Silver BananaTopicReplies
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Brookfield Public Securities GroupI have an upcoming interview for a summer internship position with Brookfield's Public Securities Group. I'm wondering if anyone has insight/experiences they can share about the group (literally anything you can share). Also curious if anyone has gone through this interviewing process before and ca...
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Resources for learning the doc/legal/diligence side of RE dealsHey guys, been in an excel-heavy role in a small REPE shop for a while as an analyst and really like my team. Think I have options to move up internally as its fairly small, but I don't have much of a strong foundation for the key diligence items in the RE underwrite (siting/zoning/etc). Does anyone...
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Opportunity Zone Rules ReleasedIf anyone has a few hours and is interested in reading the new rules. https://www.irs.gov/pub/irs-drop/reg-115420-18.pdf?mod=article_inline https://www.wsj.com/articles/new-opportunity-zone-tax-break-rules-offer-flexibility-to-developers-1539948600...
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What skills are most valued in CRE?Different industries require different skills. For example, if you're in Hollywood as an agent or actor you gotta be good with people. If you're a lawyer you gotta be detail-oriented, well-versed with politics and the law as well as being a good public speaker if you're a litigator. That being sai...
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Real Estate competing job offers Atlanta out of collegeI will be graduating in December from a large southern state school with a major in Real Estate and am mulling competing offers. One is from a large real estate services company (think JLL, C&W, HFF, CBRE) as an analyst, while the other is from a regional development shop (think LPC, Cousins, Majest...
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RE Development to Oaktree Capital ManagementHi, I graduated 4 months back and have since gotten a job at a family developer (~90 employees) as an acquisition/financial analyst. I want to get a position at Oaktree Capital Management (or a similar company) as an analyst/associate in their RE group. How should I go about doing this? Thanks!...
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Getting into Commercial Real EstateI am currently an accounting major and will graduate next year. I am planning on getting a Masters of Finance which has multiple courses on various real estate topics. I was wondering what is the best way to get in with a RE firm?...
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OzarksI know there was some talk re: the state of construction lending and BOZK in particular on this form a little while ago. So, I thought I'd share this new [Bloomberg article](https://www.bloomberg.com/view/articles/2018-10-19/bank-ozk-earnings-small-lender-could-spell-trouble-for-big-ones) for those ...
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Investment Sales or REPE?Hi All, I'm at a bit of a crossroads. My long-term goal is to work my way up at a top-tier PERE50 firm (something along the lines of Carlyle, Starwood, or Brookfield) and am wondering which of these 2 offers would give me the best prospect at breaking in. **Option 1** is to take a position as an In...
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Duties of Analyst vs AssociateCurrently in analyst role and about 50% of my time is spent building/running Excel models. I am a good Excel monkey but....at what level is that reduced or eliminated? I am getting pulled into more development work which seems model heavy, but hoping to contribute on a higher level....
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Best Real Estate Finance Course Online?I am looking to get into real estate development but have a minimal knowledge in real estate finance. I am aware that in order to enter the field a satisfactory knowledge of real estate finance is necessary. What is the best course I can take online that will provide me the necessary real estate fin...
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M&M in dream city or a Boutique in a better long-term cityI've two options. Move to my dream city and work for Marcus and Millichap or move to the city I see myself long-term and work for a boutique. I get the impression that the boutique is doing well, but I cannot they are killing it. Both are tier one markets. What would you all choose?...
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Which RE modeling program is for me?Landed a gig in development. Doing a fair amount of modeling/underwriting. Excel skills are decent. I understand equity research in theory through the CFA program in which I’m a candidate. I’ve never worked IB so the modeling skills lag. I want to EXCEL in my current role and set myself up ...
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WSO's Best Real Estate BooksPeople ask about the best real estate books to read on this forum almost daily and we're happy to toss Linneman and Bowman their way, as well as all of the terrific ULI books, but @Whats the Comp" today asked specifically about non-textbook reads and it got me thinking that we should build a list of...
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HFF Securities SuperdayHas anyone heard back from HFF Securities M&A group? I interviewed with them this past week, and was curious to know what I can expect in regards to the superday. ...
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CAIA Study MaterialI have a question. I recently took the CAIA exam and have a lot of leftover material/study guides/powerpoints that I paid good money for. I am wondering if I bundled all my files if people would be interested in purchasing them. Thinking ~$40 for it all, compared to the hundreds and sometime thous...
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Inflection Point - Commercial vs ResidentialHi All! I recently found this site and was amazed, literally the perfect place for me at this moment. I wanted to introduce myself to the community; I'm currently a residential real estate broker in the NYC market. I started out in the rental leasing before working my way up to sales. With experien...
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Interview at CBRE and have to take test, advice?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...
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What Exactly Do Asset Management Analysts Do on a Day-To-Day Basis?I'm not asking this to be condescending or douchey at all, I'm just genuinely curious, because of the way my firm is structured. At my shop we have an acquisitions team to nail down DD and acquisitions, we have a leasing to churn out lease analyses and keep properties stabilized, a property manage...
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Bridge Investment Group - Interview - N/AThey pulled out an Excel spreadsheet and I had to learn several Excel functions on the spot. Ex. "How do you find the total revenue?" "How do you find the total profit?" "Calculate the annual change in revenue from this year to that year." The questions weren't so much about what what I previously k...
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CMBS 2.0 FMV PlayAfternoon All, I'm currently working on a project where the SS would buy back a loan within CMBS 2.0 - as opposed to legacy deals where requirements were a lot less strict. I've combed thru 200+ pages of the PSA and think I have an answer. Any B-Piece players that have successfully bought a loan in...
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Interest Offset / NOI as SourceDevelopers out there, do you always use positive NOI prior to lender coverage being met to offset interest carry in your models? What about if you’re pre-coverage and can not only cover interest for the month but a portion of TI/LC’s as well? Do you model this income as a Source? Lenders, do y...
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2019 RE Internship/SA Thread Hi guys, I know this has been generally discussed and that most major RE companies don't stick to a set recruitment cycle as an industry like IB does. My interests in RE lie mostly in debt/equity capital markets and currently looking at shops like HFF/Eastdil/JLL etc for next summer (two years lef...
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CoStar Group - Review - CommercialPay was nice, location on the river was great, the company does monthly happy hours and there were free snacks. The company doesn't tell you that it's a call center coming into the position. There is almost no upward mobility possible in the company as they have recently filled all of their availabl...
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Costa-Hawkins Repeal (California)Any of you nerds tracking it? Looks like it will be on the ballot in November (should be confirmed by June 28th). Could be bad news bears for a lot of California resi guys (yours truly included). Considering buying the July puts on Essex....
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What do people wear at RE firms?What do people generally wear in real estate development, brokerages and REPE? Do they usually require a suit and all that jazz or are they more relaxed and allow business casual or a nice shirt and dress pants and shoes?...
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RE Development ResourcesCurrently PERE analyst, my middle market firm has a thinly staffed but very active development arm which I have gotten exposure to recently. Kind of been thrown into some projects in supporting roles, but my experience is in acquisitions and asset management, and I feel like I need a better foundati...
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CBRE - Review - Real EstateLaid back high preforming group. Very good hours, I have freedom to take off early if I have something going on. Great deal flow. Great guidance on how the transition from analyst to broker will work.. work with a small group, work on smaller deals compared to many other areas of commercial real es...
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BX BREDSMonkeys, Does anyone have insight regarding first round experiences for BX BREDS? The only research I found is relevant for FT superdays. This is for a SA position in NYC. Thanks!...
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Good books on CMBS/Real Estate Securitization Does anyone have any good books or resources to read up on CMBS/Real Estate Securitization. This topic interests me a lot and I hope to lateral into this direction in the next 6-8 months. Would love to get some more background knowledge in the space before interviews and such. Thanks!...
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Must know technicals/calculations for real estate internships?I'm wondering what technicals I definitely need to know for internship interviews in asset management and acquisitions. I feel like I have a good understanding of the main calculations (NOI, Cap Rate, IRR, etc), but am curious as to what questions I might get in future interviews. ...
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Opportunity ZonesFor all developers / value-add investors on the forum, have you looked at any opportunity zone deals? Given pension funds are not taxed on gains, high net worth LPs seem to be slated for the greatest benefit to these types of deals. Has anyone studied the relative “hit” to LIRR/EM an LP could ta...
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Top Head Hunters CREWhat recruiter firms are considered to be the best at placing people into commercial real estate roles? (Both in NY and nationally)...
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Goldman Sachs Asset Management - Private Real EstateSeeing some postings for an analyst role out of Dallas - I believe its on the asset management side. Does anyone have insight about this group? AUM/funds info, comp, exit opps appreciated. Thanks!...
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PGIM Real Estate Finance - Interview - Real EstateFind payment of zero-amortizing loan. They gave spread but no interest rate. had to know 10 yr treasury. Had to walk through a full amortization table for a non amortizing loan (for first 5 years) 10 year maturity. Needed to know debt yield ratio as well as discounted coverage ratio, how to calcu...
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Any CMBS folks here? I have a structuring questionI am working on an acquisition transaction where there will be zero cash flow in year 1. However, at loan closing, there will be a lease signed to a tenant for 30 years, so extending well beyond the loan term. The tenant is solid and I believe the sponsor will use year 1 to use some of the proceeds...
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CapIQ list of all RE investment firms?Does anyone have access to CapIQ that can download a copy of all of the RE investment firms? I am working on a project and I speak with firms to get their feed back and categorize the responses based on AUM and firm type. Thanks!...
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New York Real Estate RecruitersI am currently trying to relocate to New York after a working as the only financial analyst for a $3B real estate private equity/family office and asset manager in Washington D.C. I am wanting to find a list of head hunters in the area that have RE jobs in NYC... Boutique RE firms, hedge funds, gl...
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Real Assets roles?Hi All, I am looking for investing roles at family offices, endowments, etc within the real assets space (i.e. covering real estate, energy and agriculture, etc). Curious if you have any advice on which firms to target? Its definitely a niche area and hard to find openings. Thank-you in advance. ...
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PE Affiliate firm - queryHi Curious in knowing the relationship of affiliate offices for PE funds, and how close they generally interact I know Cerberus has CECA in London. Blackrock has Blackrock Real Estate Partners, etc No particular reason other than general curiosity Thanks...
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MIT Commercial Real Estate Analysis and InvestmentWondering if anyone has any experience or knowledge about the 6 week course offered through MIT on Commercial Real Estate Analysis and Investment? Seemed like a very well run course, although expensive, but not in comparison to some others and considering the brand name. I am an incoming junior look...
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Why commercial real estate?As I'm graduating Spring of 2019, I'm preparing myself to answer the common "why CRE" interview question (while I'm also trying to answer the question for myself). Currently, I don't have a great answer, I just know this is what I want to do for my career. I like looking at buildings, I like finance...
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Value wordsWhat words do you use to describe an asset whose value is high or low? Rich, aggressive, overvalued, undervalued, cheap, etc. ...
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Valuing Portion of Undeveloped Land To SellAll, specific details withheld for anonymity, but currently we've received an unsolicited request to purchase a portion of currently owned property, as the solicitor's property is directly adjacent, and abuts, my companies current property. Purchaser wants to expand and develop this portion if we go...
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Floating Rate CMBS - Upfront FeeThis is probably a "dumb" question, however why do floating rate CMBS loans have an upfront fee but fixed-rate CMBS loans do not? Is it something to do with how the bond spreads and how the loan is monitized? Thanks for your insight....
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REPE credit fundsCurious if anyone on this forum has exposure to the industry and if they could speak towards the culture or reputation...
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Applying for new jobs after being at a company for 4 months: Seeking adviceSo I'm wanting to switch companies as well as move back to NY or LA for several reasons. I know it's not going to look great after being at my current company for 4 months. Ideally I finish out the year, but a couple of solid opportunities have popped up. I'm wondering if anyone has advice for what ...
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Preferred Return - Waterfall Calc - Noncummulative/Non-accrualI'm creating a waterfall model. Need help on definition. The first hurdle says its a non-accruing, non-compounding preferred return. Is non-accruing the same as non-cummulative? Thank you....
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How to spin being from a different city as an advantage in real estate?Hey guys, I'll be making a move in a few months to a large market across the country. I'll be a recent grad with ~16 months of internship experience in my local market. As I've begun networking, I've been getting a lot of questions on "why the move all the way out here". During interviews I assu...
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Would you ever consider working in Residential Development? Something that isn't discussed as much on this forum is Residential Development. I am curious as to see if any of you guys would ever consider taking a job in this field? Knowing what you know now would you tell your younger self to consider going this route? Think for a major company such as KB hom...
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Hurricanes and Real Estate Development This is a serious question. Given the recent hurricane in Florida, I wanted to know what kind of opportunities are out there for developers after hurricanes. Do they actually look toward redeveloping an area quickly or what are some examples of this after previous hurricanes, etc ...
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Creating an Aerial Map for an OMWhat do you guys use when creating an aerial map to showcase surrounding attractions for an OM? Would appreciate some feedback....
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Debt Fund Modeling / ArgusCalling all debt fund analysts/associates... I work at a mortagage REIT as an analyst and we are a typical bridge lender. I am curious to see how detailed other shops underwriting/modeling is. - Besides the typical DCF, market research (comps), etc. that goes into your origination models, what else...
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Real Estate Modelling Test PracticeHi all, Is anyone aware of any commercial real estate modelling tests (free or at a cost) (preferably non development) on the internet? I've found the PGIM case study on WSO and the free one on REFM but both are multifamily which is not the industry I am trying to get into - moreover, I am already...
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Any ideas on how to get CMBS originations data preferably by metro?The CMA has total US CMBS issuance volume but does anybody have any ideas on how to get it broken down by metro? Any leads or ideas would be really appreciated, thank you!...
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Looking for AM Assoc/AVP and Analyst (Atlanta)Hey guys and gals, I'm looking to fill a couple spots on my large-loan asset management team in Atlanta. I'm looking for an Analyst (~2+ years experience) and a Senior Assoc/AVP-level person (~4-5+ years exp). Comp is competitive and the deals are chunky and pretty interesting to work on (all asse...
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BIWS & REFM models compared to real world modelsI have completed all of the financial models and certifications from REFM and I'm going through the BIWS models right now, and was wondering about the level of difficulty of those models in comparison with real life models. Do you guys have any experience with this?...
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Best Real Estate Modeling course? REFM? BIWS? WSP?This is my first post to WSO so I hope I'm doing this correctly. Here's a little about myself... Job : 1 year doing corporate finance at Top 3 Bulge Bracket bank Undergrad : (Mid-Atlantic) Non-Target - Penn State, Maryland, UNC Major GPA: 3.7+ Internships: 1 year at Elite RE development firm that ...
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REFM Private Equity Fund Modeling Self-Study CourseAs most of you probably know, GetREFM is having its end-of-year 50% sale on self-study courses. I've purchased an acquisition and development from the website and was happy enough with them (a couple of the more complicated formulas the narrator doesn't do a great job conceptually explaining them)....
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REFM Review - Real Estate Financial Modeling Courses 1-3I just went through levels 1-3 of Bruce Kirsch's Real Estate Financial Modeling (REFM) and another monkey recommended I give a review... So here is a summary and what I though about the courses: Level 1 - starts off as simple formatting and statistics formulas (max, min, avg). Then moves into deali...
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How do I go from the Big 4 to PERE?I’m an auditor in London who is about to qualify and I want to move into a PERE role. I understand that audit has limited relevance to PE as a general rule, so I’ve looked at internal roles at my current employer that I can transition across to in our Deal Advisory function- Corporate Finance, T...
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Development Analyst Interview for previous Acquisitions AnalystLong time reader, first time poster. I've worked in acquisitions and asset management for the past year. A summer of project management and development prior to that. I have an interview for a development analyst position Friday and was curious if anyone had any advice on how to prep? My current com...
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Biggest Hubs for RE Jobs in USAs it is explained above, I'm curious what the biggest hubs for RE jobs are in the US. Is it as simple as NY, LA, and Dallas?...
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RE Asset Managers, what programs do you use?I"m curious if there are programs you use to manage a large amount of assets and stay on top of them. Software? Program? Excel?...
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Career Paths/Exit OpportunitiesI think this would be very beneficial to a lot of people on this forum, so if you could list your career path to how you got to your position you are currently in now from undergrad, as well as the firm or at the least the size, it would be very appreciated. Ex: investment sales (think cushman/cbre...
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HFF - Loan Sales GroupAnyone have insight as to what this group does on a day-to-day and any interactions they've had with them? Not entirely sure how this group would differ from structured debt. Less prestigious? ...
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Institutional Self StorageI am currently looking at capitalizing a portfolio of newly-constructed self storage properties in the Southeast US with a major institutional sponsor. This is the first self storage deal my firm has seriously looked at, and while we trust the expertise of the sponsor, we want to be able to stress t...
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Does anyone use GIS? Interested to learning about GIS for both buy side and sell sideI'm a student in an Urban Development program (RE focused) in a top 10 Canadian school. We use GIS (Geographical Information Systems/Science) in a lot of classes and assignments. Specifically ArcGIS. I know GIS is great at looking at data over geography, and I'm wondering if anyone has used this w...
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Chitown Fiscal IssuesLet's hear it fellas. How are people underwriting RE Taxes and/or looking at deals in Chicago? What are your thoughts on taxes in Chicago and the macro economic performance of Chicago going forward? Let's have some good discussion going here....
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Best Place to gather economic data when valuing multifamilyI need some go to data sources for putting together an economic overview of a certain city where I'm drafting an offering memorandum for a multifamily building. I'd appreciate some suggestions....
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In a Pinch - Need a big investor fastI need an investor that can put up approximately $5M and sign off on the bridge financing I would need for this particular multifamily asset (as my net worth is too low). The numbers have been crunched, the seller is in a pickle, and I would need to move fast to get this done before he settles with ...
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Anybody here knowledgeable about placing Korean capital in the US real estate market?I know someone-who I believe is one of the smartest and also the nicest people I know, looking for a job in New York. He is very interested in placing Korean capital in the US. This seems niche to me, but does anybody here have any pointers or know of any head hunters who can help him out? He has ov...
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What indices are typically used for long-term fixed rate loans in Europe?Question: In Europe, what indices are used for long term (5+ years) fixed-rate commercial real estate mortgages?...
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Preqin vs PERE vs IREI FundTracker vs ???I have used Preqin in the past but curious what else is out there. I'm aware of PERE and IREI (FundTracker) having GP/LP databases. Does anyone else have a tip on other competitors to check out? ...
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Career path with significant exposure to securities and real estateAs I'm planning for my next career move, just want to see if there are any other opportunities to work heavily with both securities and real estate other than the general paths (CMBS underwriting, B-Piece buying). While B-piece buying would be my go to next step, it is a very niche market and essent...
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Real Estate Debt Funds Does anyone have experience with real estate debt funds? This could include working at, worked at, worked with, or having friends or coworkers who have worked at one. Examples would be Blackstone RE Debt Strategies, Fortress, Colony, Apollo, Oaktree, Starwood, Harrison Street, Torchlight, Rialto, NX...
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XIRR less than 365 days? How to adjust?XIRR by default is an annualized return. I thought I could de-annualize for period ...
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CRE Lending vs Big 4 Real Estate AdvisoryI am looking for some insight into the best place to start a commercial real estate career with the long term goal of getting into an REPE firm. I have offers from a Big 4 for their Transaction Real Estate Advisory role and a large commercial lender. Looking for insight into career opportunities/pro...
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Hotel Developer Interview / Leveraging OffersHey All, this is a burner account FYI because I'm paranoid. I'm interviewing with West Coast Hotel / Mixed-Use / Condo Developer and have the following questions I was hoping to lean on the monkey's for: 1. I've been in the industry for about 5 years doing acquisitions / IS focused onoffice/indust...
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Moving from Appraisals to REPE Acquisitions?Hey guys, Long time lurker, first time poster. I'm in a bit of a pickle. I have been working in appraisals for two years at small shop doing institutional (Class A/B+) work. I had no internships or clubs or related activities in college, so this was my first real work experience. Obviously, I k...
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Deloitte - Review - Real EstateIncredible office, hot-desking culture, wonderful work culture and environment. Lots of socials. Deloitte resources mean that it is easier to get things done. Great flexibility in working location and schedule (although it depends on your supervisor).. Structured corporate structure might make it di...
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Undergrad for RE positions?What undergrad should someone pursue for the following 3: REPE, CRE Brokerage, RE IB? Also what undergrad degree should pursue for RE Dev. I assume something finance/business related but someone told me that civil engineering or construction management is better for CRE Dev because it's more constr...
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Couple of questions about CRE Development1) I read an article on M&I (Link wont work but it was called "How to Break Into Commercial Real Estate and Build an Empire") about commercial real estate. It states that Real estate development is the most risky business to get into in the industry and that people working at CRE Dev firms are first...
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Architects in Los Angeles (Multifamily)Does anyone have a list of architects in Los Angeles that specialize in sub-institutional sized multifamily deals? Specifically, deals in the 20-50 Units range. Further, if they have experience with dense multifamily product on small lots (sub 10K SF), that would be a plus....
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IS Analyst - Financing Assumptions Help? Hello everyone, So I am seeking guidance on how a debt fund would analyze a particular deal. I'm a relatively new analyst at an HFF/Eastdil and am currently working on a land deal which we'll be marketing as a resi condo development. My initial UW consists calculating profit margin and a levered e...
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What does it take to break 500k in Real Estate?As the title suggests, I'm curious as to what it takes to pass 500k all-in compensation in real estate positions. If you're in commercial development, brokerage, RE PE or RE IB, at what level of experience could you expect to pass 500k? Do you only see this figure at the very end of your career or ...
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RetradingInterested to hear opinions on retrading both from the principal side and the brokerage side. Couple questions come to mind... 1.) As a broker are retrades expected regardless of buyer or is that truly filtered out? As a GP we all hear about "burning bridges" but is that just lip service? 2.) As a ...
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