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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,...

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+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...

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+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...

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+1
Job responsibilities and growth in CRE Capital Markets?

wd1040

I'm currently getting my MBA and looking for an internship in CRE because I used to trade residential mortgages at one of the GSEs. I've gained traction especially with people on the capital markets side. Can someone tell me how the career path is in capital markets? From my understanding now, it'...

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+30
Amazon HQ2 Location

JBUCHAN

Alright folks, let's have everyone's best guess (or inside knowledge) of what city the new Amazon HQ2 will be located. I am going with Denver and Colorado Springs. The culture is really great Marijuana is legal Plenty of other large corporations have their HQ there The cost of living is much les...

143
+6
Is Real Estate "Asset Management" Considered Back Office?

HarvardBoy

Just curious as Blackstone recently came to campus to recruit for the role. I did my SA stint at a Big 3 bank and will be going the Corp PE route out of undergrad, but I was just curious how sought after Real Estate Asset Management roles are? It sounded relatively back-office, with an emphasis on...

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+1
Besyata Group

osw

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+3
Question regarding debt financing on 4% LIHTC

egold70

Wanted to make sure I understood from a high level. Let's say the project was put in service in 2005 initially. So 15 year compliance period is up next year, and the existing developer wants to reapply for a fresh batch of 4% credits and do another rehab next year. The property currently has a Fa...

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+6
Buying properties to sell/rent

mpat215

Anyone have any models they can share about this topic? Looking to buy properties for quick turnover or cash flow and need some models to see if they are worth the investment. Thank you kindly....

103
+1
How to find a property rental in Edinburgh, read * whether you're an outsider or from the same country

lettingumega

I am going to write information and plan here. As Edinburgh is a difficult place to move to. Searching the perfect property rental in Edinburgh isn’t easy. It may be a difficult, lengthy and stressful process. What you need to do is just choose the best property agent or team of professionals and ...

1
+7
MSRE(D) Applicants Fall 2018

Weybridge

I wanted to start a thread related to MSRE application for Fall 2018. I think it would be great if you guys could share where you have applied to and on what stage of the admission process you guys are currently in. Thanks! NYU / Admitted MIT / Waiting for response Cornell / Interviewed Columbia ...

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+23
Career Paths/Exit Opportunities

futureREmogul

I 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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+2
Prop Mgmt to Dev, have read it's not ideal path but can Dev's give insight

abc1324

Hi Everyone, So long term, in the next 10-15 years (just graduated) I want to have my own dev shop. I've read numerous forums on here and talked to others who recommend the analyst/broker, MSRED, dev route. Can some developers here share their thoughts on another path. I'm considering looking at pr...

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+1
Parking Conversion

bolo up

Lot of talk about autonomous vehicles (ride sharing, public transportation, regulation, etc) making parking garages obsolete. I have read about a number of projects where the developer is building out the garage in a way to accommodate conversion to a different use in the future. From a construction...

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+1
What do you think of this GP/LP structure?

GuyLafleur

Was at lunch with an investor today. Asked him about his usual Limited Partnership structure (in which he's always the GP) and this is what he said: Equity 100% LP/0% GP Pref to LPs - all cash flows until return of capital achieved Following LP return of capital, all FCF split 25% to GP, 75% split ...

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+1
Exit Opps?

Exchange11

Just wondering what my future exit opps are. Love where I am now, but obviously also want to make sure I'm planning well and staying on the right track. Out of school for 2 years now. During my senior year I interned doing asset management for a mid-size bridge lender and upon graduating was there ...

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+4
Altus Group

CREntrepreneur

Just a quick question, what is the general consensus regarding Altus Group's research, valuation, and appraisal department as an entry into CRE for recent undergraduates?...

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+18
Firms that have been “eternally” looking to fill a position….

Kurtis Blow

In honor of C.R.E. Shervin’s brilliant reply to the DLC Mgmt thread - www.wallstreetoasis.com/forums/dlc-management - I noticed through my years of browsing career websites, like Select Leaders or Indeed, that there is a significant amount of companies that are always marketing an “available...

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+1
How to enhance Real Estate Finance knowledge

rrefinn

What are the best ways to learn more about real estate and real estate finance -- for someone who is not currently working full time but plans to be in the near future...

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+1
RevPar International

babybaboon

Anybody work for or with RevPar International at all? Boutique-ish hospitality consulting firm offering advisory/consulting services. anywhere from feasibility, appraisals, due diligence, asset management etc. for developers/owners. Curious about the clout of the firm, comp, how they are viewed fro...

3
+2
LaSalle Investment Management

stev0026

How is LaSalle viewed in the REPE world? It was #21 in the last PERE Top 50 list and I can't find current info on this site. Curious as to how the community feels about the firm, and if anyone has any insights regarding culture, comp, work life, etc. please share. Thank y'all...

4
+3
What % of the equity are GPs putting into deals these days? Whats the minimum?

basementflat02

My buddy at a real estate IB said that around 10% is normal for GPs to be putting into deals, but I just wanted a sanity check on that. Would 5% be considered low for a new-build boutique hotel?...

11
+6
Is CBRE HR a dead end?

abc1324

Reached out to multiple brokers at CBRE. Two (in different cities) have offered to connect me with HR, as well as reach out to other brokers I can talk to. Is their HR a dead end? They've reached out in one city and asked for resume, cover letter, linkedin and see what openings they have. Please let...

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+7
Waterfall template attached

Post hoc ergo propter hoc

All - I've gotten a couple requests to sketch out/submit a waterfall model that handles various assumptions. Thus attached is a quick and back of envelope approach to a JV development deal. Blue font is input -- I tried to add comments that provide a more detailed explanation of the input and reas...

3
+2
MF Development Sponsor Due Diligence Checklist

Football2Finance

Anybody have any insight, or a checklist, for due diligence into a development sponsor they'd be willing to share? Our shop is looking for "the right questions to ask" when vetting a development sponsor (from the perspective of the JV equity). We're specifically MF, but I'm sure this vetting process...

2
+1
Thoughts on Attending 24th Annual REIT Symposium as a recent grad

abc1324

Thought's on attending NYU's real estate symposium. The lineup looks great, but for the cost ($625 right now, $725 tomorrow on) is it worth it to go. I graduated in December and was looking to go as a way to learn about more players in the industry and get in front of other people in the industry/ta...

1
+1
Current Junior at Liberal Arts College with Nonprofit Experience Who Wants to do Real Estate Investment Sales

axre12

Hi everyone, I'm concerned about breaking into the real estate investment sales and would really appreciate some insight from those in the industry. I am a junior at a prestigious liberal arts college majoring in Urban Studies. I didn't realize I wanted to do real estate until the second semester o...

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+1
Exit Opportunties from advisory role

rrefinn

What firms provide the best exit ops into PERE? How does a stop investment sales shop in nyc compare to RE IB in terms of cracking into the BX, Starwoods of the world...

2
+8
Is calling leads on the weekends beneficial?

jhamlin

I have been calling My leads on Mondays and Tuesdays and periodically throughout the weekdays for many years. I have been using the T-Max Predictive Dialer that works great by reducing all the ring time and just giving me live people.....but wondering if there might be potential on the weekends for...

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+1
Real Estate Waterfall Model

PH Kid

Could anyone PM a simple/straightforward equity waterfall model that I can study? Thanks in advance....

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+4
CrossHarbor Capital Partners: Analyst Experience, Reputation, Comp

remonkey1

Is anyone familiar with CrossHarbor? REPE shop based in Boston. Seems like a good firm. Trying to get a sense of their reputation, comp, exit opps. Let me know....

7
+2
University of Wisconsin-Madison adds MSRE Program

roc1719

FYI for anyone looking into MSRE. Wisconsin just added a one year MSRE program that starts this fall. Their undergrad real estate program is pretty well respected so this might be one of the better MSRE programs, especially if you want to work in Chicago/Minneapolis/Wisconsin...

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+5
How are people expanding their networks these days?

jhamlin

I am looking to expand my reach and what are we finding are the best methods to do that. And where are people finding you at?...

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+2
Rubenstein Partners Info

REstudent92

Does anybody have any info on working at Rubenstein Partners in Philly? From what I can tell they seem like a solid office REPE shop but also seems like a sweatshop as well....

8
+2
RE 3rd year junior salary negotiation

lactobif9lactobiff999

Hi all, I have recently received an offer from a RE asset management based in Asia. AUM and track record is pretty solid, the fund is quite active across the globe (not a tier-1 names like KKR, BX, etc.) I have not yet negotiated salary with the firm but what fair range should I be expecting? I ...

6
+1
Help needed for REPE Interview!

cck1234

11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111...

1
+5
World Class Capital Group?

CREInvestor

Anyone have any experience working at or working with World Class Capital Group either in Austin or NYC? I've been Googling a bit and read mixed reviews and not sure what they are all about....

58
+4
Holland Partner Group - Development Team

CRELA

Has anyone worked or known anyone who's worked on Holland Partner Group's development team? I'm choosing between them and another well known developer and would love to hear some insight. ...

6
+1
What name put on my previous internship ?

French Frog

Hi all ! I am currently updating my CV with my last experience and I'm dealing with a weird problem: I don't know what name to put this experience. Basically, I was in the so called "investment department" of a corporate real estate firm and my team was in charge of advising investors, mostly REI...

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+4
Having Trouble Accepting Heavy Commission Jobs....

JJP1234

Working in lending and earning a solid $200k+ stock for 45 hour weeks at an institutional shop. 3% raises. It is underwriting with very little upside to be an originator. My background is in sourcing and executing transactions within family offices. I hate being the background, and hate being treate...

8
+2
Hotel chain franchising model

Ruslan-G

Hi guys! First of all, thank you for interesting discussion that you post on this forum. I am reading it every week, during flights, and glad to participate. My question is: can anybody suggest books, persons or case models of hotel franchising. Our family owns small hotel, and I would like to...

8
+1
Amherst Holdings

dirtyharry

Curious if anyone knows anything them? I know they are in Austin and NYC. They raise large funds and focus a lot on residential housing market. Looking for info on comp, culture, etc. ...

1
+6
Fundrise: Raising Real Estate Capital Online - Thoughts?

Chinese RE Guy

I've known the crowdfunding firm Fundrise for a while now, but never really looked into it: https://fundrise.com/ Basically you go to their website, select a deal you like, and invest cash ($5,000 minimum), without physically meeting the sponsor/operator/developer. It's like buying stocks online bu...

51
+2
What software/apps do you use?

RE Dev

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...

78
+5
How to answer - “Why CFA?”

illini29

I know CFA is mainly for equity research and fixed income research roles, as it is heavily pushed in those fields, but what about other fields such as real estate? I know IBD isn’t crazy about it, but you can’t say it is irrelevant. My personal view, and I know some may disagree, is that it ...

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+19
How strong is Marcus & Millichap?

Upman

Since Marcus & Millichap is known to be competent at representing both the seller and the principle (correct me if I'm wrong), why is it not considered to be one of the top brokerages to work for as an Investment Sales associate? Is it because of the fact that they don't provide a base salary? If i...

41
+6
Acquisitions Analyst Compensation

futureREmogul

I am currently working at a small RE investment firm (me, my principal and a partner who technically runs his own development company). Nothing to complain about the work, seeing a lot of deal flow, learning a lot about the market and overseeing the management aspect on some of the portfolio. Righ...

29
+17
Careers During Economic Downturn

lf3871

Assuming a recession is coming in the next decade or so, which careers in real estate are the most vulnerable? I'll be entering the real world in the next few years and this might influence my career decisions coming out of undergrad...

52
+87
The Real Estate Job Hunt - How are people doing?

Pocket_Rockets

I'm curious to see how other WSOer's job search for CRE is going. Are people seeing a lot of success or struggling?...

432
+1
RE finance interview

owezty

I know there are many of these threads out there but I can't find any in a similar situation to mine... in my early undergrad yrs at a semi-target, I have an interview over skype with a large repe firm with at least 5 directors / analysts... wasn't told what I would be asked. what should I expect?...

3
+2
Baupost RE

swaggerisaliability

Anyone know anything about the RE group within Baupost? Wrt comp / hours / culture / strategy / reputation / AUM dedicated to RE? Have an informational interview with someone there this week, and want to get a baseline level of knowledge beforehand. Thanks...

11
+9
Making The Jump - Construction Manager to Development

Dumpster Fire Yuppie

Hi All, I'm coming from a fairly technical background with about 3 years of experience; 1.5 years at a major GC and 1.5 as a CM in CapX for a multifamily and healthcare developer. I'm curious about approximately what % of my work overlaps with most DM scopes would be. I've got a pretty strong pro...

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+1
Hey there, Hospitality Developers and Acquisitions Guys

TXRE33

Currently underway on a hospitality project in an urban location. I am about to submit our firm's request on the STR reports we are subscribing to throughout this development process. I wanted to inquire if any hospitality owners or developers had a preferred report(s) from STR. I understand that ...

4
+2
Capital Raising/Syndication/Fund

futureREmogul

Does anyone have any spare slideshows/powerpoints/excel sheets that would help to raise a fund? My company is starting to syndicate and is looking to start a fund. Would be very helpful! Thanks!...

6
+7
Promote Question

REstudent92

If a RE firm raises a fund from a group of investors and invests that money as GP alongside a larger LP, how does the RE firm itself typically get paid promote? I understand the basic promote for the GP/LP where the GP and LP are pari pasu up to a pref return and then the GP gets a bigger split of...

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+2
How much of the overall waterfall does a sponsor/GP generally earn in a typical deal?

basementflat02

At the end of the day, on a typical opportunistic fund returning 16%IRRs to the LP, how much of the cash flows does the GP generally earn on the promote? Obviously there is the asset management fee, and could be other fees, but I just want to know what is a typical breakdown of how much the GP take...

6
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+1
CBRE Summer Intern

badger2020

Had a first round interview at CBRE two weeks ago, felt it went well. Has anyone else heard back regarding offers and/or a second-round? This is for the Chicago office by the way. Thanks guys....

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+1
What Value Can a New College Graduate Add to a Boutique Firm or Growing Firm?

BuggedDeveloper

Heres the skinny on the situation. I want to get into development and I want to learn the business from top to bottom. I know a lot of the players in my area and I analyzed a couple Build&Develop models that are successful here and found one I think will be able to provide me with the best chance to...

1
+3
Palmer Capital

Merchant_of_Debt

Does anyone know anything about this group? What’s their deal? Looks like they push a lot of institutional quality office product in Northern California. I find it strange that of all places they’re based out of Roseville in the Sacramento MSA. ...

8
+11
Internal Transfer Offer Letter 1st Year Financial Analyst

javir77

I received an offer letter for a Financial Analyst position yesterday located in the company's corporate office. Currently I am working onsite as a leasing agent. The promotion would be an internal transfer which is rare considering I only have 1 year experience working onsite right out of college. ...

29
+3
General Conditions Rates

Parzival7

I am negotiating a GMAX contract with a GC and wanted to get some feedback if these rates make sense. This is for a $12M commercial project. I want to make sure that these are inline with industry standard. Project Manager about $13k/month BUILDING SUPERINTENDENT $14k/month ASSISTANT SUPERINTENDE...

7
+3
Advice for Upcoming Interview for JBG Smith - Acquisitions Role

lilboosie

Hi, has anyone done a super day with JBG Smith in an RE acquisitions role? Just like to know what I can expect in terms of the interviews. More specifically: 1.) What kind of stuff do they like to ask in the behavorial interviews? (I'd like to know what type of person they're looking for. 2.) I unde...

13
+2
JLL Office Meeting

abc1324

I have a meeting with an alumni who works at JLL. He wants to meet at his office. Anything I should know besides knowing my resume, how to articulate what I've done, what he does? There may be a possible position opening so would want to be ready for that, but don't know what position so guessing th...

10
+2
Are real estate Originations groups at top BBs considered "Investment Banking"?

Tego987

I've heard from a few individuals at top BBs in Originations of Structured products like CMBS, RMBS, and even ABS, that the work is much more "banking" than it is S&T. Would an Originations role qualift as IB, or would it be its own niche. Also, if anyone has any color on this, would an Originatio...

7
+4
Adventures in CRE Accelerator Program

MezcalAndMergers

Came across this Modeling program hosted by Adventures in CRE today and wanted to share. Have always been a fan of their models & videos so this seems like it could be a good deal, especially at the Initial Launching prices. [Accelerator](https://www.adventuresincre.com/accelerator/land-job/#prici...

8
+28
What cities will be the top places to live in the next 5-10 years?

greekmyth

It seems as though many people are fleeing California because of soaring rent increases, weak infrastructure/high traffic, high taxes, and lack of water. Where will the top places to live and develop real estate be in the next 5-10 years? It seems as if the best places would be business friendly, ...

137
+3
Ground-Up Redev Multi-Family Template

CREREPE

Does anybody have a ground-up redevelopment model for apartment rentals that's preferably entirely excel based (no Argus data dump sheets)? I was asked to build one with no multi-family experience, so anything would help! ...

6
+1
Pathway to Commercial Lender Question

tandrew

Not sure if there are any commercial lenders on this forum, but any advice is appreciated. I've been considering going the path of a commercial lender, my background is in CRE brokerage. A few banks I've talked to typically start people in a credit analyst position before moving to a commercial lend...

3
+2
Favourite UK/European Real Estate news sources/print publications/periodicals?

CRE_girl

Noticed there are quite a few US-oriented posts but not any (that I could find) focusing on UK/Europe. So as title suggests - any favourites with regards to getting your fix on real estate news in UK and Europe? Also interested in what people enjoy in terms of wider reading on finance/economics. I s...

8
+4
Are mid-sized developers getting squeezed out?

jayflip21

I met with a Senior VP (25+ years experience) at a development shop that focuses on some large institutional multifamily products, 250+ units per project in major US metros. All projects are ground up. developments. What was most interesting in my conversation with him was that he was mentioning pro...

9
+1
Greatest Distressed Real Estate Deals

SteelGun

Hey WSO, Interested to see what you guys think are the best distressed real estate deals in history are. What are some of the greatest / most creative / most interesting turn-arounds in real estate. One example off the top of my head is Blackstone's acquisition of the Cosmopolitan. Purchased for $1...

2
+3
Healthcare REIT interview

TheDebtStar

I have an interview with a REIT that buys up healthcare facilities (hospitals, medical office buildings, etc.) What interests me most I'd say is I feel like this is an unprecedented time in history. 10,000 people are turning 65 in the U.S. every single day. People are living longer. I feel like the ...

12
+5
Market or Food Hall Model

CRE

Does anyone have a model for or any experience with a market or food hall concept with leasing data including rent structures, common area, etc.?...

19
+2
CREFC CMBS E Primer

Forex Swings

Does anyone have access to PDF file or a link to the file for the E-Primer. The older links on previous threads a little dated. Thanks in advance!...

1
+1
Need Help Formulating RE Strategy

m_1

Looking for a bit of guidance/help with putting together a relatively basic strategy for my partners and I. Our idea is to park money in real estate and then leverage the real estate portfolio when we spot good opportunities to deploy our cash in the IS PE deals. As we all learned in Starcraft, it...

1
+3
Property Management to Development

Red banana Wagon

I am looking for help on how to go from property management to development. After graduation, I knew I wanted to work in CRE but I was not having any luck finding a job in my market so I worked in an unrelated field for less than a year. I then moved into my current position in property management h...

3
+4
Transaction Analyst at a REIT

Ronclue

The job description was more tailored towards due diligence than underwriting, but had 1 line about updating financial models for investments. The majority of the duties are making sure all the due diligence material is in order etc, with the financier, etc. Any thoughts about this type of posit...

6
+2
REFM Certification

brosephstalin

Has anyone taken the courses and gotten the certification? I was told by a few senior people that taking this would look great on the resume and would help me lateral into an underwriting analyst role, since I am in an entirely different industry at the moment. Any thoughts or comments on this? Any ...

31
+1
Movie Theater Investing

RobertMoses

Has anyone worked on a movie theater deal before? A portfolio landed on my desk and I am trying to determine how to attack. There is a master lease in place and seems to be an Opco/Propco situation akin to a Sears. ...

4
+5
Underwriting job sucks like mine or is my company just worse?

dinoRE

Im an underwriter for a GSE shop like Arbor, Hunt, Walker Dunlap, Greystone etc. Is it just my firm or are all GSE underwriting jobs like this... i get shitty properties around the country, class b and below, where i constantly have to go back and forth with the appraisers to try and make the deal ...

26
+2
Anybody here know of any lenders who finance industrial properties in CO that grows cannabis?

Brody92

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!...

11
+2
Infrastructure to developer

thepyrocart

I have 2 years of experience in one of the largest construction company in the world. I have spent the past two years doing project finance in regards to huge multi-billion dollar infrastructure which will be used ubiquitously throughout the country by everyone. I am 24 years old, with a somewhat la...

4
+2
Help with reviewing an LP equity investment in a ground-up development project

egold70

The project is a ground up multi deal located in an Opportunity Zone. Developer acquired 3 parcels circa 2016 before the Opp Zone came into existence. Developer paid $4MM in aggregate purchase price back in 2016, plus whatever additional costs and carry over the past 2-3 years. They have now ha...

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+1
Personal Guarantee from an LP?

basementflat02

Have you ever seen a scenario where a GP developer asked the LP to co-guarantee (50/50) the project loans? Would you ever, in any circumstance entertain that idea?...

4

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