Silver BananaTopic
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Career swap advice? Not sure where to go next.Hey monkeys, lurker here that finally made a post. So, background: I've been practicing commercial appraisal for almost 8ish years now. Started at a small shop and then made my own firm after getting State-Cert Gen licensed. I'm getting bored of it; I'm unhappy with the instability in clients and $...
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Modeling ground lease payments into a pro formaI'm currently modeling a development scenario where the developer would either sign a ground lease with the landlord or acquire the land for a specified price. While the legal and market value-related aspects require some further thought, I came up with an issue regarding how to model in the potenti...
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Real Estate PE ModelCan anyone share a real estate pe model, or a good spot to find one? Thanks...
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Real Estate Development ModelingHello Everyone, I am curious to know how everyone underwrites and models a multi-family(mixed use with retail) development project. For example, if you or your firm is looking to acquire a current income producing project(future development site) and has plans on taking it down in the future, how w...
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LP Equity for "Non Institutional" Multifamily Assets?Assuming equity check sizes starting at $10MM up to $40MM. In speaking with most of the name brand equity groups out there doing multifamily (i.e. Blackstone, Ares, Carlyle, JP Morgan, Westbrook, Life Insurance Companies, etc), most of these groups are not interested in doing older vintage, non-9...
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PCCP BackgroundAnyone ever do a deal with these guys? Specifically their LA office. Trying to get a feel for their reputation. Seems like the different office (NYC, SF, LA) could be doing very different work and would like some clarification on that. ...
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Does anyone have a multifamily financial model with a developer/management fee?Hi guys, was wondering if anyone had a multifamily financial model with a developer/management fee that they could share with me? Would appreciate it. Thanks...
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KBS Realty AdvisorsDoes anyone have any thoughts about [KBS Realty Advisors](https://kbs.com/)? It would be great to hear if anyone has insight into the following: - Reputation - Opportunities at the firm (growth opportunities/comp plan/work-life balance/the team) - Any instance where they came across them in a d...
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∎ CBRE RESEARCH BRIEF ∎ Multifamily Investment Continues to Shift Towards Tier II & Tier III MarketsCBRE RESEARCH BRIEF Multifamily Investment Continues to Shift Towards Tier II & Tier III Markets ...
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AIG Excel Modeling Exam HelpAnyone have any idea what the AIG modeling exam looks like? I would share my experience in passing Deutsche Bank's Excel test. ...
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Need to do a Continuing Education class - what are some good ones?My firm wants me to go to a continuing education class/seminar this year and I'm curious what all options there are. A guy I work with is doing Training the Street for his. Background: I work at a REIT, have an MBA, and am a level 2 CFA candidate. I love working in real estate, but I may try make a ...
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Working for my families CRE business, how can I switch to REPE/Dev?I'm currently working for my families business, but that's just what it is: a family business. I'm interested in making a switch to a real firm and get into the REPE or Dev side (to be honest, anything but property management at this point). I don't have a college degree with a relevant background t...
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What software/apps do you use?The CRM thread is what inspired this question along with my personal interest in finding a central system that has the ability to integrate all facets of an investment/development shop from various systems. So what apps or software do you guys in the industry use? Most real estate firms are pretty a...
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How can I learn about the inudstry as a complete beginner? (Possibly stupid question)Apologies in advance if this is a dumb question. So, I'm currently a law student and my goal is to enter a field of law that doesn't pay well, and on top of that a job that pays even worse (it's a dumb passion thing. Don't ask.) Things being as they will be, I'm interested in ways of supplementing ...
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Salary in Senior Acquisitions roleJust curious as to what senior positions within acquisitions pay. I am still in college but want to understand what the upside is as someone rises through the ranks. Also when do people start contributing their own equity for deals, is it at the VP level or do you have to be a MD/Principal? Really w...
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REIT IPO TaxationI saw in the news today that a property is going public as a single asset REIT. Does anyone here know the taxation implications of going public? For example, let's say there is an asset worth $100MM and the basis is $70MM. Let's assume there is debt on it of $50MM. Let's assume I want to issue ...
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LIHTC during the next recessionCan anybody in the industry comment on how they forecast the LIHTC market during the next recession. I feel like the last recession isn't the best comparison because banks' financial structures are stronger now. Any insights?...
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Berkshire Group - Multifamily InvestmentsI was recently scheduled for a 1st round/HR screening interview for an analyst position with this shop. I have not been able to find out much about the firm (review wise) outside of what is on their website. Does anyone have any experience working for/with them? Thoughts on culture, deal flow, etc?...
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Starting in Real Estate Development Been reading threads on here for a while and am recently in a posistion where I would appreciate some guidance. Little background, I am in a 5 year MBA program and wrapping up this spring while I work for a value add developer in a northeast market. It is a decent size shop, more than 60 people and ...
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AIG commercial real estateIs anyone familiar with AIG based in NYC, how does their group run what types of deals, good rep, exit opps, the usual. Any interview questions, modeling tests?...
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2018 Preqin Global Real Estate ReportDoes anybody on here have access to the 2018 Preqin Global Real Estate Report and are willing to share? Would really appreciate it. Silver bananas will be awarded. https://www.preqin.com/item/2018-preqin-global-real-estate-report/3/20146...
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Is this really what an analyst does?I am a bit beyond half a year into my analyst job (asset management and acquisitions analyst for a small shop). The first 3 or 4 months, I did a good amount of modeling and some administrative stuff. The last 3 or 4 months have been almost exclusively data entry for year end and 2018 budgeting. It h...
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REIT or Brokerage?I am a junior in college and currently deciding between two internship offers. One is at a REIT with mkt cap ~10b or a commercial broker (think C&W, CBRE JLL) in investment sales. I am thinking I want to do acquisitions in the future after college, but still not 100 percent sure. Any takes?...
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Any good primer/industry overview of Special Servicers?Hello monkeys! I am trying to find some good research on major players in the special servicing industry and/or some of the recent industry dynamics. I've been googling several hours (utilizing filetype:pdf mostly haha) but I feel like it is such a niche industry that there are not many reports on t...
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Do any of you guys use REThink?Curious if any of you guys use REThink, which as far as I can tell is just Salesforce adjusted for RE users. I'm a leasing broker and my firm just adopted it, and I'm hoping to cut down my learning curve and figure out how this can actually help me. As far as actually tracking leasing activity g...
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CRM to manage contacts and dealflow? If so, which one?Buy Side Guys - do you use a CRM to manage contacts and deal flow? If so, which one? My firm is an investor/developer of mostly retail and office. We're on the lookout for a single software solution to help manage contacts for brokers/lenders/investors/tenants. The handful of people I've talked to ...
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GMAT/GRE scores for RE masters programs?Does anyone know what the GMAT/GRE numbers look like for masters programs? Including but not limited to Columbia MRED, Harvard MDes, USC MRED, MIT MRED, Cornell MRED, etc. Appreciate any insights here ...
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Warehouse LendingHave 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...
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Deciding between 3 offersI have been recruiting for months and am finally deciding between three opportunities. My goal is to be in REPE in the next 2-3 years doing acquisitions with a massive firm (Blackstone, Lonestar, etc) and to create a REPE firm long-term. I aim to become great at underwriting a range of different pro...
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Anybody here know of any lenders who finance industrial properties in CO that grows cannabis?Or point me in the right direction of finding addresses of similar industrial properties so that I can look up the lender if debt was used, thank you so much!...
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Real Estate Agent Churmo is an Artifical Intelligence based platform to connect the Licensed Real Estate Agents and other Real Estate related professionals with potential Buyers and Sellers. The Inbuilt Artificial Intelligence not only helps to suggest the right Licensed Real Estate Agents to the Clients but also hel...
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Memorandum for Refinance of Commercial Property to BanksHi All, Does anyone have a template to use for a memorandum to banks for a refinance of a mixed use commercial property? I've done the finance modelling etc but struggling to find a template I like to use so I can send off to the banks Any help highly appreciated Cheers David...
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Multifamily Unit Renovations What do you guys typically think of with respect to per door renovation estimates (interiors) on multifamily properties? Ie, what do you really get for your money in the following tiers? Obviously this varies market to market based on labor and material costs, but you get the idea: $10K/door: get y...
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Eastdil vs HFF vs Brookfield Property GroupHi everyone, Thank you for your time. Background: I am a college junior who has received offers from these three firms for a summer internship and am unsure as to which firm to go. Eventually, I want to go into Acquistions or Development, but for now I want to learn as much as possible about commer...
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AUM real estate definitionHi guys, I have a brief question regarding the term Assets Under Management (AUM). In real estate does assets under management just mean the amount of investor capital that a firm has? Or does it include the value of gross assets, meaning real estate holdings at the time? Just curious because I am t...
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Career Pivot from Munis to REFirst of all - this is my first post here and I actually credit this site to my initial recruiting out of college into the public finance group at a BB. I’ll quickly fire this off: - Tier 2 city with no intention to move - largely burned out due to lack of interest in the sector and the grind tha...
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Columbus, OH - Multifamily MarketWho are the big Investment Sales brokers specializing in Multifamily in Columbus, OH? Any help is much appreciated....
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Company Review: Jones Lang LaSalle - JLL Hotels & Hospitality GroupExposure to transactions Exposure to clients Work-life balance Benefits package Strong market share in industry vertical . Sub-par performance among middle management Less opportunistic than many competitors Minimal opportunities for growth once you reach a certain level Bureaucratic administrative ...
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Help w/ RE CareerHello everyone, I lurk this site from time to time and would like to ask you all for advice. I work for a RE investment company on the west coast (straight outta UG). The firm has solid leadership in terms of experience and is well-capitalized; however, I feel stuck. My job for the past 2 years has...
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Is it worth going in debt for a masters in real estate program?I graduated in August 2015 and am still looking for a job in real estate. I really started aggressively looking (i.e. talking to multiple people every day, sending out emails left and right) at the beginning of January. Prior to that I was taking some RE courses and teaching myself ARGUS while app...
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Justify Your BonusThere are lots of threads about comp/bonus numbers but I want to ask a slightly different question: Why do you deserve your year end bonus? It would be helpful to know specific role/type of real estate and % of comp but not absolutely necessary. I’d start but currently struggling to answer tha...
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Interview for Capital Markets internship. What to know?I have an interview with JLL/CBRE/C&W for a internship with their capital markets group. Does anyone know of what topics may come up in the interview,or what I should brush up on? Also a very low cut beard is this a yes or no? Thanks guys...
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ARGUS Enterprise TrainingWhat do you all think the best way is for someone with very limited experience in DCF to get ARGUS Enterprise Certified? Here's a link to the official training offerings of Altus Software, the creator of ARGUS, [http://customer.argussoftware.com/](http://customer.argussoftware.com/). Is it possibl...
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Sumner Intern opportunities I am a sophomore at a non target school who is pursuing and Economics degree. My main goal is to eventually invest personally in multifamily but want to gain experience through an internship and job for about 5 years after college. I want this job to revolve around CRE investing. I don’t really kn...
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Where will San Francisco be in the next couple years?In thinking about the discussion "San Francisco Sucks" that was posted back in December, there was nothing or very few points that I had disagreement on. As someone who has grown up in the Bay Area and seen it change so much due to the growth of many tech companies setting up shop here, how will San...
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Company Review: Jones Lang LaSalle - 2The internship provided a good look at life as a real estate broker and provided the opportunity to work with different groups in the brokerage. . The internship had too much hand holding and I didn't really gain anything from it other than a line on my resume. ...
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Advanced Degree (MBA / Masters) Needed in Real Estate Ownership vs Capital Raising?Hi, I currently work in B-Piece Buying and Asset Management at a regional asset manager. I came from a real estate M&A Advisory role from a boutique I-Bank in New York from undergrad so I have about 3 years of total working experience. My goal is to move over to Acquisitions / Real Estate PE Capital...
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Condo Conversion ModelIf anyone can share a condo conversion model it would be greatly appreciated. Thanks in advance. Currently a mixed-use with a retail portion and would like to convert completely to residential condos....
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Anybody here work for Berkadia or Northmarq?Would really love to connect if you work or know somebody very well at these places, seriously appreciate any help, thank you so much!...
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Law School for Real Estate?Anyone have thoughts as to whether law school is a good move, considering I am still at the early stage of my RE career? The company is willing to float the bill for it (so long as I meet certain grade thresholds) and I'm thinking this could be a chance to gain some knowledge that will be helpful...
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REOC InvestmentsOver the past several months I have begun to evaluate investments into Real Estate Operating Companies. We look to invest significant capital into established operating companies in addition to investing into real estate assets. In the past I have solely worked on asset level and fund level real est...
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Sourcing My First Deal (Personal Investment)Hello WSO, I have some questions in regards to getting started on my first real estate investment. Basically, my goal would be to purchase a property and syndicate the capital stack so that I can leverage investor capital (and debt) to achieve the greatest return on my investment. I have some of my...
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Landvision Software- Will pay good money to get access to this softwareI am in search of someone on this forum who has land vision access and would allow me to get on their account, we could work out a payment arrangement. Please if any of you who see this have the software, pm me and I will make it worth your while. ...
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What Title/Position Corresponds w/ Deal SourcingIn development, at what point is it customary for your firm to expect you to start sourcing deals and contributing to deal flow? I can’t imagine MD’s rely on an analyst/senior analyst to do this...is it more associate and up, or VP/Director and up? If you were expected to source deals for your...
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Breaking into Real Estate IB / Asset Level DealsI am an associate in corporate banking (think BMO, RBC, TD) looking to transition to real estate finance or real estate IB at a bulge bracket or doing asset level deals (think eastdil). Was wondering if an MBA (Columbia, NYU, UNC, UTexas Austin, Wharton, UCLA) would position me best for this or an M...
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BNYMellon (hierarchy/job description)Hi all, I'm new here and think I will be spending a lot of time on this forum in the coming days to do a bit of research. I do have a quick question about a potential job opportunity and career path... So I am a CPA and most of my background has been in public accounting (audit/tax) with a focus o...
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CPA w/few years of RE experience, what are my options?* I'm a CPA * 6 years of public accounting experience, RE focus * $80,000 salary (Supervisory role) * Audited CRE companies, mainly property management, construction, and developers (plus lots of other non RE companies) * Prepared tax returns * I'm familiar with RE funds and NAV calculat...
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Southern California WSO RE meetup 2018Hey, guys, it looks like there was some interest in a WSO GLA area RE meetup- let's get it started. I was thinking maybe sometime closer to February. I have a few ideas for venues and will probably make a meetups.com type post to invite everyone. Here are Strawpolls for location and date. Locatio...
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What Are Exit Opps Like For Someone Starting at Small REPE Shop (2.5B AUM)Basically I'm graduating this year and will be working on the acquisitions/development side of a REPE shop with ~2.5B AUM, located in a pretty big city on the east coast. The only thing is, I'm not sure how many Analysts get promoted to Associate ultimately and what I'm wondering is - with in-dept...
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RE loan assets management I come from the equity side so i am familiar with Asset Management in regards to property assets. what does asset management for a loan / portfolio of loans entail? ...
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ARGUS Enterprise Certification during Senior yearSince I'll be graduating with a non-business/finance related degree, I've thought it may be helpful to pick up the Argus Enterprise certification prior to graduation to help my chances of landing somewhere reputable. Any thoughts on this? Would this really stand out?Cost would be totally out of pock...
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Job Searching OnlineHey chimps- Looking for a new position and have been trying to find potential opportunities on many sites. I am looking to relocated to NYC and have found that the only real positions that are worthwhile get posted on select leaders. I have noticed that when I search on LinkedIn, Indeed, or Zip-recr...
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Best Southwest US & SoCal Market Reports/News Sources?What news sources, market reports, etc. do you guys in the SoCal/Southwest US market read? Looking for recommendations ...
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Harbor Group InternationalAnyone have any insight about this shop? Reputation, culture, deal flow, etc. Has anyone ever worked on a deal with them? ...
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Mezzanine Loan vs Prefered Equity?Hi guys, would really appreciate any help in simplifying this for me. I get that a mezzanine loan is secured by the equity interest in the entity that has invested in a real estate property, but what is preferred equity secured by? I am not getting it. Thank you so much!...
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Akemi CapitalAnyone have any info on these guys??...
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Current students/alum NYU MSREStarting this Fall and have a bunch of questions. If any of the above is cool with a long PM let me know....
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Exits From Dev? I may have an opportunity to convert FT at a single-office smallish development firm that I worked at last summer. It's a retail-focused shop in a good market with excellent managing principals and a solid culture. I'd prefer to do REPE to development, but I wouldn't turn down the job or the paych...
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Looking to lateral as a RE associate - Advice?Fellow WSO members, I am looking to lateral from my current position (RE associate working on acquisitions) to another firm. What are the best ways to network, find jobs out there? I have contacted several headhunters but received few responses. (current company culture, growth opportunities not wor...
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AIG Asset Management GroupDoes anyone know anything about the AIG asset management group? It looks like they are hiring for an associate, and I am really interested in. Thanks. ...
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Find Best Property in Perthhow i can find Best Property in Perth i am looking for villa in perth any one can suggest how i can find this in best price....
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Multifamily Due Diligence ChecklistAnyone know where I can find a due diligence checklist for apartment buildings? I have a more general commercial real estate checklist but was wondering if there is one that focuses on apartments. Thanks....
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Employment AdviceHi Guys, I've been lurking for awhile, a lot of great information on this site. My question is, how difficult will it be to transition from home building into commercial real estate? I am currently a Financial Analyst for a home builder in Denver, looking for the same position with a commercial re...
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Valuations to small residential developmentThrowaway account but I'm a long time lurker. Currently work for a Canadian pension fund in the valuations group. I've been an analyst here for almost 2 years. Our portfolio is global so I've been getting a lot of exposure to many regions and asset classes, I'm really learning a lot and I find the...
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Abacus Capital GroupYoung team of ex-Greystar guys based in NY. Does anybody know anything about this group that they’re willing to share? Thanks...
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Jamestown ReputationHi all, I am interested in learning about Jamestown's reputation as a firm. My very close friend recently received an offer from their asset management group and I am trying to help him decide whether it would be a good place to begin a career. Figured this would be the best place to find an answer...
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Personality wise, what's the difference between a broker and a developer?I've seen some topics around the forum of people identifying other individuals as fit to be a broker or a developer so it got me wondering. What is the difference in personality between a broker and a developer? Shouldn't they be the same?...
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How Many Deals Do You Close A Year?I'm at a small private acquisitions shop with a national focus and we're still pretty active, despite being on the tail-end of a pending downturn. In 2017, we closed about $130MM (~1000 units, 150k sf) across multifamily, office, hospitality, and student housing). Would be curious to know how many ...
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NYC multi debt marketHey everyone, I have two question, my lender has recently raised their rates and cut down on I/O. What are your favorite lenders in the 2-20mm range for NYC multifamily who do either or low rate of 3+ years of I/O. I'm looking for a new bank or two but it could be a FNME/FMAC product too....
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Track to entrepreneurshipWhat are your goals and how do you plan to get there? What does your ideal career path look like and how will this help you later on in your career once you make the leap? I'll go first. Dev/AM Analyst --> AM or Acquisitions (not sure yet which path I want to take, see strong benefits to both) --> ...
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Company Review: CBRE - Real Estate IB Review good work life balance, flexible vacation as long as you get your work done. nice offices in west LA.. small group in LA not as much resources as you would expect from a big company. little to no training....
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What is your favorite building?For me, I'd have to say the Le Mont-Saint-Michel in Normandy France. Something about a huge castle on a tiny island close to shore. Also the Musée d'Orsay in Paris. Brings be back to a different time. P.S. Not french Whats your favorite building? Can be both new and old. My favorite new one wou...
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Transitioning to Acquisitions/Development (GP) from CRE LendingHey WSO - after ~2 years doing balance sheet lending in a Tier I city, I've been fortunate to secure an associate role at a GP working on acquisitions and development in said city. I have a few weeks before I start and was wondering if anyone has made a similar transition. Specifically: How exactly...
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Private REIT vs Real Estate Private Equity Fund Can someone explain to me the difference between these two? According to NAREIT, a Private REIT: "Private REITs, sometimes called private placement REITs, are offerings that are exempt from SEC registration under Regulation D of the Securities Act of 1933 and whose shares intentionally do not tra...
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Which job would lead to the best exit opps?Hi guys, Currently in my 3rd year, the following are all summer internships, which one would be the best from the POV of finding a REPE job once graduated? What about a development job? 1. Commercial Banking - Commercial Real Estate , at a top 5 bank 2. A large lifeco/pension fund - investment an...
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Buyer Broker Acquisition Fee - What’s Market?We are looking for boots on the ground knowledge of a certain submarket, and are willing to pay for assistance in sourcing/assembling development sites. This individual has relationships in town as well. I asked that he send his standard agreement over for our counsel to review, and noticed he wants...
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Parents Buy Property for me to rent: Good or Bad Idea?Parents are willing to buy a 2 bedroom in NYC for around $400-600K with the intention of letting me live there. I would pay rent to them and would gain equity value in the apartment. It would be up to me to keep the other room occupied with roommates/maintain it. I'm 22 so the thought of committing ...
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60 Guilders LLC? Hey guys- anyone familiar with this shop? They are in the news today as they are slated to buy more NYC retail despite having bought two properties for $125 million over the last few years that remain vacant. Any insight into these guys would be greatly appreciated. ...
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Rialto Capital Management - Investment Management DivisionHi all, Was wondering if anyone knew anything about Rialto, and their Investment Management team specifically. I know they're big in Miami, but does anyone know anything about the New York office? Interested in hearing about the experience, comp, exits, etc. Any info is helpful!...
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XIRR vs Effective Rate IRRAny thoughts/preferences on using the XIRR function vs Effective Rate IRR when modeling development projects? Both account more time value - is one more accurate than another?...
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Modeling returns for GP investors who aren't the development groupAs a buyside analyst I normally see JV deals from the LP investor angle, but now as a favor for a developer friend I'm trying to model a deal in which the GP sponsor's 10% equity will be comprised of a bunch of smaller investors. This will be a JV deal with a promote, so what's the most straightforw...
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Israeli Bond OfferingsSo a few of the sponsors in my portfolio of loans have been doing Israeli Bond Offerings the past several years to raise capital for development projects at really low interest rates. Is anyone familiar with this? Just curious why Israeli investors are taking on this much risk, other than diversific...

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