Silver BananaTopicReplies
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Graduate MSRE Questions- University of Central Florida Program Opinion I am a political science major from Florida State University with a limited knowledge of commercial real estate. I am currently looking into MSRE options to break into commercial real estate and the UCF program starts in Fall of 2019.This program would set me apart in terms of contacts, network, Ex...
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Investment sales Training MaterialsDoes anyone have PDF copies of Marcus & millichap training materials? Or any other material on investment sales? Or can you point me to any sales training materials that would be helpful?training for both private capital and institutional sales would be great. Nothing in the marketplace seems to be ...
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Goldman Sachs - Real Estate Finance Group - NYCLooking to learn more about GS's Real Estate Finance Group in NYC. As I understand they primarily originate large loan CMBS with some floating rate on book. What else can people share about the group, culture, personality, work life balance, exit ops....
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Interview Q: "Why not move within your firm?"How do you politically answer a question of "why not just move within your current firm?" Currently on acquisitions looking to move to asset management, trying to make a move but the AM team at current firm is hard to work with (i.e. just a mean spirited head that trickles down). Always get this que...
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Senior Housing with Memory Care I currently work as an acquisitions analyst for a value add MF shop. Recently I connected with a principal at a shop that exclusively acquires and develops senior housing communities with memory care units. They are looking for an acquisitions associate and want me to come in and meet the team. He...
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Best place to meet small developers?What would you guys say is the best place to meet small developers of any asset class? Ex: Multi family ...
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Market Analysis for Real Estate by Rena Mourouzi-Sivitanidou?A colleague of mine attended a course at HBS and showed me some lecture notes that were based on course material by Rena Mourouzi-Sivitanidou. The notes looked quite interesting but I only had time to give them a cursory glance. My google-fu is weak and I can only find a few chapters PDF:ed online...
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How to answer - “Why CFA?”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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HFF NYCThey’re currently hiring an associate so figured I’d start a discussion. Can anyone speak to the quality/culture of HFF’s manhattan team? I assume fairly high dealflow and pay, long hours? How much better are hours at the associate level vs the analyst?...
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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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Real Estate Investment RoutesI am currently interning at a commercial real estate development company doing typical analyst work and have become increasingly interested in RE development, RE private equity, etc as a career path. I am in my sophomore summer and looking for some guidance on what path I should take for my internsh...
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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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Rational behind a lender choosing a loan termDebt Folks, have a question- Is there a science behind the loan term chosen by the lenders? For example, a deal I am involved with is a single tenant industrial deal where there are four years left in the lease. Tenant is B+ rated tenant, solid tenant. Will any lender be willing to lend on a long te...
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Graduating with no job lined up - adviceI am an American 4th-year student at the University of St Andrews in the UK trying to break into the CRE investment industry. I am a humanities major on track for a 2:1, 1st (3.7- 4.0 GPA). I have experience as a summer analyst at an MM RE PE firm in the States and have completed four REFM CRE finan...
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Iron MountainJust saw a job posting in Iron Mountain's real estate department as a portfolio analyst. Does anyone have any insight on Iron Mountain? I only know that they became a REIT a few years ago ...
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Small REPE versus Large AMGiven the choice between an analyst at a large firm on the asset management side working on all property types in the headquarter office or a small firm on a lean team in acquisitions working on just a single property type, what would you take? Feel like the acquisition is a better opportunity, but...
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Watermark Capital Partners - Interview - Real EstateName the brands that we are affiliated with and the major cities in which we operate. Take me through a P&L? How would you evaluate a hotel? What are reasons why you may choose one hotel over another if two hotels are on the same block and are nearly identical? What is CAP rate and how is it use...
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Pressure Washing Cost for Commercial PropertyParticularly for the MF guys and girls that own property in the SE, what per unit cost do you see to pressure wash the exterior of a property. Lets say 200-250 units. I think we overpay. Thanks...
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Real Estate "Investment Banking"Hello all, I'm curious about what Real Estate "Investment Banking" might be all about. I use quotations because I do not know if this is actual investment banking. I work at one of the 3 brokerage houses as a MF capital markets analyst and I see that our firm has a REIB division and the job posting...
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RE High-Yield Debt ModelingI'll be interning at a middle-market high-yield debt fund this summer. The fund focuses on originating fixed-rate RE bridge-loans with 12-18 month maturities and first-dollar capital stack position (usually distressed properties or development w/ no existing financing, sometimes comes on as mezz or...
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Commissions / Fee Sharing - How are you chopping it up?Taking a dive back into fee-only compensation. I need a general framework to work off of when it comes time to negotiating my piece of the pie so I am hoping to get a feel for how you guys are divvying up the pie on deals you originate and deals you execute. I think it would serve everyone here well...
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Loan Market SizesWhat are the typical loan market sizes that are agreed upon? Or are these markets discussed based on assets? I'm trying to gauge what level the company I'm interning for is going for and what target markets are before I join them next month. It's a LifeCo so I'm assuming it will be Vanilla Core or C...
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Canadians! How valued is the AACI Designation? Fellow Canadian breaking into CRE here. Been noticing a lot of CRE openings requiring the AACI designation. Would you say it's more important that CFA? If you had to rank importance of CFA, experience with ARGUS or AACI, how would you rank these 3? I noticed that some people are pursuing the UBC/A...
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Anyone know what the culture is like at Essex Property Trust or the Irvine Company?Was curious if anyone knows what the culture is like at either company? Or what the interviews involved? ...
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Argus AEAlright is anyone actually using Argus AE? Argus keeps telling us that everyone is moving over but I haven't found anybody that actually does. ...
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Real Estate & Blockchain Event - NYC May 31st Hey guys, If you have any interest in real estate and/or blockchain, you're welcome to come to our ConsenSys event in NYC May 31st. We'll be discussing emerging business models in the real estate space, asset backed tokens, regulatory hurdles for tokenized securities, and the benefits of fraction...
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The Linneman LettersEveryone is familiar with Peter Linneman, but recently through networking I was recommended to start reading the Linneman Letters, and I went to his website but could not figure out how to subscribe to the letters. Might be a dumb question, but was trying to figure out how to actually subscribe or a...
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LA Area Development Shops Looking to relocate to LA ASAP to work in development. Current development professional in a major East Coast market. Would really appreciate your guys' thoughts on whether any major players are missing from this list which I should investigate. Hopefully this list is a resource for others intereste...
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Financing a Single-Family Rental CommunityDoes anyone have experience developing single-family rental communities? If so, what sort of capital sources are in the market for this sort of product type? I know some of the larger institutional Sponsors (Blackstone, Starwood, ect.) have financed their projects with revolving credit lines, but do...
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Real Estate Modeling Helpdeleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted deleted ...
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Buy Side BrokerIs their such thing as a buy side broker who will exclusively find off market deals for a buyer, and in return have the buyer pay him a commission for any deals that the broker brings to them and that they end up closing on. I know that the sellers usually pay the commission, but will a buyer come o...
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Calling All Tampa, Florida Real Estate ProsAnybody work in, or with, Florida development/real estate specific to Tampa? Working on a side project and was curious to get some expertise or insight into certain permitting and zoning. Couple questions related to bars and restaurants and alcoholic beverage permits. I've done some research basic r...
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Looking for a real estate analyst for opportunity in Philadelphia, PAHi All - I just joined the site to post a "real estate acquisitions and investor relations analyst" job opportunity at our firm in Philadelphia. Posted to the job board. - Greg...
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Balance Sheet Enhancement - What's it worth?Assuming that raising equity capital was not an issue, but needing a guarantor for non recourse financing (minimum net worth and liquidity), how would you approach valuing that piece of the deal? Assuming it would come in the form of a piece of the promote? Anything else? This guarantor would not...
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Moving Firms at Peak Cycle - Concerns?How concerned would you guys be about a lateral move right now? I have a few years under my belt at my current firm and bosses like me, but no opportunity for growth (just due to no turnover - but job is secured). Would you guys be concerned? Finally have an offer to lateral to a similar type of r...
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EXCEL - Modeling Interest Coverage into initial Debt / Loan AmountHey all, I am looking at a model from a more senior employee at my company, and am trying to be able to model the same way. This model has to do with a value add real estate property. The big problem I have is that the Sources/Uses contains a "interest coverage" element in which there is a negative...
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Advice on potential career in Commercial Real EstateLong post incoming: So I recently just left my software sales job to be closer to my family and fiancé (was doing long distance). Now that I am settled in where I want to be for the long term (Dallas), I am looking at a pontential career change. A little background, I am 25 with a degree in busin...
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Trying to lateral into Acquisition/AM without RE deal experienceAll, A little background about myself - I've been working as analyst in the greater NYC area at a LifeCo supporting a PM in managing over $XXbn of assets spread across fixed income, mortgage loans, equities and real estate. A lot of my work surrounds duration management and asset allocation. I've...
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666 Fifth AveI just wanted to get people's input on the drama over 666 Fifth Ave. How will the fallout affect the market, etc? ...
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Opportunity @ PERE Top 50 FirmHello WSO community, I am moving on at my company (Bridge Investment Group) into a different role, which has opened up an opportunity on our Investment Strategy & Research team. The Investment Strategy & Research team is a two-person team, myself and the Managing Director of Investment Strategy. ...
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Real Estate Technical Interview QuestionsIf you had two properties side by side that were identical in every way ( interior and exterior) why might one property be valued differently than the other? Was curious as to what the best answer is to this....
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AIG Real EstateAnyone have some insights into AIG's Global RE practice, or working for a LifeCo in general? Sounds like they have really revamped their team and practice over the last decade. ...
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Round Hill CapitalDoes anyone know this firm? Haven't found anything in the forum (quite weird honestly) and it'd be interesting if someone could provide some inputs (prestige, culture, etc...) Cheers...
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Fordham Real Estate Institute at Lincoln CenterFirst post... I tried linking the article / press release by Real Estate Weekly dated 12/15/16 but it doesn't allow me to post links since I am new to the site. (Easy google I guess for anyone interested.) The article also includes a link to Fordham University Real Estate Institute's website. Does...
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MATLAB for Real Estate ModelingHas anyone ever used it in REPE or any other form of Acquisitions? I've read a few articles about Monte Carlo simulations to test rent growth rates or construction options.. basically a fancier sensitivity analysis? Curious if there is anyone that's come across it, heard of someone using it, or hea...
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CFA vs MSRE/DHey Guys, A little bit about me. I went to a non target school 3.2 GPA, Finance, was in the investment club blah blah blah. I am currently in Land Acquisitions for a large hombuilder and I specifically focus on the suburban side. I am looking to further my knowledge and my career after gaining ...
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Goal Seek Question Hi all, this might seem like a basic goal seek question for some of ya'll, but I am just stumped here. With 10% vacancy which translates to $116,000, I am getting a 1.37 DSCR. I want to see how much vacancy the property can support with a 1.00 DSCR With goal seek, I set cell at the 1.37 DSCR cell...
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AI in Real estate valuationI am going to start my valuation internship in big 4 real estate firms, but I am wondering about the impacts of AI in real estate valuation. As AI is increasingly used in replacing labours in finance and the RE agency side, can it critically automate the valuation of real estates that may cause a hu...
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Transaction ManagementAnyone have any insight on Transaction Management with a JLL/CBRE/CW type firm? I understand you get a corporate account and handle all transactions. Is this a dead end? Any exit ops? ...
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PE/Syndication Equity SplitWe have a potential opportunity to grow a small portfolio ($5M-$10M equity in) with a PE partner in 100-150 unit MF seeking 5%-6% preferred. We will be looking at 65%-75% LTV deals. We are familiar with a multitude of structures but are interested in what you're seeing as far as overall equity spl...
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Secondary Advisory vs REPE?Hello everyone, I’ve been going through the Junior year recruiting process for real estate and am wondering what your take is on my situation. I am currently a rising Junior at a target school (Harvard, Wharton) and have a internship lined up at a top 5 REPE firm (think Blackstone, Starwood etc) ...
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JP Real Estate Asset Management LAI know there are some older posts regarding this team, but curious to hear about current prestige, culture, work flow, exit opps, etc. Noticed they have a few Asset management / acquisitions analyst roles open in both LA and NY...
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AMA: Commercial Real Estate I’ve done a few informational interviews in the past with recent college grads and friends of friends that want to know the commercial real estate world so hopefully I’ll be able to answer anything that comes up. My background: I’ll keep my background brief. Economics major with a decent GPA ...
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Interest Offset / NOI as SourceDevelopers out there, do you always use positive NOI prior to lender coverage being met to offset interest carry in your models? What about if you’re pre-coverage and can not only cover interest for the month but a portion of TI/LC’s as well? Do you model this income as a Source? Lenders, do y...
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Investment Committee ProcessFor those investment or lending folks out there, it would be great to hear how your IC processes work and what sort of materials are prepared along the way. Below is a template that could make this an informative discussion if we get a couple of contributors to fill. **Firm Type:** REPE **Product:...
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No Tie to InterviewWhat are your thoughts on not wearing a tie to an interview in real estate? Generally think of real estate as less "formal" than your traditional finance positions. Do you think it is acceptable to interview without a tie? Maybe just the suit jacket/pants? Thoughts or automatic ding?...
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Acquisitions Analyst TestI was given this test for an acquisitions analyst role. My main concern is the assumptions for the real estate deal, particularly how to invest continuously in the same transaction. It seems too complex to do a debt/equity waterfall model when just comparing investment value after a certain amount o...
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MIT SA+P CRE Investment Short CourseI believe this is the first year of it's existence, but is anyone else looking at this course? Its around $2,500, goes over CRE investing from financial point of view as well as macro economic principles. There is a slight discount if you sign up in the next 2-3 weeks. Any thoughts on the course con...
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Blended Margin CMBSCan someone please help me understand the Blended margin on a CMBS. I realise it is the pricing margin on tranches over EURIBOR/LIBOR but cannot quite figure out how they come to it on the following cap structure. The blended margin is 232 bps. Many thanks. CLASS SIZE(€M) Rating(D/F)^ Margi...
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New member speaking upI've lurked for a while and decided to jump in, so here goes... In my former life, I spent 8 years as a financial planner and investment adviser. That wasn't the life for me any longer, and real had been an interest and passion for as long as I could remember. Our family has been involved with re...
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Comp questions for debt/equity shopsI'm considering talking to a few debt/equity placement firms regarding job ops, after spending 10+ years on the principal side doing acquisitions. Looking at boutique type groups rather than the HFF/Eastdil/Cushman types. At the point in my career, I'm sorta burned out on the acquisitions side, ...
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Fordham RE certificates (BVAL -> RE) I'm considering on signing up for the 6 week summer certificate program for either RE finance and investments or RE development at Fordham to transition into the real estate industry. What are people's thoughts given this program is quite new? Some background about me: 2.5 years in a business valu...
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Washington DC RE NetworkingMaking the move to DC in a couple of months, and looking for some people or groups to network with as I am on the job hunt. Have a few contacts in the area but would love some more as I make my move up there. A little background I am a Portfolio Manager/Underwriter for a smaller bank with about 4 ...
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Excel test for Acquisitions role at Insurance company?1 Hr excel test coming up. Im expecting being asked to construct a basic cash flow model (prob multifam) either by giving me assumptions, or going off an OM. Prob a debt table as well to get to levered/unlevered irr . Thoughts?...
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Car Vending MachinesYou may have seen the article on WSJ about the Ford x Alibaba partnership to sell cars in China out of “car vending machines”... does anyone know who actually manufactures these vending machines? Another user of similar technology is Carvana. https://www.carvana.com Ultimately trying to fig...
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Waterfall for long term holdHello, Has anyone had experience with a structuring promoted interest waterfall for a development deal with no planned exit. The developer builds and owns their projects for the long term and planning to bring on a JV equity partner with the same long term hold strategy. I have only dealt with deals...
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CartifactCurious -- Does anyone on this forum have access to Cartifact and is able to produce certain kind of maps? ...
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Real Estate AIG Excel TestI have an interview with AIG, and they scheduled a 45 minute Excel test session. What does this entail? Please help....
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U.S. Garden Style Multi-Family DataI am working on a case study and was wondering if anyone has information on class B/C U.S. multi-family transactions that shows the price it was acquired for and the price it was sold for after repositioning. I am reaching out to my broker network for data but wanted to check around here as well. ...
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Bank of Nova Scotia - Review - GeneralistDecent pay for the hours worked. Tasks were not difficult and the team was great. Often would get additional benefits like sports tickets. . The work assigned to interns were very menial in tasks and offered very little financial modeling experience. ...
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Landlord offers reduced rents to tenant in exchange for equity in tenant's businessI've been thinking about different types of finance vehicles lately and thought of this one. Has this been done before? Thoughts on this deal?...
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Vanderbilt vs. Colgate for Investment Real EstateI'm a freshman in college that is currently in the transfer process. Right now I've been accepted to Vanderbilt, Colgate and William and Mary (which has been eliminated) and I'm unsure between Colgate and Vanderbilt. Money is a non-factor and my goal would be to procure a better future in Investment...
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LA & SoCal Developers/Family OfficesHey guys, Looking for some information on the development scene in LA, specifically who some of the well-known developers are. Im from the NYC area and am familiar with firms like Extell, Macklowe, Witkoff, RFR, Fisher Bros, Naftali Group, DDG. Any similar shops in LA? Obviously there's the Hines...
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Top RE owners for all product typesHi WSO, I am aware of NREI's rankings of top CRE owners- office and industrial. Any other resources for top owners for all product types? Besides NREI are the only other resources NAOIP and ICSC? Would appreciate any help!! Thank you. ...
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Interview Prep from Brokerage to AnalystI have been an office broker at a REIT for two years out of college (finance major) and I am looking to move to an analyst role (asset management, acquisitions, development analyst on brokerage team etc.) in a different market. Haven't decided which path I want to take (might come down to best oppor...
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Love my job but am hitting a wallLooking for a bit of advice here. I have worked in value add multi-family for about 1.5 years now, and have been able to rack up what I would say is a good amount of experience. 5 Transactions ~150MM, escpecially considering the deal team is just me and an owner and I handle (with guidance obvious...
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Office Developer vs LP Shop when I'd like to do MF long-term?I'm currently an underwriter in lending looking to make the move into the equity/developer space as an analyst. Long term, I'd like to have the experience to run my own shop one day, primarily investing in multifamily (since I believe that asset-class will be bulletproof in the West for many years t...
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ReMax Midtown - Interview - AdministrationThe most challenging interview question that was thrown at me related to a description of my volunteer experience as that was something that I lacked experience in. In fact, I provided volunteer experience on my resume nonetheless in order to make myself more competitive in relation to the other app...
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Pitch Your Deals!Hey CRE Monkeys... I know that not only are there numerous buy-side CRE guys but there are a few brokers out there. I'd love to start a forum where brokers and sponsors can preview their deals and investors can post their criteria. I think it would be a great way to leverage the power of WSO. I'...
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Hotel Feasibility ModelHi all I am working on a live case on a hotel development. I have a question on revenue projection. Someone built a revenue model with only one years of positive revenue based on cap rate and NOI provided by hotel operater. Detail as below Yr 2025 11m NOI povided by hotel operator projection tim...
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LPCHas anyone had any past experience dealing with Lincoln Property Company? Interned last summer at a well known CRE firm, and just received an offer to start out as an associate on a brokerage team. I just graduated, so an opportunity to go right into brokerage seems like something I should jump on. ...
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Breaking Into Real Estate: SophmoreI am currently a rising sophomore at a target school. I have been looking into the different fields of finance, trying to figure out where I want to steer my life. I'm pretty sure I want to break into the Real Estate sector (not sure if I want to do PE or Development yet). Does anyone know of any ...
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Are you seeing valuations come down?I'm getting quotes back from lenders and debt is getting more expensive. We have to ask for a higher cap rate to make up for the change, but I don't think the sellers have fully began to drop their valuations yet. What is everyone else seeing? Are brokers and sellers cutting valuations now?...
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How to answer salary question in online application?All, wondering how you answer the salary requirement question for an online application where you can not explain, have a typed response, or have a range (i.e. 65,000-85,000). Those numbers are arbitrary for convo sake. Recently got rejected from a job for the following reason, per their email: "y...
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Angelo Gordon Real Estate NYCAny insight into Angelo Gordon RE NYC? They just threw up a posting for a associate/analyst opportunity in NYC on selectleaders and was wondering if anyone had some insight?...
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Purchase cap rate analysis Interested to hear some thoughts; how do you look at a purchase cap when first screening a deal, and then what factors do you focus on as your process moves forward that make or break executing or bidding on it? Tax adjusted T12 cap, yr 1 cap rate on purchase price, etc ... Then how do you treat ...
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CoStar is blowing itI think CoStar offers a very unique, hands on service. This thread is more about their handling of Loopnet. CoStar is hell bent on getting rid of the #1 CRE site in the country and calling it CoStar for some reason I will not understand. Grandmas, students and all walks of life now know the name...
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Can I get some feedback on underwriting a 60 unit apartment dealThe owners asking $2.4M for 64 units. About 70% of the units are 2bd 1.5 bath and 30% are 2 bd 1 bath. Working class apartment, unit rents on average range from $475-$500. I believe tenants are paying all utilities and I think the building is sub-metered but I need to speak with the owner again to...
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Calling all mortgage brokers...For anyone that works at a commercial debt brokerage shop, (Meridian, CBRE, JLL, Eastil, Newmark) can you explain a typical day of your life. I’m interested in learning more about the process of getting a loan commitment for your clients and what differentiates every company from the others. What ...
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Property-Specific Market Research without CoStar / RCAHey all, I recently joined a 'startup' firm, and we're working to get traction in CRE in a variety of different markets. We have a great potential office deal going in Sydney, and are scheduled to pitch to our client in about 2 weeks. As the junior in the office, I've been tasked with putting tog...
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Wall Street Prep/Breaking Into Wall Street modelling courses worth it?Entering my senior year at an Ontario business school and want to know if real estate modelling courses are worthwhile for FT recruiting. My aim is to end up on the financial side of the industry with a developer/REIT or in real estate corporate banking. In the experience of those that have complet...
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TA Realty What's the reputation of this firm within the Industry? I'm looking at possibly working there on the accounting/financial reporting on the Fund side. Would love more insight as to the quality of life there/how people enjoy it etc. It's surprising there's nothing on glassdoor. It looks like a few ...
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Valuing / Pricing Lease - Lease then Sublease ModelI am currently building a model where a business enters into a long term NNN lease (10 year) and then subsequently leases out the entire space to a tenant. How would I think about pricing a sublease of different lengths in this scenario (2 year, 4 year, 6 year)? Would I target an unlevered free ca...
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Tips/Skills for First Real Estate Development JobI just began working for a Hotel Developer as a Development Assistant. For those that are familiar with real estate development, what are some tips or skills you could provide that put you ahead of your peers? ...
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