago|
For the record: I'm anti-left, so this isn't some liberal rant. Every time I listen to Trump I am astonished how incoherent he is and how we answers questions. He seems like a sub-120 IQ person to me. He simply does not sound like an intelligent person. I suspect some of this is due to an age relat...
|39||3 days 9 hours ago|
Hi All I recently received a term sheet which stipulated 25y amort for the first 3 years (simple enough) and then "after year 3, the monthly payment will annually step up to payoff the loan in 20 years" (see yellow highlighted instructions and cell D58 where the different amort period begins). I a...
|4||3 days 11 hours ago|
I've been applying for the past eight months to many CRE Brokerages and smaller PERE Funds in a major city on the east coast. I was wondering if anyone could weigh in on the pros and cons of taking either job. I know this a "what do you personally want" type of question, but I'd like to get feedback...
|1||3 days 19 hours ago|
I'm still relatively new to managing relationships with brokers, so sorry if these questions/problems come off as newbish/condescending. I am looking for a very specific type of industrial property that falls in a use group that is not permitted in a lot of municipalities. Brokers constantly call ...
|5||3 days 20 hours ago|
Hey guys, New here. Semi-lurker. Finally made account. I was wondering if anyone has worked with Thorofare Capital? Looking for some color on them. I am preparing a list of debt groups in the greater LA area that I want to begin networking with and reaching out to for internships next year. I've br...
|9||3 days 22 hours ago|
A managing director at Heitman came to my class yesterday for a presentation. Would like to thank her for her visit and ask about an internship. What is the email format for an employees name at Heitman? I am sure someone on here should know. Thank you ...
|1||4 days 6 hours ago|
Hi everyone, I am currently an analyst at an investment consulting firm and just received an offer at a hotel management firm as an acquisitions analyst. I am viewing this as an unorthodox entry into private equity/private real estate. I would be underwriting prospective deals from the ground up and...
|9||4 days 8 hours ago|
Have an interview coming up which is where this stems from. I understand the concept of Warehouse Lending but have a few questions. Who are your customers? would a BB bank really need a Warehouse Lender? It seems like it would only be one off guys and smaller companies. Are you considered FO? it f...
|5||5 days 1 hour ago|
You are considering purchasing a property with a 5 year holding period. The sum of your discounted cash flows for this 5 year holding period is $500,000. The anticipated cash flow in year 5 is $150,000 and the anticipated cash flow in year 6 is $175,000. Your terminal growth rate is 2% and your disc...
|14||5 days 2 hours ago|
Does Anyone have any insights on Global Real Asset group at JP Morgan AM in Newark DE? Is it more on the Operations side? ...
|0||5 days 4 hours ago|
I work at a CBRE/JLL/C&W and am considering transitioning to the debt side of the business shortly. I sit by a bunch of guys who work in debt in various capacities. Two of the prominent guys work in debt placement/brokerage and loan/portfolio sales advisory, respectively. I am familiar with what a...
|6||5 days 7 hours ago|
Not a complicated discussion, but just wondering for my own curiosity. We are at ~100M aum (300M total value) and have about 9. ...
|11||5 days 8 hours ago|
Curious how common signing bonuses are in development. My impression is they exist in REPE but haven't heard much about development. Anyone know?...
|5||5 days 22 hours ago|
This came from an actual JV proposal with sample cash flow, so I wanted to see if this was common within the REPE world. 90/10 JV, pari passu to a 10%, then a straight 80/20 split thereafter. Fairly simple. Assume that after each side gets their 10%, there is $1MM in remaining cash to be distri...
|13||5 days 23 hours ago|
Hello, I have to take a test for an interview as a financial analyst at CBRE. Does anyone have any advice on what is asked in the test? It's a "real estate and finance" test, while I'm comfortable with both areas, this is a very broad description and I was hoping someone could help me narrow down w...
|32||5 days 23 hours ago|
Hello, I was just wondering what the differences were in real estate private equity firms recruiting compared to normal private equity recruiting. Will real estate companies and headhunters reach out to first year analysts ~6 months into the position? And do they search at BB and other ibanking ...
|9||6 days 6 hours ago|
I am a senior majoring in finance with an interest in RE Development. I have spent a significant amount of time networking and will be working an internship with a firm this summer in a growing southeastern market. I am hoping to break into Development FT after graduation and have been doing as much...
|7||6 days 7 hours ago|
Thought I would let all you monkeys know I saw an add(first ever) for Eastdil recruiting. The position is for a Santa Monica, CA analyst and more can be found on the Wells Fargo Website or Indeed. I thought I would share as I never have seen Eastdil advertise a job opening....
|14||6 days 22 hours ago|
Hello Folks Thanks for take a look here. I am Divakar and looking to buy property first time in India. Can some one help me that how broker or land owner measure this area. ?...
|1||1 week 10 min ago|
Can anyone who completed the Columbia MSRED program comment on whether it would be realistic to continue working part-time while attending this program? Say ~20-25 hours a week....
|6||1 week 2 hours ago|
This is a bit early but still curious, I'm looking to make the transition out of brokerage roles to lender/fund side. What are the differences in modeling required? I am used to making a 10 year DCF with equity hurdles and JV splits npv, irr, COC, MOIC, analyst,how would a lender look at the debt ...
|14||1 week 1 day ago|
Hi all, I've so enjoyed reading everything here about working in CRE. I've recently had interviews with both CBRE and C&W and have been fortunate enough to be offered an entry level broker-in-training position at each. The CB job is in investment sales for a region and the C&W job is in tenant rep f...
|45||1 week 1 day ago|
Hey guys I'm looking for some kind of pdf / power point / handbook style resource for a balance sheet lender approach to identifying and mitigating risks. Looking for more bullet point style, not a 500 page text book. Office or retail focused preferably, but anything will help. Or if you care to sha...
Louis Winthorpe III
|1||1 week 1 day ago|
Does anyone here have any experience or thoughts on the Harvard real estate program? I know it is technically a Masters of Design degree, but it appears you can take courses in the business school, law school and at MIT which is interesting. Just wondering what the placement is like out of the progr...
|16||1 week 2 days ago|
Dear All, My name is Thomas and just want to introduce myself real quick. I work as an Asset Manager for retail/office properties in a family office within New York Metropolitan area and I am looking to connect with other professionals. My intentions are very clear. I want to find contacts that d...
|6||1 week 2 days ago|
Just wanted to get people's thoughts on mezz financing in real estate, and the outlook for mezz lenders/originators in the next couple of years, given where we are in the cycle. I am searching old threads as well, but wanted to see if anyone had any current insight. Might have an opportunity at a sm...
|14||1 week 2 days ago|
I am calculating IRR from a 10 years projected cash flow + a terminal value. The terminal value I understand is usually calculated as FCFF(1+g)/(r-g). Incase of using terminal value for IRR calcuation should the r= cost of capital or r=IRR (in this case it will be iterative as its being used to calc...
|15||1 week 3 days ago|
Are there any other LIHTC developers or syndicators out there? Where have you seen equity pricing go in the last few months since the election? I have heard that many syndicators are in trouble as they haven't been able to find investors to replace them on deals they bought into at the top of the ma...
|26||1 week 3 days ago|
Why is every one saying the real estate market is at the peak of its cycle and is about to crash? I understand that there will be more interest rate hikes, and in some areas, some housing prices seem over inflated. What other reasons are there though?...
|40||1 week 3 days ago|
Formerly Cornerstone Real Estate, now called Barings after being acquired by MassMutual. Anybody know anything about this group? Specifically interested in their equity platform....
|3||1 week 3 days ago|
I have final round interviews for an acquisitions analyst position at a PE firm. The majority of the interview will focus on a case study involving a single Senior Housing Facility asset. I was wondering if anyone has any advice, guidance and/or case studies/models for Senior Housing (ILC, ALR, SNF...
|2||1 week 3 days ago|
I am interviewing for an acquisitions role and they have notified me that I will be given a modeling test. However, I have never modeled a shopping center before. What should I expect? Does anyone have any examples of case studies that they could send me way? Thank you...
|4||1 week 4 days ago|
The question is the developer has negotiated a 20 year program but might be able to expand benefits to a 30 year program. What is the value for the additional tax benefits and how much should he be able to sell these benefits for if he maintains 10 percent ownership on the back end. The actual t...
|0||1 week 4 days ago|
What strategies have you guys used in cold approaches when trying to network for a lateral/upward move? It was easy in undergrad when you could play the "I want to be in your industry, can you tell me about it and how you got there" card, but a little less obvious how to approach when you're already...
|2||1 week 4 days ago|
I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like. Industry: Real Estate Development ...
|107||1 week 4 days ago|
If you had to choose between the following 3 options, which would you choose? Assume the comp is similar. The bonus varies from 10% to discretionary. Assume the ultimate goal is to own and operate a portfolio of small to medium multifamily real estate while working full time by day. Asset Managemen...
|13||1 week 4 days ago|
Got the answers I was looking for, thanks Got the answers I was looking for, thanks Got the answers I was looking for, thanks...
|2||1 week 4 days ago|
Looking at one of the threads below, this reminded me of a current deal I'm working on. I'm underwriting a multifamily deal in Nashville right now, and going through the due diligence found that the taxes were going up this year from $76k to $180k. That's the biggest increase I've ever seen. Apparen...
|11||1 week 4 days ago|
Let's fantasize here what it would take for fresh graduate to make 1 million net in Real Estate in 5 years after graduating. The only way I see this happening is starting out in development, working long long hours (80+), having rich parents/uncle/close connections to get some capital and starting ...
|24||1 week 4 days ago|
Saw an article on Bloomberg today about bringing dogs to the office (link below). Seems like RE tends to be pretty old school but it got me wondering if any well-known developers or investors have progressive policies like this. Does anyone know of any RE firms with a silicon valley culture? http:...
|23||1 week 4 days ago|
Hi, everyone. I drafted an acquisition model to practice with based on a term sheet I found from this forums Model DB(Google Drive). I would love any kind of feedback from any of you monkeys have time to review this model or if some of you who drafted the same model using the term sheet, I would l...
|26||1 week 5 days ago|
Curious what is base/bonus like for an Analyst with top brokerages team? For example, An analyst on a Spies or Stacom in NYC? They are doing billion dollar transactions like hot cakes so I would guess they make decent. I know the typical salary for Analysts are like 45-55K with vary bonuses. ...
|19||1 week 5 days ago|
guys--anyone have intel on the general reputation of this group in the multifamily development space? they seem fairly quiet in this phase of the cycle which is obviously not unexpected, but very well capitalized, good debt/ebitda ratio for a public company and do some pretty cool development projec...
|6||1 week 5 days ago|
I had an acquaintance ask me for some feedback on a few potential opportunities. Anyone care to share their .02- CMBS servicing role on performing loans vs an IS analyst / Debt analyst opp at a JLL/CW/HFF/CBRE brokerage? I have no CMBS experience so I don't want to open my mouth and give him crappy ...
Louis Winthorpe III
|4||1 week 5 days ago|
WSOers, does anyone have familiarity with GID (General Investment & Development) and specifically the NYC office of their Development Group? Curious about their reputation/working there. Thanks...
|6||1 week 5 days ago|
I want this thread to be a way to think out loud about how we do business during trying economic times. It seems many (most?) of us on this forum are newer to CRE and have never been in the industry during a recession/downturn/correction. For those of you who have, I'd love to get some conversations...
|8||1 week 5 days ago|
anyone here do any site selection in the past and care to weigh in on what it's like likes and dislikes etc?...
|3||1 week 5 days ago|
Can someone please provide me some insight as to what all-in comp looks like as an associate in the CRE brokerage group at a company like Meridian or JLL? Also, how does this differ from investment sales? I am exploring a role at one of these firms now and am not really sure what to expect in term...
|7||1 week 5 days ago|
A friend of mine is currently going through a few different offers he currently has for a Senior Acquisitions Analyst position. I'm trying to guide him as to what a reasonable range is for his experience level. I may end up just guiding him to the CEL associates salary report but wanted to provide s...
The Duke of Wall Street
|12||1 week 5 days ago|
Hi all I'm having a hard time understanding the revenue drivers for WYN. I understand the important things to pay attention are: Average Daily Rate (ADR) Occupancy RevPar My dilemma is how one goes about backing into ADR or Occupancy when all is given are the total number of rooms and RevPar for ...
|3||1 week 6 days ago|
Surprised I haven't seen anything about Principal Global Investors on here when they have a pretty big CRE group with a good amount of AUM. Have any of you guys worked here in the past/work here now, and if so, what kind of exit opps are there? I'm considering applying for one of their extended inte...
|0||1 week 6 days ago|
Hey everyone, I do debt AM in CRE and my boss mentioned that every year or so, our group undertakes an acquisition of another firm's debt portfolio for whatever reasons. Does anyone here know if this requires valuation of the portfolio? I'd assume so but not sure. I'd like to hear anybody l anybody'...
|1||1 week 6 days ago|
Anyone have any thoughts/info about Eastern Consolidated (reputation, hours, culture, etc.) in NYC? ...
|15||1 week 6 days ago|
Looking for help to calculate and create an excel model for LP and GP distributions on a quarterly basis considering LPs may come at different times over the period during the first year. Hurdle rate of 8% and anything above that is split 80 to the LPs and 20 to the GP....
|10||1 week 6 days ago|
Hi guys, I have two superdays next week: one for a large Real Estate Private Equity Firm and another for a Large REIT. In my previous interviews I've been fairly confident in my answers to technical questions aside from two: 1. Walk me through a DCF valuation on an asset.....How do you find an app...
|14||1 week 6 days ago|
Hi I have been in CRE for about 6 years now and on my own for the last 3. A top 10 retail investment sales team has asked me to join their team to focus on the rocky mountain region. I currently run a portfolio of about 30 strip centers and I am hesitant to give up this revenue stream, but eager...
|2||2 weeks 1 hour ago|
Hey guys hope everyone's week is rounding out well. I'm looking at a multifamily deal in the midwest. I'm reviewing someone's underwriting on the deal and they don't bump taxes for the sale. When I spoke to them on this they said it's common practice in the market to structure the sale as an entity ...
Louis Winthorpe III
|18||2 weeks 1 hour ago|
Anyone familiar with them? Wholly owned sub of Greystone & Co, primarily known for lending I think. Seem to focus on NYC/Miami, mostly residential, and have done some interesting boutique deals. Curious about their reputation. ...
|14||2 weeks 6 hours ago|
Quick background: I am 35 and was previously a hockey player chasing the dream. Injuries sidelined me and its at this point I got serious about an alternative career path (age 26). I never graduated UG (big mistake, especially with 1480 SATs before the format change), which, after attending elite p...
|13||2 weeks 15 hours ago|
Had an interview a while back and this question came up. Couldn't believe it was asked as if it was necessary for the job. I want to go into the industry because of other inspiration and experience not because of some family tie or influence... How many of you started out not knowing anyone?...
|23||2 weeks 15 hours ago|
So we don't have a lot of faith in certain investors being able to commit capital. Some give their word and back out. We are thinking we just buy properties with own funds and then sell stakes to investors. For example, we buy an apartment complex at a $15 million valuation. We own 100%. We then lat...
|3||2 weeks 19 hours ago|
Looking for info on the recruiting timeline for REIB at all levels from Eastdil to small boutiques for FT...
|4||2 weeks 1 day ago|
I've been trying to get into the habit of reading or listening to a quarterly transcript a few times a week for one of the big public's like Equity, Essex, Public Storage, Douglas Emmet. I was wondering if you guys follow particular people/fund managers/REPE shops/debt shops/legal firms/developers t...
|2||2 weeks 1 day ago|
Now that there's a dedicated RE forum I feel like we should have an Argus thread. Argus website here: Argus Software I've talked to a few people in the industry over the past week and they have stressed how important an Argus certification will be to break in straight from undergrad. Being a studen...
|72||2 weeks 3 days ago|
Hello, I made it to the final round of interview for a Healthcare REIT. The recruiter informed me that the final round would consist of a case study that would take an hour and then I would have to present it. After that I would interview with the COO. This position is for an entry level analyst...
|6||2 weeks 3 days ago|
All - I work for a small operator (6,000 units) and work primarily in acquisitions. We do not have a dedicated asset manager and some of those responsibilities fall on me. Was hoping to hear from dedicated asset managers about the types of reports your generating, what you're looking at/for and if...
|4||2 weeks 3 days ago|
I saw this as a topic on the PE forum. I thought it might be valuable to start one here. What are some challenges, solutions, and best practices you guys have when transitioning to a new PE role. Would love to hear about approaches to deal sourcing, considerations/stuff to look out for during due ...
Commissions and fees
|6||2 weeks 4 days ago|
I have an interview coming up with a top Fannie Mae DUS lender... was hoping learn a little more about DUS lending, hear others experiences, and any potential interview tips. Thanks! ...
|2||2 weeks 5 days ago|
I'm about to graduate from college, and I have an internship lined up for the summer that starts in a few weeks. I want to start applying for jobs pretty soon, and I think that this internship will definitely look good on my resume and give me some solid experience. Do I wait until the job starts ...
|2||2 weeks 5 days ago|
Hi Everyone, I am currently building a development model. I built it once while I was in school, and now try to build another to practice. When it come to the part "soft cost", I wonder other than cost for design, entitlements, accounting, lawyer, etc....; what else do you included under "soft co...
|12||2 weeks 6 days ago|
Would someone be willing to show me how they would model a construction loan with a senior and junior components, with junior funding first? It seems to be much more complex than the basic construction loans I have looked at. I would be willing to pay $50 for someone to show me how they would set ...
|11||2 weeks 6 days ago|
I'm doing a final project for a RE class and the assignment is to analyze the purchase of a grocery-anchored retail shopping center. The property isn't actually on the market yet, but our professor was able to get some materials from the broker who is working it. Part of the material is an operat...
|11||2 weeks 6 days ago|
I understand Colliers poached a sizeable team from JLL in an attempt to be competitive in NYC and grow the IS/D&E placement business. Anyone have firsthand insight/experience?...
|6||2 weeks 6 days ago|
What's the general consensus with this shop? For one who is interested in development post MBA, would this be one of the best options out there? Thanks!...
|14||2 weeks 6 days ago|
Anyone got insights to The Scion Group in Chicago? Culture? Deal Flow? Thoughts on the student housing market? I know they're a #5 owner in the student housing space. Looks like an interesting company that managed to acquire a lot of beds in the past couple years. Would appreciate any observations y...
coffees for closers
|3||2 weeks 6 days ago|
While working on my UG (BBA in Finance) I worked as a financial analyst with a brokerage team within (JLL/CBRE/HFF). I worked on balancing 40-55 hour work week with school. I recently graduated in December 2016 from one of the larger Texas public schools. I have an opportunity in Chicago with an PE ...
|8||2 weeks 6 days ago|