Silver BananaTopicReplies
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Fund Rollup - Formula Based DistributionsI'm in the process of updating our fund level rollup model (7 assets currently). The current model requires manually inputting all property level distributions to the fund, which sum up to a fund level cash available bucket. The distributions at the fund level are another manual exercise. The justif...
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How much fraud is there in the historic tax credit business?I'm coming from a design background and transitioning into development. I've worked on historic tax credit projects on the design side, so I have some familiarity with the application process. It seems obvious that developers have a massive incentive to inflate their qualified rehab expenses in th...
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Can someone walk through how to evaluate a potential site for a 4% or 9% LIHTC deal?As title says, I am interested in how you would go about evaluating a site for low income tax credits. Both site and economic feasibility. Thanks...
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Real Estate Private Equity CaseHi there, is there anyone who knows what I can expect with a case in the PE RE sector? I watched some youtube tutorials and gained info about the waterfall analysis with a promote structure. My background is from a perspective of single tenant triple net leases. ...
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Marcus and Millichap Cold callingWhere do investment sales brokers go to find phone numbers for building owners at places like Marcus & Millichap? Anyone know?...
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Boutique REPE summer intern interview - what to expect?Hey guys, Got an interview coming up, the REPE fund invests up to 60m in RE deals and 25m in operating businesses per deal. They raise funds for each deal individually. What to expect? Its in a canadian secondary market Also any thoughts about interning at the REPE vs. big brokerage summer inter...
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Argus Enterprise (AE) CertificationI am currently taking the Argus Certification course using the e-learnings. Does anyone know how difficult the certification exam is? Has anyone taken the exam? I got through the material without much trouble but I would appreciate any insight/help I could get. I really would prefer not spendi...
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No outstanding connections, privilege, or Ivy league undergrad degree. How do I get started as a CRE analyst in San Francisco?I graduated from business school last year from a public university in West Texas. The business school's funding wasn't very impressive. This lead to very few internship opportunities that you needed to be immediately aware of as they became available. I am a first generation college graduate who's ...
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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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I got accepted to Columbia MSRED, USC MRED, and UC Berkeley MRED+D, where should I go?Hi All, I just accepted to USC, Columbia, and Berkeley Masters of Real Estate programs but I don't know where I should go. I live in San Francisco Bay Area (want to come back) was a designer who transitioned into RE development but since realized that I need more finance and a bigger picture under...
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Westbrook Partners General InfoHi folks. First ever post in the RE forum. Pardon my ignorance as I come from the buyouts world and know next to nothing about REPE. I’m looking to get more information on Westbrook Partners. Starting from scratch as there appears to be almost nothing available on the internet. I’m mostly lookin...
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EB 5 Lending vs CRE Bank LendingI was wondering if anyone could help me weigh the pros and cons of joining a smaller CRE firm that does Asset Management and Underwriting (mostly EB-5 lending and some development) vs. working as a CRE Banker/Underwriter at a larger Bank. What would be the differences in exit options & future opport...
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General Contractor/Construction Management - Contract TermsFor those of you who work for a developer and take on a project, what are some terms and conditions that is included in the contract with the GCs? Do you typically look for a GMP in order to have a set fee or Design Build? Also, why would you select a GC over a CM? Any pros/cons to both?...
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L+M Development Hi, I have an interview with L+M Development for an acquisitions role in its fund management team. Has anyone had an interview there? Thanks guys!...
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Acquisitions Analyst - Residential Real Estate AcquisitionsHello, I have a first round interview coming up with an asset management firm focused on single-family residential investments. The position title is Acquisitions Analyst. Was wondering if anyone could help with some questions I should expect and how to better prepare. Below is the job description....
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Real Estate Secondaries Can anyone please explain in depth what participating in a real estate secondary really is? I have been doing extensive research but have yet to get a clear picture in my head with examples what companies who start secondary funds do with their deployed capital. I would appreciate any insight. Tha...
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Multifamily Avg Days Vacant What have you guys been seeing on avg amount of days it takes to re-lease an apartment upon expiring leases? Lots of caveats but interested in the following... Avg days vacant with interior Reno (7-10k/unit) Avg days vacant with make ready turn only...
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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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Complex Deals You've Underwritten (debt or equity)I'd be curious for people to share complex deals they've worked on and how they went about the underwriting. Property Type: Market: Debt/Equity: What made it complicated/issues: How you went about underwriting it, getting past complexity: How is it performing/did it perform: What you learned/tips y...
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Does This Qualify As REPE: Open-Ended, Develop-to-Core Fund? The profile of the fund is as follows: *Open-ended fund *Core-Plus (60% Leverage) Acquisitions and Develop-to-Core Developments *Objective is to acquire/develop and hold properties basically forever *Dozens of different equity partners and institutional investors *Target markets are middle-income ...
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NYU MSRE vs Fordham MSRE* ThoughtsI 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....
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Why didn't more investors pounce on the Fontainebleau Las Vegas?When it went into foreclosure, it was bought by Icahn for cents on the dollar (150 million). Over 2 billion dollars was spent on improvements. Obviously, you're buying the property at a huge discount to replacement cost which is a great strategy that everyone speaks about doing. I know the risks t...
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Volunteer organizationsThe hope in creating this thread is to see if anyone here is involved with any RE volunteer organizations? Feel free to list the names/regions of any organizations you think are worthwhile below along with a quick description. ...
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JLPL industrial plot for sale in MohaliAre you looking for Industrial Plots in Mohali Sector-82 at reasonable prices? Then come to JLPL Industries and get industrial plots on your preferable place. For complete details of the property, specifications call us today: 988-815-0709....
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Argus Enterprise - New Model FormatsJust curious if anyone has reinvented the wheel/created models in conjunction with using the new AE software. Have any of you put together like a presentation model, or have you basically just been using the software as is? Especially curious with the brokerage firms out there. When I was on that...
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Owning a 6-12 unit on the sideThis may be a little specific, but following up on my earlier post re: owning RE as a side hustle (some great comments there by the way, so thank you RE pros) -- has anyone owned a 6-12 unit multifamily, or may be looking at one? Curious to hear about any and all experiences. ...
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2018 | Thinking about Acquisitions or Debt at this point in the cycleHow do you all view going into acquisitions at this point into the cycle or going into a private debt fund? Do you have reservations making a move? Or are you content going into either or if it's a big enough shop?...
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age question for MSRED candidacySo i was laid off recently from my job in financial services. I have zero experience in real estate, but am interested in development and was thinking of doing a career pivot. I am in my mid-30s and am concerned about job prospects once graduating from a program since I dont have any experience. ...
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What kind of money can you make in Real Estate? What are the best roles? REPE, Brokerage, REIT, etc. What kind of money can be made for example at a REPE fund or working for a developer? I want to know what to expect, how is compensation structured, what will it max out at? Etc. Ultimate goal REPE or developer, so if anyone has experience in those I’d love to hear. I am a senior in College....
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Owner/Operator vs PELooking for a better understanding of differences between the two. What is the difference between the two in terms of fund structure and business operations?...
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How to buy out a GP interest from a sh*tty operator?Long time voyeur on this website, but first time poster. Backstory: I am part of a satellite regional office which opened a few years ago, main office is on the opposite side of the country. Me and two other VP-level acquisitions people, and one senior partner who runs the office. We pitch ourse...
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Finance Associate at Cresa (Canada) Hey everyone, I've been interviewing for cre investment sales lately. interviewed at avison young for industrials however didn't get offer...didn't receive feedback however i believe they wanted someone local. does anyone know how i should prep for this? it's all behavioural for it at the moment b...
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IRR to Equity?I recently came across something that was asking for IRR to Equity. Basic logic tells me this would be IRR divided by equity invested but is that right? It seems strange to have a percentage divided by a generally large number. What would be the purpose of seeing that? If I am completely off on the ...
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Tenant Rep Horror StoriesCalling all brokers... I know we've all dealt with headache tenants at some point. From tenants that can't perform to ones that don't seem to have the mental capacity to tie their shoes to the ones that are downright disloyal. What are some situations you've found yourself in and how did you handle ...
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New York Life - Review - Real EstateGreat people and great culture. Only has weekend work when it needs to be done. Everyone is respectful of your time. . The pay could be higher. Otherwise, there is nothing bad about the company. I have been extremely happy with my time. ...
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CBRE - Review - Real EstateGreat amount deal exposure across all asset classes and geographies. High pedigree colleagues. Interesting environment to work in. . Comp structure at junior level is disappointing compared to other similar companies of this size who offer graduate schemes....
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Ackman-ZiffAny info? Thanks....
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Moving from Property Management to REPE/Asset ManagementHi All, I'm still relatively new to the site though I have been lurking for a bit. Through searching on the site I was unable to find some insights or if it is possible to move from commercial property management (office/industrial) to the Asset Management/REPE/acquisition side of the industry. Ba...
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MassMutual Financial Group - Interview - Real EstateHow have you excelled in school? While in retrospect, it seemed like an easy question, for 10 seconds or so, it caught me of guard. Are you more of a big picture or focus on the details kinda person? Any example that you can draw from? Can you recall a situation where yourself and your superior-...
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Clarion Partners - Interview - InvestmentsThe case study was probably the most challenging aspect. Case study is structured as if you are presenting to an investment committee. You are given a short (5 or 6 page) case and given 30 minutes to read and take notes. You are then expected to give a 30 minute presentation to a VP to give your ...
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Valuing LoansHi all, I could use some help here... What's the best way to mark CRE loans to market? This would be for fixed and floating rate loans. Senior, mezz, and preferred equity positions....
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WSO's Best Real Estate BooksPeople ask about the best real estate books to read on this forum almost daily and we're happy to toss Linneman and Bowman their way, as well as all of the terrific ULI books, but @Whats the Comp" today asked specifically about non-textbook reads and it got me thinking that we should build a list of...
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Why Does REPE Underperform?https://www.cambridgeassociates.com/benchmark/real-estate-2017-q3/ Real estate private equity has put up an annual return of 7.39% over the last 25 years vs. 10.95% for the NAREIT Equity Index. This is troubling because real estate private equity has put up subpar returns with a much higher risk pr...
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Do most life co's only lend on 10M plus loans? Any one that can lend on a 2M loan?Do most life insurance companies only lend on 10M plus loans? Any one that can lend on a 2M loan?.... ...
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CRE job ops DC/West CoastCurrently in DC metro area, seems like we’re almost at the peak of the cycle, so I expect down turn to come in the next year or so and no development shops will be hiring. I heard San Fran market is on fire, any thoughts on job opps out there?...
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Does Real Estate (property level) Acquisitions Experience Count for CFA designation?I am doing property level acquisitions (building acquisition models, taking part in all the due diligence, presenting deal investments to senior investment director, doing credit analysis on prospective tenants, etc), and am contemplating the CFA. I have read the hotly partisan discussions about it...
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How strong is Marcus & Millichap?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...
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Brookfield Asset Management - Review - Real EstateCompany is growing quickly and rasing some of the biggest funds in real estate private equity. So very good deal exposure and good corporate culture. Small enough team that you get exposure to several asset classes and deal structures.. Long hours when active deals happening. Relatively under paid c...
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Outlook for Toronto CRE job marketDoes anyone have any insights on the commercial real estate job market for potential grads? I'm a sophmore student in Toronto and am looking for some insights (into development, specifically)....
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NYU MSRE *Online Courses*Background info for context: I just graduated UG last May, I work for a Small REPE in a supporting fuction for the acquisition team. I am interested in getting a MSRE from NYU. It seems to be the most convenient program because of the part time feature, which will allow me to keep my job and atten...
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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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NYU Masters Real Estate vs. Non-Ivy MBAI'm currently considering attending NYU's MS in Real Estate program part-time but have noticed certain job descriptions for positions within certain CRE investmente firms prefer or sometimes require either an MBA or CFA (outside of some REPE, i noticed a job for Allstate that mentioned this requirem...
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What is compensation like on the debt side?I'm sure it can vary greatly, but anyone have some general figures? The CEL report focuses on the principal side, so I'm wondering what it is like if you are in commercial real estate lending....
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CRE Loans With RealAtomBelow you will find out more about who we are here at RealAtom and how we can secure the best loan possible for your upcoming commercial real estate properties. RealAtom is the first marketplace for commercial real estate financing. We have made obtaining a CRE loan easy and efficient by matching y...
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Greysteel - Review - SalesGood learning experience. Good to get CRE on resume in order to show interest in field. Company is a good place to learn.. Not given much to do other than basic databasing which can be boring. Maybe allow interns to interact more with properties and touring....
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Freelance real estate analystHey guys i am currently pursuing my MSRE at DePaul with no work experience but an internship experience at a boutique REPE firm in Chicago. I wanted if any real estate analysts have gone down the freelance route, or rather consulting private investors with investment deals. Is their career as a full...
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Does the burn out rate for brokers exist at top shops?Does the 90% burnout rate exist for brokers at top brokerage shops? I know most make you do a stint as an analyst before you can become a broker. Also where do brokers that decide they don’t like brokerage end up? Can they make the jump to development/ AM/ REPE?...
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Roles Within REPESo you see/hear a lot of people talk about getting into REPE, but outside of the occasional person who mentions in an acquisitions role, you don't hear much about specifically what people mean when they say getting into REPE. I was hoping someone could elaborate on the various roles at REPE shops ...
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REIB in NYC?I'm curious as to how many boutique (or just non-BB banks) REIB firms there are in NYC. Obviously HFF just bought Hentschel to propel their HFF Securities team, but I don't know of many others. There are shops that market themselves as REIB, but don't actually perform IB work. For example, I intervi...
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Analyst debt/lending at top CRE firm - 2018Hello all, I'm an avid reader of WSO and this is my first post. I have currently accepted a position at a top CRE firm in their multifamily capital markets group as a debt analyst and will be working with Fannie, Freddie, FHA, etc. mortgage products for multifamily portfolios. I am wondering what...
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Modeling Multi Vs. The Other Food GroupsMy current work experience (1.5 yrs of MF lending, primarily) has been a bit of a hindrance to my job search. I had someone tell me post-interview that if my underwriting experience included the rest of the asset classes, he would have hired me. I understand there are nuances to each. But from tal...
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Office real estate research?I'm working through a model and am being asked: if an Office building is fully leased and stabilized, what acquisition research/information would you want to conduct? I'm going with rent, sales, expense comps, region leasing rates and general due diligence. Anybody have anything to add or general th...
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Think I got a weird one...Few job postings for Verizon looking for Real Estate professionals. I originally glossed over it thinking it was mostly corporate asset management/strategy/office leasing etc. Now I'm thinking it might be more than that. Did some more digging and read a few articles that note a large sell-off of ass...
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Lease Abstracting ServiceMy REPE team is getting too busy to do our own lease abstracting and administration. Does anyone in this forum recommend a good third party consulting group that could provide this service for us? I was thinking CBRE, JLL, etc., however I am not sure if they just provide this service to corporate cl...
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American Realty Advisors - Interview - Portfolio ManagementThere were three aspects of the interview that stood out to me. One was the excel/modeling test... it was an hour but had 5 sizable case studies you have to work through. After I accepted they told me that the test is basically impossible to finish and it was just to put the candidate under pressure...
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Investment Analyst Career Path AdviceSo I'm currently working as a research analyst for a large brokerage shop (CBRE, JLL, Cushman) in a west secondary market (think Portland, Denver, San Diego, Phoenix) and I'm finding myself wanting more out of a career in CRE. I want to be in a gateway market (NYC/LA/Chicago/SF) and transition to mo...
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How to think about Debt for AcquisitionsDebt or Acquisition Folk - How do you think through what type of debt (Conduit, LifeCo, Debt Fund, Balance Sheet) to place on your acquisition? While this applies to all product types, I imagine it's more relevant on Office deals given the increased risks (vacancy, lease-up, capex) of the deal. Spec...
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Jones Lang LaSalle - Review - Brokeragegreat work environment, tools, and resources were easily available for interns. We also had many speaker series . Long hours, many different tasks from different managers, often time I would find my self not knowing how to satisfy each one ...
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Goldman Sachs IBD Classic Real estate or GSAM Private Real estate Questions **Posted this under IB forum because it is a IB job however it is also a real estate job so I posted it here as well because I was not sure which one it fit in more.** Hey guys long time reader first time poster, I have been trying to research these two jobs and see the differences between them bu...
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Thoughts on Brixmor Property Group?I've seen their new CEO, James Taylor, show up on some media lately and it made me interested to see what you all think of the company. I'm particularly interested in REITs, and I feel this company shows promise. Also, I heard they are owned by Blackstone as well which is pretty cool. ...
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Excel Test contentI have an upcoming interview for an internship at a large Bank in their real estate investing division and I was just told there would be an excel test. I think I’m okay but not amazing with excel. For anyone who has taken one before are there any functions I should make sure I have down pat or an...
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Distressed Debt/NPL Case Studies or Deal StoriesWorking on an assignment for class. Does anyone know of any interesting Distressed Debt/NPL case studies, deals, or anecdotes in the real estate space? Please share. I've done some googling but figured I might be missing something. ...
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GC as part of sponsor developer? I’m in the process of leaving my development REIT position to join some guys who are starting a new development company - my dream. My issue is that one of the two other parties will also be the GC. I see this as a positive because of the efficiencies he can bring and his CRE building experience. ...
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What do I need to know to be a solid Senior Associate in Asset Management? Coming from a Development Manager backgroundAll I have an interview with a large equity fund for an asset manager position. This position will source and underwrite deals, main contact for operating partners (developers), managing a portfolio in different life cycles of development and executing asset management strategies. I am coming fro...
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JLL Partners - Review - Asset ManagementThe best company to work for. Lots of interesting projects and challenging work. Great coworkers as well. The best company to work for. Lots of interesting projects and challenging work. Great coworkers as well...
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IS vs Debt Placement at a major shop (think Eastdil, HFF, JLL)Long time reader, first time poster, huge fan of the site. My question is this: I know at the Junior level that the work can be similar at times. However, as someone who wants to stay in CRE long-term, I am curious as to the major differences in day-to-day work as you climb the ladder, and just i...
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IRR QueryHi there, If you are told an entry yield of 5%, an exit yield of 7.5% and there is a 2-year holding period. What is the IRR for this investment? Many thanks,...
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Case study- hotel underwriting model?Hi, I came here to request help with a case study that I'm working on. I have to evaluate a potential hotel acquisition using an underwriting model (cash flows, P&L projections, equity multiple) and write a report summarizing my findings and recommendation. I'm a philosophy major but I'm trying m...
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How you got into REPE?Hi guys. Is this track possible? What are some ways to move on to REPE without IB experience?...
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Asset backed finance? Securities? Subscription Finance? Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks for the input.Deleted post. Thanks...
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LIHTCI know there are other threads explaining what it is. But what I'm curious about is can you get pigeon holed in this type of roll after having experience in multi and office mostly. What are the exit opps?...
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Developer Fees ‑ A Confused DeveloperI'm a little confused over how the finance community defines "developer fees" when financing a deal. I would appreciate the financing community responding. I found an old thread on this forum from 2014 on "developer fees" could go as high as 9%, but there seemed to be a consensus that developer fee...
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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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CRE Lending - How much do you pay in rent?I have seen quite a bit of posts/threads show up on the IBD forums talking about how much they pay in rent and where they live, but i'm curious from the CRE Lending folks, given the comp isn't that of IBD, what is it like for you? I'd specifically be curious about those in NY/SF/LA. Here is a temp...
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What was your first job in real estate?What kind of experience or exposure should a first job in cre offer? Got an offer in loan closing. It would be running through legal docs and making sure that everything was compliant at loan close. I'd be preparing estoppels, sndas and other docs. Would this offer good skill and knowledge for som...
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What would YOU do if you were in my situation?I’m currently in a situation that I have been debating as to how I should go about it. I thought this forum could generate an interesting discourse on pathways/investment ops. My dad owns a construction company that has generated him substantial cash and has given me the opportunity to invest ab...
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Who the fuck is Keith Rubenstein?So I've been trying to figure out who owns this particular office building in DC that I'm affectionate for, 1801 K Street, and I finally found out - a company called Somerset Partners that I had never heard of. I was checking out their principals and one of the co-founders is this guy named Keith R...
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Multifamily Originations Case StudyMade it to the final round interview for a top multifamily debt originations group. They gave me the pro forma and the model to take a stab at the loan sizer and making a recommendation to the developer for pricing. However, my experience is in the PE side. If anyone has any resources that would hel...
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Ready Capital Structured Finance -RE debt fundHas any one heard of or done business with Ready Capital Structured Finance? From my understanding, they’re a debt fund that does primarily bridge lending with some mezzanine lending thrown in the mix. I recently got a message from a recruiter about an opening they have. I can’t find much on the...
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"Basic Excel Test" at HFF/EastdilGuys, Could use some help. I recently interviewed for an analyst position at a debt placement team in NYC at an HFF/Eastdil type shop. I had two rounds of interviews where most of the questions were personality/fit based (very few technical q's), but I have now been asked to come in for a "basic e...
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Is Greenland USA and the Metropolis Project in Trouble?[Real Deal Link](https://therealdeal.com/la/2018/02/21/greenland-usa-seeks-buyer-for-massive-metropolis-condo-tower/) "Greenland USA is seeking a buyer for one of its condominium towers at the Metropolis complex in Downtown Los Angeles, reflecting the firm’s growing troubles with the massive $1 bi...
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Transitionining from REPE to DevelopmentI've been working in REPE in an acquisitions role for 3 years and now am interested in transitioning to development. I've worked in all the major asset types, but have never worked on a development deal. With no construction management/project management experience at all, will it be tough to make t...
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