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| +8 | Why do the most prestigious RE firms focus on huge, class-A buildings in top markets? BeaconStreet This is something that has puzzled me as I’ve moved from the AEC side of the business to the finance side. There is a group of elite, prestigious RE companies. They tend to hire from target schools, and many of the posters here would like to work for them. You know their names: Hines,... | 33 |
| +7 | Real Estate Mezzanine Debt - Cause for Concern? FutureCEO3 Throughout my discussions with investment and financing professionals within the real estate industry, we have reached the stage of the cycle where most seem convinced we still have “room to run”. The most common reasons and rationale I hear about why a downturn is not imminent is... | 12 |
| +7 | We might be at the bottom in Multifamily (MF) PacNumber It was just a few months ago when treasuries were at 3.25% and it appeared that 6% interest rates were a year away...5 caps in major markets appeared to be upon us. Then it didn't happen. Since I got in the business in 1995 one thing has remained true, we never raise rates to previous... | 37 |
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| Recently Active Topics | Replies |
| +1 | Baupost Internship Interview tranche Hey guys, I have an interview coming up with Baupost for a private investment valuation internship and was wondering if anyone had any advice or insight as to what to expect? Thanks.... | 1 |
| +2 | Development Analyst Interview for previous Acquisitions Analyst ohhaimark Long 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... | 4 |
| +1 | Single-Family Development Project Modeling dfwdcf I'm an intern (graduating in May) at a small Dallas real estate investment fund with mostly industrial, multifamily, and mixed-use under our belt right now, which have all primarily been modeled through ARGUS. All the modeling for the upcoming single-family thus far has just been done on Excel and w... | 3 |
| +1 | Parking Garage Valuation CRE Bison Junkie I am trying to determine the value of a parking garage in NYC that is below a property I have been asked to underwrite a loan on. I was wondering if anyone was familiar with key parking garage metrics as well as a source for finding comp garages and rates. I tried searching around the forum but wa... | 1 |
| +5 | MRED/MSRED Questions ReDev-482 I'm currently working in real estate development at an associate level with a non-business background and am planning to apply to masters in real estate programs with the goals of broadening my understanding of real estate development (interested in shifting from a single asset class to mixed-use), ... | 11 |
| +3 | Residential real estate investing books? hedgehog9 Hey all, I'm getting interested in doing some residential real estate investing on the side, and was hoping you guys had some book suggestions. I've read through a bunch of the threads for broader real estate investing (commercial, REPE at scale, etc.) but I was hoping to get something for specifica... | 8 |
| +4 | Affordable Housing Development - LIHTC - 4% Bond Financial Model REValuation Anyone active on the GP/LP side of affordable housing? If you have funded or developed any of these deals, please feel free to share your experience or thoughts on profitability, risk, or unique structures. I figure it's a long shot but I am trying to get my hands a 4% LIHTC Bond financial model. A... | 21 |
| +1 | ASK FOR MS degree recommend！！！ 105207225 HI ! I am now an undergraduate students in Taiwan, and do want to apply a MS degree next year, bit still have no idea where can i apply...... BUT, FIRST, i worried that without any working experience, it will be quite impossible to apply a MS in UK or USA(someone told me that), is that truth? SECO... | 1 |
| +1 | GID RE BUCRE New to WSO, Upcoming analyst interview with GID RE Investments. Just wondering if anyone has any experience working for/with them. Specifically in their Boston office. Background: 2 YR Internship with Large Northeast Brokerage Firm, (JLL, CB, NKF, CW). Graduating May 2019. Cheers... | 1 |
| +2 | buying a rental property with a friend - how to structure? bortz911 I know this isn't a high-finance/commercial real estate question, but a friend of mine has a little bit of money and wants to buy a small rental property (a house), and he wants to do it with me. He knows I have hardly any money to bring to the table, but it'd still be a fun learning experience to ... | 102 |
| +1 | Points you should know for property management in Edinburgh: lettingumega When making the decision to select your property manager you must consider: • Find out how much the property manger know and understand the market. • The expert letting agents must deliver a flexible service determined by your need and requirement. • Also ask them for, where they going to be ... | 1 |
| +2 | Extremely unhappy at my current job. Feel Stuck triplen3t Hey everyone- I don't really have a mentor in the industry and so you guys are really all I've got to go to for this. I am extremely unhappy with my job. To give you guys some background, I work for a smaller development shop in a secondary market and handle leasing and development responsibiliti... | 19 |
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| +1 | AllianceBernstein Debt Team CRE Sparky Anyone familiar with their debt group in NYC? I understand they do senior on mostly office and hospitality with some transitional work. They are on their third fund and a relatively new. I believe they started in 2013? Looking for any insight on the group. Thanks!... | 1 |
| +7 | What kind of returns are LPs targeting in opportunistic funds these days? basementflat02 For those of you who are LP's, what kind of IRR's are you looking for? What would you actually expect to get in say a ground-up hotel property?... | 41 |
| +6 | Will RE firms cover or help to subsidize your travel expense for interviews? IRRturbo74 What's your experience interviewing with firms out of town? I found a role through a recruitment agency but its not in my area. I'd need to move several hours away to be at this job. So far the recruiter has pushed my resume/info to the firm and they've shown interest in me and want me to fly out on... | 27 |
| +1 | NYC Mortgage Brokers - Bridge Lending/Hard Money futureREmogul To my NYC folks on here, What mortgage brokerages in NYC are active working with bridge lenders/hard money in the middle market space (think 1mm-10mm)? Thanks!... | 1 |
| +1 | Interest in Columbia MSRED CREguy Hi all - I am interested in applying to Columbia's MSRED program during the 2019-2020 application cycle. There seems to be limited GMAT/GPA stats online for the program, for example it says on Adventures in CRE that average GPA is probably in the low/mid threes and I feel like it would be higher th... | 5 |
| +3 | Thoughts on getting into real estate development with an urban planning degree? axre12 I just got into an ivy league urban planning masters program, focusing in public-private partnerships. My goal is to get into real estate development, starting in acquisitions in a national firm and eventually become a developer. As for my background, I have only had real estate experiences with sma... | 6 |
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| +1 | RE PE Acquisitions dsc10801 Hey all, Was just wondering if anyone knew of any primers on RE PE Acquisitions or of any guides that go in depth about technicals for interviews. Thanks... | 3 |
| +1 | Fair % in GP to ask for for fundraising? basementflat02 So I'm partnering with a development company to raise capital for their new projects. I am thinking to ask for around 15-20% of the sponsor promote as my end. I think this is fair, given the amount of work I am doing to bring the capital to bear, and because of the value of that capital. For proo... | 1 |
| +2 | Leaving firm to fly solo Hgoldfein Hey everyone, I am in a bit of a bind. In short I am with my current investement sales firm for 6 months and I have not had any good progress so I have made the decision after 5 years in the business to fly solo. The issue I have is that I am fully licensed and ready to go but the president of th... | 14 |
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| +2 | What kind of deliverables do commercial debt brokers need? Ronclue I have an interview coming up in a few days for a junior analyst type position working under a debt broker (hotels, senior homes, multifamily, land). Do debt brokers create any CIMs/OMs? Any powerpoint slides? How deep do they financially model? I've heard that the modelling they do is very basic.... | 9 |
| +2 | Originations at a Hard Money Lender / non-recourse lender JJP1234 Anyone have experience working for some of the larger non-recourse commercial real estate lenders? Specifically, those that focus on $2-20 million. Evaluating an offer. Newly raised $300mm fund. How did it go? As a follow up, what would be a competitor compensation structure / salary / commission ... | 8 |
| +8 | Investment Sales Vs. Debt/Equity Brokerage futureREmogul I am currently deciding whether to go into investment sales vs. being a debt/equity broker. If you could be as specific as you can, what are the differences between the two. Comp., time it takes to break out, exit opportunities, what are some companies to start for NYC (except the big ones), or anyt... | 18 |
| +4 | How do CRE data companies (CoStar, Yardi, Axio, etc) collect their data? The_RE_Dude As a debt professional, I'm sure I share common grievances among others here with having to rely on real estate data that often is not entirely accurate. My experience with "CRE Data Providers" is typically through CoStar, Axio, REIS, and the other common ones. My experience is also obtaining rental... | 14 |
| 0 | Real Estate Developers in Kolkata greenfieldcity Hi All, I am here to discuss about real estate developers, property, flats and houses in kolkata and many more.... | 3 |
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| +2 | Advice on factoring in development and asset management fees... basementflat02 So I'm negotiating with a big hedge fund on a potential RE investment in a GP I am representing. The potential LP is very aggressive and wants a 10% pref, 80/20 to 20%, 70/30 to 25%, 65/35 there-after. They want control on the investment decisions, they want payments to be paid back first, and for... | 6 |
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| +1 | Financial Analyst Test dax12345 I am interviewing with the financial consulting group at a JLL/C&W/CBRE type firm and was told that I would be taking a written test on general finance and real estate topics. I am assuming this wouldn't involve building a model but was interested to know if anyone has any past experience or idea o... | 1 |
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| +1 | JLL Analyst Excel Test ET50 Hey All, I have an interview coming up with JLL's Hotels division & they require a financial modelling test to be completed - one that's focused on several areas of testing but not case study based. I've only had experience modelling general CRE investments but I'm assuming its constructing a cash ... | 2 |
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| +4 | Rental properties vs. REITs yayaa Hello everyone, Without having a biased opinion, let's discuss owning property versus owning stocks in a REIT. I would like to hear the pros and cons of buying real estate directly (rentals), versus buying shares in a Vanguard REIT for example which are returning approx. 12% since inception. If... | 8 |
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| +1 | Bridge33 OrangeDoll Anyone on the West Coast here have any insight into Bridge33 out of Las Vegas/Seattle. They've been avtively buying shopping centers and now office around the country. ... | 2 |
| +1 | The Brooksville Company NYYCRE NYC based firm specializing in multi family..anyone know anything about them? (mainly reputation/culture)... | 4 |
| +3 | Morgan Stanley Real Estate Investing (MSREI) ConfusedRE Anyone have experience with modeling tests for analyst/associate position here? They mentioned it would take 4-5 hours in total. Not sure what that would entail.... | 21 |
| +4 | Burning out hard assets I know there are lots of people here who work 12+ hour days, so i'd be curious to know how people manage their careers over time. I recognize some of you might be fresh out of UG, but for those of you who are closer to your late 20s/early 30s or older, how have you been managing working long hours ... | 16 |
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| +1 | Goldman Sachs RMD Dallas jtc_CRE I've seen a few threads on this but nothing recent. I have an upcoming interview for an analyst position with a group in the RMD division in Dallas and was wondering if anyone had any insights. This would be an offseason hire but for a junior analyst. Does anyone know the process? The first one is ... | 1 |
| +1 | Chance to move from RE to Internal M&A - confused drjones Hi guys Quick explanation. After my master degree I got a finance job at a small start-up, was borring back-office but had a hard time finding something nice as my grades/experience wasn't that nice. Wanted to break in to something more nice/prestigious as IB, corporate finance etc. to build a nice... | 2 |
| +1 | Foundation Capital Partners - NYC Ralph_Lauren002 Does anyone know of the reputation of this firm? Website is minimal, but states they work on opportunistic deals through their vehicles of distressed, special situations, and disruptive. Curious if anyone has worked with them or interacted with them and has any insight to share. If so, would love t... | 1 |
| +2 | Dallas REPE - Value-Add/Opportunistic Shops Analystinquiry I would like to make my way back to Texas in the next few years and currently wondering what large REPE firms have strong offices in Dallas? From my precursory research it looks like there is a lot of Asset Management presence, but having trouble determining who has acquisition roles in the area th... | 6 |
| +1 | Interview at Small Retail Real Estate Advisory Company KingCRE I have an interview coming up with a small real estate advisory firm for an analyst position. 1-2 years experience. I know there have been a lot of discussions on this forum, but I have yet to find one talk about small firms. (I have only approached with a 30,000 ft. view). I do not have any experi... | 1 |
| +2 | Working for a hard money / bridge lender JJP1234 Wanted to see if anyone has experience working at a hard money / bridge lender. I am evaluating an offer and would appreciate any insight. In general, they have a $300mm fund and complete non-recourse 2% origination fee 10% interest loans nationwide. What is it like to work in this space? Can you... | 7 |
| +2 | Multifamily Construction Cost pvsanalysis I recently started working with a development company and I feel like my boss doesn’t have a clue when it comes to construction cost. He’s getting bids on 3 story walk up deals at $175k/unit which just doesn’t seem right to me. Every time we get an estimate from a GC I feel like we are getting... | 11 |
| +17 | Let's Talk Recession Risks in Real Estate TXRE33 Have seen a couple posts on here about fear of recession. Wanted to get some of you guys' thoughts on the greatest signs of foreboding in our industry. Obviously interest risks and sky-high prices in construction and assets can be worrisome, but I wanted to see what other major / minor indicators yo... | 58 |
| +1 | Sample financial modelling tests? greenlander1 Hi All, I am teaching a few of my analysts basic RE modeling (I am far from a modeling wizard and joke that I am a bit of caveman but know enough to get by) with the end goal of being able to successfully pass a test like those a lot of analysts take as part of the interview. If anyone has any s... | 1 |
| +1 | Analyst for Bridge Lender PH Kid I've been numerous debt funds/bridge lenders offering 2-3 year money for transitional and value-add assets pop up within the last few years. Does anyone have experience as an analyst for groups originating these bridge deals? How were you sizing/underwriting your loans, what were typical loan terms,... | 1 |
| +2 | Senior Analyst Debt Fund Comp _Axelrod Currently in process with a firm regarding a senior analyst position at a opportunistic debt fund in a primary market. Fund manages ... | 8 |
| +7 | Having a terrible experience 2 months into the job. What should I do?.. razir110 Hi all. I started my REAM investment analyst job at a 50-people AM firm in Europe some 2 months ago and I just hate it. During the recruitment I was given the impression that I would be learning fin modelling, taking part in calls etc. All I do is meaningless crap tasks such as searching for data... | 34 |
| +1 | Preparing for HireVue interview Cali-CRE Any advice on how to stand out during these hirevue interviews? I had one last year with a major brokerage group (C&W, CBRE, Colliers) but did not get a return in-person interview. I have another one coming up with the same firm and need some advice. ANY and all help/recommendations would be greatly... | 1 |
| +8 | CIM Group - Reputation and Culture REITDev Hey WSO - long time lurker, first time poster here. I'm wondering if anyone has some good insight on the CIM Group's development team, culture, and reputation. They are hiring at both the analyst and associate level and on paper I'm a good fit, but it's hard to get a good sense for how they do bus... | 28 |
| +1 | CMBS Originations vs. Capital Markets Tego987 I was wondering if anyone could speak to the CMBS Originations vs. CMBS Capital Markets teams at top BBs (GS, JPM, Citi, CS, etc). It is my understanding that the Originations team does more of the diligence and evaluation of the properties to include in securitization while Capital Markets is taske... | 5 |
| +1 | Underwriting Transition from Construction Loan to Permanent Loan The_Muffin_Man When you are underwriting a development deal, lets say mixed use ground up, how would you underwrite the transition to your permanent debt? Do you immediately lever the project with a permanent loan when you hit stabilization and take the proceeds (since a stabilized permanent loan usually much high... | 1 |
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| +2 | NYU MSRE vs Fordham MSRE* Thoughts NYCCOnnect I was recently accepted in NYU (42 credits) but considering Fordham (36 credits) due to the credit and tuition difference of $20,000. My goals are to network and transition from Property Manager to Finance. I am interested in reading some thoughts and opinions on the subject.... | 6 |
| +1 | How do you know what companies/teams/individuals are the "best" in the market CodyParkey I've ran into a lot of comments on here where someone is asking should they work for Company X vs Company Z and the response is always that it's "market" or "team" dependent. As a college student trying to expand my network, how do I know the reputation or deal flow of a certain team/individual? Is ... | 2 |
| +6 | PE mega funds with real estate focused fund rrefinn Which megafunds have real estate groups? What are some of the best real estate focused groups among these megafunds?... | 26 |
| +1 | Trade REFM Levels 1-3 for BIWS Real Estate trevante1337 Hi, I have REFM Levels 1-3 and I am looking to swap it with any one who has a BIWS real estate modeling course. Let me know if you’re up for it.... | 1 |
| 0 | Real Estate Newbie nazimashogbon I am really interested in Real Estate and want to get into it the right way, with the right netwrks and right help but idk where to start from. I know nothing and was to become a guru.... | 1 |
| +6 | CoStar is blowing it PacNumber I think CoStar offers a very unique, hands on service. This thread is more about their handling of Loopnet. CoStar is hell bent on getting rid of the #1 CRE site in the country and calling it CoStar for some reason I will not understand. Grandmas, students and all walks of life now know the name... | 32 |
| +2 | Valuation Analyst | Valuation & Advisory JLL vs Cushman CRETxn I have offers from JLL and Cushman for a valuation analyst role, in the Midwest. All equal what is the better firm to work at and why?... | 7 |
| +2 | 1031 Exchange information and resources mattventura Hi, I am new here. I have been looking into new investment opportunities. I really like the tax benefits of 1031 exchanges but I need to do some more reading / research to see what kind of return I will be looking at. Does anyone have any recommendations on where I can read more about 1031's? M... | 10 |
| +1 | Equity vs Debt Compensation CaptainCapRate In terms of Compensation at around the 5 to 10 years in mark, how much greater is the compensation at equity firms than it is at debt funds/BB banks? Only really talking about the top places for both in NY... | 2 |
| +1 | How to address request for hard deposit egold70 Ground up development project, developer purchased land several years ago, re-entitled and wants to sell the deal to a new venture (staying in as the 5% GP) to actually build it out. Developer is getting a nice mark up on the land value and cashing most of it out at closing. They have been consist... | 4 |
| +7 | Math behind pricing a CMBS loan dee91091444 Hi guys, I have been working on sizing loans. While I work on comps, cash flows, pre lim underwriting, I dont get to work on structuring/pricing a loan. So, I am trying to learn how CMBS loans get priced. We have a break even spread in our model. Right now, its 180-185 bps for a lot of my loans ... | 25 |
| +1 | Insight on Ventas? CRE1234567 Hi everyone - does anyone have info/insight on the healthcare REIT Ventas based in Chicago? Looks like they focus on MOBs, seniors housing, some hospitals, etc. and appear well regarded in the space. Any info on comp, culture, hours, etc. would be helpful. Much appreciated!... | 3 |
| +5 | Calling All Idealists in CRE Mandelbaum_Mandelbaum Not to get too sappy, but as I ponder my next career move, I think about how much value I've gotten over the past 2-3 years from this forum. Between the exposure to daily banter between some very knowledgeable monkeys, somebody sending me an excel test prior to the final round of an interview, as we... | 7 |
| +1 | shopping center frame zacksc11 Most of my assets are hotel/MF, but we're looking at a value add shopping center (strip mall 14k NLA sq ft) and reviewing the asset, the structural walls are concrete with interior steel columns. Given this is a single story building, I was wondering are concrete walls standard with shopping center... | 1 |
| +2 | Which should have the highest IRR: Office Building, Multifamily apartments, or retail shopping center? Why? Lomb I've gotten this one in a few interviews and because of my limited real estate experience I think I have been getting it off. Last time I said highest would be shopping center (22%-25% IRR)because you dictate the tenant mix which will help your clients want to resign. Also because you can charge som... | 29 |
| +23 | AMA: 2nd Year REPE Associate MonkeyWrench Wanted to do this since I have recently seen a trend of more CRE posts in general, and quite a few about REPE specifically. Brief background: -Not really sure if there's such a thing as a 'target' tranche for CRE/REPE in undergraduate schools, but I went to what would probably be grouped as a semi... | 75 |
| +1 | Real Estate Finance troy1 Hello. I work in Corporate Finance and have missed opportunities to be in the real estate sector. Every time I try now I seem to go back 10 steps. Anyone worked in Real Estate investing and Corporate Finance? How do I get involved now? Is it too late?... | 1 |
| +2 | Altus Group Consulting? Forex Swings What are everyone's thoughts on the Altus Groups consulting department. Is the work mainly appraisals or is advisory and actual consulting a decent portion of their service revenue? How are they regarded for exit opps? Any advice is appreciated.... | 7 |
| +17 | Ask Me Anything: REPE Investment Professional re1098 Mod Note (Andy) - as the year comes to an end we're reposting the top AMA's from 2015, this one was originally posted 1/6/2015. Hi Guys, I've noticed there's been a lot of unanswered questions about REPE on the forums lately. Given that WSO has provided a great deal of valuable information and ins... | 194 |
| +1 | Insight on Blackstone RE BPP? cck1234 Will have first round interview as a lateral hire with BX RE BPP -- looking for some details on any deals, recent developments, investors, etc. Any insight would be appreciated! ... | 1 |
| +3 | Corporate Real Estate/ Development willydale Hey all, Would love to hear of personal experiences or insights on the corporate real estate side of things. How does comp compare to the other sectors of real estate? Note: by corporate real estate I am referring to positions such as "Director of Real Estate for Taco Bell"... | 5 |
| +2 | Looks Like World Class Capital Group is at it again...in Los Angeles. The Duke of Wall Street Link-> https://therealdeal.com/la/2019/02/08/self-storage-development-secures-30m-construction-loan/... | 2 |
| +5 | Best place to include asset management fee in proforma? CrusaderCapital Long time lurker here. Currently enrolled in a MSRE program looking to make a career switch. Been helping out with the modeling on a few deals. Just curious where it is most appropriate to include an annual broker-dealer fee (1.5% of initial equity) in the proforma cash flows? Would you include it b... | 22 |
| +11 | PTO in RE REPESailor2020 What is your PTO in RE? Example of my situation: Position: Analyst Field: Development PTO: 10 days If you have any other interesting set up, like unlimited non-paid time off, let us know. If there are any other interesting perks you have, that would be cool too. ... | 55 |
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| +3 | Best paying real estate jobs? Madman33 I am graduating college and am seeking a position in commercial real estate in Chicago. I am trying to gain a better feel on the highest paying positions in this field and what areas are the most lucrative to get in to: Commercial brokerage RE IB REPE RE Development I am also seeking advice on ... | 82 |
| +28 | Becoming a Principal futureREmogul For many of us who are still younger on this page, it is an intended goal to become a principal. As I think it would be very helpful, for those who are principals (on the younger side): * How did you get to where you are now? * What route did you take career-wise? * What obstacles did you ove... | 35 |
| +1 | RFP Retail Multi-Tenant Ground Up Model Datalayers Hi Everyone, I work for a PE firm in Austin that is active in the hospitality, self storage and MF space. I need assistance in modeling a small retail development in a tertiary market outside of Dallas. Here is a previous project I worked on but lost the land before I could bring the deal togethe... | 1 |
| +3 | CA Ventures (Chi) Mandelbaum_Mandelbaum Hello all- Does anyone have any insight into the Chicago-based REPE firm CA Ventures? Culture, comp, growth opps, etc. Seems like they have grown a ton over the last couple years and are big in SH. Any insight at all would be appreciated! ... | 9 |
| 0 | CRE Internship Interview finance0115 Hi everyone. I'm a sophomore finance major and I'm currently interviewing at one of the largest privately owned CRE firms for an intern position. Competing for these spots against Juniors/Seniors seems like the largest obstacle and further, from a non target school. Any advice to offer in terms of f... | 3 |
| +1 | GAIA Real Estate adg15 Does anyone know anything about this firm? Saw a couple of postings online in the last few months. If anyone could speak to culture/reputation/hours that would be great. There are a couple of pretty bad reviews on Glassdoor but at least one was very old so I’m not sure what to make of that. Thanks... | 5 |