Silver BananaTopicReplies
+9
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...
4
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...
+1
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...
3
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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...
8
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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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...
2
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...
+1
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!...
1
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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!...
5
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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. ...
1
+7
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!...
1
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...
+4
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...
19
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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!...
3
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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...
3
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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. ...
1
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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...
1
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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...
15
+5
Value wordsWhat words do you use to describe an asset whose value is high or low? Rich, aggressive, overvalued, undervalued, cheap, etc. ...
17
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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...
9
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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....
7
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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 ...
1
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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...
4
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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...
0
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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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+7
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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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...
2
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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?...
6
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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?...
3
+6
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...
5
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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? ...
1
+2
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....
3
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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 ...
6
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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...
7
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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?...
1
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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? ...
2
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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...
2
+4
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 ...
7
+1
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...
1
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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...
4
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...
+2
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...
3
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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...
4
+1
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...
7
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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 ...
8
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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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Credit Analyst - Commercial Real EstateI just interviewed with a bank for a Credit Analyst - Commercial Real Estate Internship. The responsibilities include analyzing portfolio credit quality, analyzing financial data, and managing assigned relationships and portfolio. It sounds like an interesting role, but I am not sure what the exit o...
6
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Senior/Student Housing REPEI just took a new job at a boutique private equity shop with a fresh allocation to invest in primarily senior and student housing all over the US. I am moving from the investment sales side supporting multifamily. My new job will be a mix of modeling, due diligence, and asset management. Will be in...
1
0
Final round Blackstone Real Estate and BREDSHey all, Does anyone have any input on the final round at Blackstone? Passed first and second round and know I'll be meeting seniors in the last round and sit down for a maths test. 2nd round was several interviews in a row, all mix of technical, brain teasers and fit questions. Will seniors still...
11
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NYC Commercial Rent ControlAnyone following the “Small Business Jobs Survival Act" (Intro 737)? Followed the discussion a bit in the spring. Supposedly the city has no legal power to enact the it, but news outlets are picking up the reporting this week. Proposed law would apply to all commercial leases and require all com...
1
+4
RE Banking (Wells/PNC) vs. Intermediary (HFF)Hey guys, I'm a senior at a large SoCal school who's been interviewing at both Wells Fargo and PNC as well as HFF. I know I want to work in real estate but I'm not exactly sure which area to go into. I just wanted to get some opinions from people on this forum regarding the benefits and drawback...
11
+7
10YR Treasury is above 3.15% today....Today the 10YR started at 3.08% After Lunch it has jumped up to 3.17%, this is drastically hurting anyone who was looking to get a loan today. We've had some borrowers opt to put deals on hold this afternoon already just to see if it goes lower. I work in production for a DUS lender. Das ist nich...
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How to gage the reputation of a Private Debt Shop?Hey WSO, I am an undergrad senior at a top 20 school seeking a real estate finance position and have recently made a connection with someone at a real estate debt shop with a dozen closed-end funds. The most recent one raised ~800 million. This is a potential first job opportunity for me. However, ...
8
Bradford Allen Realty Services - Review - Real EstateGood place to learn the industry in terms of office CRE. Office is nice and a younger culture was a plus.. A lot of turnover. More so at the junior level. CRE is pretty cut throat but it seemed most weight was given to senior guys even given the training/mentorship they provided....
+2
Secondary Market for Crowdfunded Equity?Not sure if this has been discussed on the board before, I have found a few articles online but nothing specific to real estate crowdfunded equity deals. If anyone here has invested in or reviewing the docs, given the intrinsic illiquid nature of the investment, could share of a deal be traded/sold...
6
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What is LLW?This is not the greatest question - but just started in real estate and need to know this term. What does LLW mean? I feel like it relates to Free Rent given the context I'm seeing it in, but I could be wrong. ...
4
+3
Real Estate Technology Bubble?As many of us have read in the headlines recently, there have been multiple multi-billion real estate technology companies funded by SoftBank's Vision Fund. Recent funding rounds include WeWork, OYO Rooms, Katerra, Opendoor, Compass, and several others. I personally have a difficult time grappling w...
7
+1
Rural Development and LIHTCWe're valuing a rural development portfolio for one of our clients, and I was wondering from you guys who are in LIHTC shops on here how you make sense of these deals if the QAP has a high hard costs per unit threshold. Is there a way to negotiate this down? In the state we're valuing the portfolio ...
4
CBRE - Review - Real EstateGreat deal flow and exposure. Offices are in a great location. Opportunity to work with people from different backgrounds: surveyors, bankers and accountants. . Below market comp. Very top heavy in some departments. However, generally a good firm to work for....
+2
Debt Analyst PreparationHey everyone, At one of the universities I go to, some of the major companies are having a CRE Finance Career Fair. Two big brokerages (CBRE and HFF) are going to be there. Both have Debt Analyst positions open (CBRE calls it Production Analyst if I'm not mistaken, HFF calls it Debt Analyst). I ha...
5
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Simple Advice For BrokersLittle bit of advice to land brokers from a developer. I get that you are ultimately trying to get the best value for client, but try to be somewhat reasonable with regards to future use, pricing, etc. A young guy who has been trying to get us a deal just pitched a Class B workforce garden MF develo...
1
INVESCO Asset Management - Review - Real EstateGreat exposure to the company Got to sit on any meeting (Investment Committee, Screening Committee, Fund Meetings) Got to go to lunch with lenders to discuss unsecured debt options. Sometimes I had a lot of downtime. I wish that I was kept busier and had a heavier workload. My projects focused more ...
+2
Learning Programming and Real Estate?I've recently been entertaining the idea of learning some software programming languages like SQL, Python, etc. Nothing too crazy and not trying to go work for apple or a huge tech company. I am just wondering if going back and maybe completing another bachelor's degree in Comp Sci or completing a...
9
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DB RREEF - Whats New?Does anyone know where RREEF stands these days? Pre-crisis these guys crushed but I don't hear the name as often as I once did and looks like DB Asset Management is going through some sort of rebranding/restructuing. What have you been hearing WSO?...
12
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Exit OpportuntiesIm currently thinking about working as a Commercial Real Estate Mortgage Originator and wanted to know what some of the exit opportunities are...
6
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RE M&A / Advisory Interview QuestionsMonkeys, I'd like to pursue a summer analyst opportunity within RE M&A / Strategic Advisory. What are some potential interview questions that I can expect? Are they more aligned with IB M&A questions from the guide? Any resources you would recommend? Thanks a million!...
1
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walker and dunlopHad a friend tell me they only pay around 45k for first year underwriting analyst in DC area. Can anyone confirm this? Seems pretty low considering even if they gave a 20% bonus all-in would be under 55k. Seems a little low for such a high cost of living area doesn't it or am I being short sighted. ...
23
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Centerbridge AnalystHi all, I know Centerbridge recently raised a real estate dedicated fund and I was wondering if anyone knew any details on it - are they a PE fund primarily for hard asset companies, or are they mostly buying individual real estate assets and debt? Where do they rank for learning/prestige/pay among...
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