Silver BananaTopicReplies
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Pepperdine MSRE: Any InfoHey everyone- I’m currently an undergrad student in a Southern California and also work full time in residential brokerage (as an agent, will get my broker’s license in a few months) full time. Long story short: I want to move into commercial development and am weighing out my options. Pepperd...
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Real Capital SolutionsIs anyone familiar with these guys? Family office/PE firm out of Denver. Any details would be helpful. https://realcapitalsolutions.com/...
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Is investing in Istanbul real Esate is good idea?As we all know istanbul is the one of the most beautiful cities in the world and fav international destination for many to travel, or business or vacation. I am thinking to invest money in Istanbul Real Estate, so if anyone can give some insights views on this or have any experience of investing in ...
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Goldman Sachs - Review - Real EstateThe group is very collegial group, everyone gets along very well and is always willing to help out. Senior management is also really friendly and social. Excellent group culture, among the best I've experienced. . The group isn't a first mover and sticks to what they know (traditional asset classes)...
Morgan Stanley - Review - Real EstateThe best thing about working at Morgan Stanley was that you get close with you coworkers and there are lot of corporate outings, such as baseball games.. A big con about working at Morgan Stanley was the rigid, hierarchical corporate structure that the company promotes. ...
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Analyst follow up interview (debt/equity placement)Can anyone provide any insight/advice on a follow up interview with an office head at a national debt/equity placement shop in a primary market? I have had several phone conversations and an in-person interview with 5 or 6 producers on the team. My next meeting is with the office head. Also any ins...
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Life as a CRE BrokerHi All, I was initially looking into becoming a RE Analyst but haven't been able to shake the want to become a CRE broker since learning more about the industry. Would current brokers be willing to share their current RE type, how many deals they close on average a year, and experience building the...
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Which is your preferred property type?Just like the title states..... What is your preferred property type that you enjoy working on. Additionally, why is it your preferred choice? Curious to see what you guys have to say, specifically those that have been in the CRE industry for a bit....
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GSE/DUS Lending Exit OpsFor those who worked in the GSE/DUS lending arena, what are some exit opportunities to look at pursuing? I've been on the production/underwriting side for awhile now. I like it but now I am wondering if it is for me in the long term. I'm willing to slow play it out, but not sure what exit opportuni...
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KKR - Associate Position in New York - Job ListingThought I would share this open position to those of you on the east coast currently looking. I saw this in a recent issue of the commercial mortgage alert. The blurb said specifically, "KKR is looking for an associate to join its real estate credit group in New York and assist with underwriting br...
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CRE companies focused on adaptive re-use I am a senior in college and currently in them midst of my full-time job search. A topic that has really fascinated me recently has been the renovation and re-development of older buildings whose useful life has ended, or "adaptive re-use". I have been searching for firms that specialize in these ...
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Writing Credit Papers and Credit ReportsHi All, I am a graduate pursuing a real estate and property developing career. Following from completing an development appraisal on a office to resi conversion project as part of an interview assessment, I have been asked to “list all the other elements to include into a full credit report(i....
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REIT InterviewI have an interview tomorrow with one of the nation's largest REITs. The role will be a Senior Analyst position on the Strategic Initiatives team. I am expecting some technical questions along with the traditional fit questions. I am looking for some advice regarding what to expect on the technical ...
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Cushman and Wakefield - Review - BrokerageGreat culture. Fun place to work. Good group of people. Lots of young coworkers. Exposure to top real estate owners.. Little clarity on how bonuses were paid/calculated. Little clarity on how titles/promotions worked. ...
Morgan Stanley - Interview - Real EstateThey presented a short case study of a real estate acquisition opportunity. They would then ask me to calculate the IRR, ROE of the property. They also asked questions about the concept to make sure I really understood the concept as a whole. They also asked several fit questions about real estate a...
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Meridian Capital Group (Training) / "Meridian University""Since starting in March 2013, Brian and Meridian's corporate training program have minted more than a dozen top-tier commercial mortgage brokers. In almost three years, the program (dubbed "Meridian University") has trained 16 in-house associates who have closed approximately $700M for clients, wit...
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RE Modeling Test - TRADEI enjoy practicing my modeling skills with these tests when I have (lots of) spare time. PM me if you want to trade tests and follow-up on our answers/models to compare and learn....
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NewMark Grubb Knight Frank - Review - Real EstateI think the setup was solid. The benefits were strong and the salary is great for a first year analyst. . Cons: Long Hours, no upward mobility, challenging bonus structure compared to other groups within the company. ...
NewMark Grubb Knight Frank - Review - Real EstateReally solid exposure to different real estate deals and structure. Work flow is absolutely ridiculous, I couldn't have expected to see come across the amount of deals I do . The hours are long, and as upper level management leaves its hard to get a good mentorship experience without learning on you...
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Where do you draw the line with the definition of anchored or unachored retail?When you have a neighborhood center with a national department store, grocery/drug store, you could call it an anchored center. But, I am underwriting a neighborhood center where you have a newer local arcade/play space for kids that occupies 25% of the center and then next you have wells fargo bank...
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Off Market PropertiesI have seen so many different meanings of "off market properties". I have seen the traditional buying a property with no broker, and I have also seen a property listed but says "off market". Whats your take?...
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Blackstone Group - Interview - Real EstateNothing unexpected or difficult. Simply was asked to explain experiences I had written down on resume. ...
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Nation wide provider of environmental and engineering reports need leads to help hit my sales number.Need some referrals to help hit my numbers. I work for a National Consulting Services Firm that provides environmental (Phase I ESA) and engineering reports (Property Condition) for you deals or portfolios please private message me I will get you pricing. Thanks!...
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Is it at all normal for a GP to have an LP be a co-signer for a recourse mortgage loan?In the deal that I've been posting about, pertaining mostly short-term rental properties, the GP is saying it's tough for them to get a mortgage without their LPs co-signing to be on the recourse loans. I'm not sure whether that's standard at all or totally wonky....
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Real Estate Investment BankingIncoming Senior at Target Non-Ivy looking to enter REIB. What are some groups that should be on my radar, whether it be RE groups at BBs or more boutique firms. Relatedly, if my end goal is REPE, is REIB the most logical first step or should I be looking into AM at a bank or REPE firm. Any informa...
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Percentage RentDoes anyone know how they model out percentage rent in operating/revenue proformas? Not the mechanics, but how to you arrive at the sales number with which to take a percent of? Do we ask the lessee for a 5-10 year operating proforma? Do we use market comps?...
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Cushman and Wakefield - Review - Real EstateSmart people to work for and work with. Lean team, great culture. Great deal flow and learning experience. Opportunity to take on additional responsibilities. . Upward growth is somewhat limited given the brokerage nature. Occasionally there are some confusions coming from the corporate level. Not t...
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Buying Ground LeasesI'm assuming there are firms/funds that have a specific investment strategy of purchasing land that is ground leased to the owner of the improvements. Is there a specific resource one could use to determine which properties in a specific geography sit on ground leases? It seems it would be a much ...
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What is the next big threat to CRE?Just thought it would be good to brainstorm on this. CRE is at a high and regardless of fed hikes, it doesn't seem like cap rates are increasing. Investors are willing to take smaller spreads. At what point will the market turn? Is there a black swan coming? ...
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Switching from Creative Advertising to Real EstateI'm trying to break into commercial real estate from creative advertising. I became obsessed with real estate investing about 2 years ago and even bought a SFH out of state as an investment property. I want to work in CRE to gain a lot of experience and eventually start my own firm that handles comm...
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Wells Fargo Summer Financial Analyst Program (Commercial Real Estate)I'm applying to various commercial real estate internships/programs as a junior. Wells Fargo is recruiting on my campus for their Commercial Real Estate program. When I mentioned it to a peer pursuing similar internships, he said "yeah I'm not interested. I'm not sure if I want Wells Fargo on my r...
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Mortgage Industry Advisory Corporation - Review - Risk ManagementGood hours, relaxed culture. A lot of smart people work here. Involved in truly all aspects of the mortgage , industry. A great place to start or finish a career. Low benefits, lack of direction. Occasionally we will have opportunities to do great things but because of half assed foundation work, we...
CBRE - Review - Equity Capital MarketsGot to be a part of a group that saw an incredible amount of deal flow. The office was state of the art.. The team was very busy but that didn't mean they always had work for interns, much of the business is done over the phone....
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MRED Rec Letter AdviceThis is a post I did a few days ago on the Business School Forum, posting here due to no replies Sup everyone I'm applying to a few schools for Fall 2019 and wanted to get some feedback on how I could go about asking my current boss for a letter of recommendation. I hope to be able to continue wor...
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Top Commercial Mortgage Brokers in DCCan anyone comment on the top 5 debt shops in Washington DC ranked by a mix of prestige, origination volume and interesting deals? ...
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Real Estate, Gaming & Lodging Interview Hello All, I'm a current semi-target Senior with a first round interview with the REIB group at a BB/EB coming up. I was wondering if anyone could provide some color as to the technical questions that might come up? I'm not sure if I should prepare for typical WSO/Vault guide IB questions, or more...
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Development vs. REPEI want to turn to this forum for some clarity. ** Thank you in advice for any advice! ** First a little background on myself… I am a junior at a non-target studying finance and accounting. I have developed an interest in RE Finance and have hit the networking trail hard. I have secured an interns...
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Wells Fargo and Company - Interview - Commercial BankingNone of the questions asked were terribly difficult. In the first interview they wrote 3 different asset classes on a whiteboard and asked me to tell this which was the safest and which was the riskiest. You could kind of explain any answer and as long as your explaination is okay they’ll let you ...
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REPE Acquisitions NYC - HoursI’m currently a 1st year Analyst at an REPE firm in NYC. Before starting, I expected to work maybe 45-55 hours, but now that I’m settled I’m constantly pulling 65-70 hour weeks. I can somewhat manage this for now, but I know long-term I’m definitely going to want a job where I spend less tim...
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Running Yield vs. Cash-on-CashHi there, Is there a difference between an asset's running yield and cash-on-cash calculation? If so, could you please explain the difference? Many thanks,...
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Q10 Capital Any insights on Q10 Capital? Thanks in advance. Bonus question to fill character minimum: any insights on mortgage banking (income potential etc)? I've already read a few threads on here (although there should be more) so I already have a decent idea. ...
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Discount Rate on Buyout of My Carried InterestI have a 20% carried interest in a real estate development project. Conservative assumptions are that the project will distribute an additional $30M over the next 4 years, thus my un-discounted interest is worth approximately $6M. For personal reasons, I am considering selling my interest to my part...
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Parking Lot - Cap Rates and ValuationHave zero experience in this niche. Looking at a commercial property that is ...
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MSRE vs. MBA decision - looking for opinions based on my situation/interestsI know the MSRE vs. MBA topic has been discussed here multiple times, and I have read through the old posts. I wanted to share my situation/goals and see if anyone here could shed some light on some of my thoughts. Me: - Analyst in acquisitions for a large owner/operator (mid/lower tier PERE 50 fi...
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Lone Star Funds - Review - Real EstateGood deal flow..experienced people..friendly staff..fairly young VP ..good travel opportunity..good growth opportunity. No position available at the end of summer..long hours..average pay..seems low vs hours done..important face to face..vs home working...
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Advice/Tips to get into REPE?I am a first year analyst at a small/mid-size commercial developer right outside Philadelphia. Currently, I am on a small acquisitions team and my responsibilities include running excel models, ARGUS models, preparing equity memorandum, observing due diligence process, reviewing leases, etc. for pro...
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Dwight CapitalWhat do people know about Dwight Capital? As in more info about the firm, interview process, office environment as well as exit opps from a company like that. Any relevant info would be very appreciated....
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Georgetown MPRE to REIB?Anyone have insight on if the Georgetown MPRE has decent placement into any REIB groups? Currently in commercial leasing but looking to make a switch. ...
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Exit options from top brokerage firms DP Vs. ISWhat do the exit options look like for debt placement VS. investment sales from a CBRE/HFF/C&W/JLL? ...
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CBRE - Review - Debt Capital Marketsgreat company to work for. considered one of the best real estate companies in the world. all of my coworkers are very smart. hours can get long, but that is to be expected. Your job is tied to the real estate market, so when it's up you're doing well and vice versa ...
Morgan Stanley - Interview - Real Estate1) Teach us something. While going over my resume they asked me to teach them something (anything) I had learned over the years (either at school or at previous internships). 2) What was something you read in the news recently and what did you find interesting about it? While going over my...
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Real Estate Yields in UK and EuropeHi there, I was wondering if someone can succinctly explain the different real estate yields used in both the UK and Europe. My current understanding: NIY = NOI / all-in NY = NOI / net GIY = Passing / all-in GY = Passing / net ERV Yield in UK = ERV / all-in ERV Yield in Europe = ERV / net Where:...
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What is the correct definition/formula for Entry NIY and NOI Yield (Stabilisied)Hi there, What is the correct definition/formula for Entry NIY and NOI Yield (Stabilisied) E.g. Entry NIY = NOI based on market rent today NOI Yield (Stabilised) = NOI based on market rent in x years’ time E.g. Entry NIY = NOI based on occupancy at completion NOI Yield (Stabilised) = NOI base...
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REFM JV and Waterfall Modeling Bootcamp - Level 3 Bundle TradeHi all, I currently have the level 3 certification bundle for REFM JV waterfall modeling bootcamp and am looking to trade some fellow monkeys that may have different modeling courses or case studies they received while recruiting or anything of the sort. Whats included in the bundle: How to play...
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How are depreciation lessening taxes factored into a Real Estate deal when its not on the income statement...![RE income](https://d2vlcm61l7u1fs.cloudfront.net/media%2F5c2%2F5c293376-a067-45c4-baa4-00243350e4a7%2FphpsE2W37.png) Depreciation is obviously a big deal in any business, esp. real estate, and on real estate income statements I don't see depreciation, so where is it accounted for and how does it ...
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Real Estate Boom & Bust: where do you think we are? ( NYC / Washington D.C. / Boston / Miami / London / Paris )Would be good to hear from market participants on where they think each gateway city is in the cycle; perhaps people specialising in one or another geographical area.. ! ...
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Bloomberg Terminals - CREWhy don't commercial real estate professionals use Bloomberg data? Seems like the services they provide could help us get the answers we need on a variety of levels. I'm not on the buy side so I'm not sure what's going on over there in terms of resources but I'm sitting here at the HQ of one of the ...
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Fitch Real Estate Valuation & FinancingI recently came across Fitch Learning that offers Real Estate Valuation, Investment & Finance course. It's quite expensive and at the same difficult to determine whether it's worth it. I spoke to Fitch Account Exec which was mostly a sales-pitch. I asked if they build a financial model from scratch ...
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Bayfield Training London This tread is specific to UK London. Has anyone taken any courses from Bayfield Training? If so would like to hear which course, thx...
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Paying a retainer fee to broker for off-market dealflowWill start by saying I have never worked for a firm that has paid a retainer in exchange for "first looks" at off market deals. I have seen this on the capital side, paying a rainmaker type to pitch the firm to family office/high net worth capital on joint ventures. On the deal side, has anyone ...
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Help choosing between Colliers and NGKF in tertiary market.I've received offers from Colliers and NGKF. I live in a tertiary market ~700,000 people (MSA). I am 23, new to the industry, but went to an elite university and am from the area as well. Colliers is the dominant player in our market by far. Newmark on the other hand is just starting out but is be...
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Real estate on the principal sideJust got a job offer to be the sole and lead analyst for a 65-year-old family investment company that has about $1 billion of real estate assets (market value) at about 10% leverage (yep, about $900 million in equity, $100 million in debt). Company is so private that if you Google the name only thei...
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The Fallacy of Homeownership as a Vehicle for Wealth CreationI spend a lot of time at work thinking about the value proposition of housing, and wrote this bad boy up when I was bored... Interested in any thoughts/criticisms. The mortgage banking industry is the largest consumer lending industry on the planet, responsible for $6 trillion in loans in the U.S....
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Financing needed for NNN portfolio acquisitionGreetings, I have a client that needs $10.125MM of senior debt for a $13.5MM takedown of NNN leased commercial properties. The properties are newer construction located in Arkansas, Mississippi, and Oklahoma consisting of national and regional tenants. Please contact me if this is a deal that is wi...
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Construction Loan - Reducing Equity InvestmentLooking at a development project (apartments over ground floor retail) with a total cost of $30MM (land would cost $10MM at closing). Based on the proforma exit value of $38MM, the returns are on a the thin side. There is an option to sell a condo interest to one of the retailers who is interested...
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Blackstone Group - Interview - Real EstateWhat was your specific role on ______ project listed on your resume? Suppose there are two identical properties where one is fully leased by a single tenant and the other is leased by a collection of tenants. The properties are virtually the same, in the same location and city, and affected by the ...
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Capital Markets Associates Program Does anyone have any information in regard to the Capital Markets Associate Program at CB? I would appreciate any insight that can be provided relative to experience, advancement, exits ops, etc....
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How would you ask a managing director of a brokerage for a referral to a team that might add a new hire? What sort of wording would you use to ask for help beyond a simple referral? Is there any way an MD can influence a team that isn't formally hiring to add a new hire? This MD in particular gave me an internship (no formal intern program there). I assume every team is in charge of its own recruitme...
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Blackstone Group - Interview - Real EstateWhere would you invest in real estate today? Scenario question where the interviewer gave metrics and asked me to calculate the Multiple On Invested Capital. Why would two different properties in the same location be valued at different prices? What is a reason that someone would not like you? W...
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The end of LIBORIs anyone quoting the Secured Overnight Financing Rate (SOFR) + a spread for real estate loans yet? I have not gotten any traction with sponsors using prime as a benchmark and I'm curious what the RE world will use when LIBOR goes away. SOFR seems like a logical option but I haven't seen any loan re...
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Off-market properties for development- cold calling questionsI work for a mid-size MF developer and I want to start cold calling to source off-market properties/ deals. What are some of the talking points/questions to address when first calling property owners who may or may not be looking to sell?...
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Underwriting Multifamily Value Add and Development Deals So I currently work at a student housing developer and am starting to develop a good understanding of what the key metrics are when looking at new markets for development. However, I have been wondering what the key metrics and underwriting criteria are for multifamily market rate and luxury value a...
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Further meaning of cash onlyCame across this with a potential seller who said " prefer cash only deals compatible with an asset trust" What does this mean?...
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Split of asset appreciation upon sale between LP and GP? And Overall LP/GP split?So let's say that that LP puts in 95% of the equity, GP puts in 5%, they each get 8% pref on their equity, after that a 70/30 split investor/sponsor of the next 12% in returns, then 60/40 in favor of the sponsor thereafter. What would you think is a fair split of the capital appreciation of the ass...
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Best way to simplify a carried interest incentive (disposition vs refinance/longer term hold)I know there have been a few topics regarding how carried interest works for deal guys getting a piece of the carry, and it's fairly easy to articulate on deals where you can isolate a GP promote and then take a % of that. On the flip side, let's say rather than selling, the choice is made to ref...
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Urban Land Economics Book RecommendationAnyone have any urban land economics, or just RE books that are land economics/big-picture oriented, that they'd recommend? Currently, my job is to analyze deals a mile deep and leave the mile wide thinking to guys who rank me, so I'm just looking for a good read to prompt thought processes that ar...
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What to focus on: REIT Development to REPE? I’m looking to make the jump from REIT Development - is it feasible? Development is great; I like it. It’s an awesome learning experience. Realistically though, I have goals of higher comp. I like real estate but I want a bit more finance in my daily routine. Development doesn’t offer a whole...
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Any data center model?Hi guys, anybody here willing to share a data center model? Appreciate the help! Thank you!.............
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Condo DeconversionI have seen many discussions out there of condo conversion, but I am wondering if anyone knows anything about turning a condo into multifamily units. The condo I had in mind is an eye sore in class A location and it is pretty clear that the HOA is broken. There is always the slow option of buying ea...
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Brokerage Software used for OMs graphics and mapsDo brokers here have any special software that creates those nice looking trade area maps that show the tenant logos on surrounding buildings? Any recommendations or is it just the graphics team using Adobe and manually adding. ...
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2019 RE Internships for late-starter?I switched from a bio major to finance with a concentration in real estate my sophomore year. As a junior now, I feel that I am behind on internships. My father is successful in his own real estate company and I would love more than anything to get experience working in a real estate division. I ...
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Starwood Capital Group 2019 Acquisitions Video InterviewGot an email to complete a video interview and it says it will take about 18 minutes. All of my other video interviews have been less than 10 minutes so I am trying to gauge what kind of questions to expect. Any technical or all behavioral/ fit?...
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Great places to start - NYCI feel this would be very helpful for me as well as many of the younger members of this forum. Can someone list some companies that are great places to start in the industry that give a salary? An analyst role at a brokerage is fine....
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Tenant Rep to Investment SalesHi Monkeys - I am currently Tenant Rep broker at a reputable, boutique real estate advisory shop in my market. My plan has always been to make the transition to Investment Sales and join a team at one of the national companies to work on institutional grade product and what better time than the pr...
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Any detailed value add/reposition case studies?Does anybody here have access to any detailed (more detailed, the better) value add or repositioning case studies? Looking for something that is similar to the case studies that are on this website https://behindthedeals.com/2017/03/15/the-story-and-lessons-behind-invitation-homes-blackstones-acquis...
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Tired of traffic? Take a flying taxi!*"So why would a real estate firm invest in a company that focuses on getting people from JFK Airport to Manhattan in five minutes?"* Uber and various tech companies have been looking to change the ways we deal with transportation. Cheaper, on-demand taxis and autonomous vehicles are already on the...
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