Silver BananaTopicReplies
+2
Ares Management - Real Estate Equity

_Axelrod

Saw a job posting for an analyst on their Ares Real Estate Equity Team. Anyone have any info on the team, culture, or what types of people they are targeting? The job posting makes it seem like they want someone with a lot of asset level experience (Argus experience, market underwriting, property ...

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+9
GP vs. LP Day

jpacai

Before I get the "Use the Search function" reply. I already did that, as well as google. I currently work on the GP side of a company focusing on acquisitions. I'm curious about what a day for someone on the LP side (analyst/associate level) is like. My assumption is that its reviewing deals th...

17
+1
REIT questions and REIT links to direct

REIT_Mafia

Hey guys I’ve worked on the private and REIT security investment side mainly focused on Europe and Asia but looked at the US market (only REIT side) a bit. Thought it could be useful to open up a chat to discuss valuations, any questions you have on the REIT side, the transition from private side ...

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+2
NAIOP Comp Report

Sham Wow

https://www.naiop.org/E-Library/Business-Trends/2018-Compensation-Report-OIR Anyone have access to this?...

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+1
AEW Capital Management Reviews and Insight

JobHunter12345

Hi everyone. I was wondering if anyone had any insight on AEW Capital Management. I was browsing through PERE Top 50 and noticed that AEW was in the top 10. The last topic on WSO about AEW was back in 2012 but I wanted to bring up the topic again to see if anything changed or if anyone had any more ...

1
+1
UG GPA effect on MBA/top 50 REPE opps

Subphive

Hey all - I had a GPA slightly below 3.0 out of a top 15-20 UG B-School and have recently finished 3 yrs in a RE consulting role, a job I earned strictly through networking in school. Throughout my job search, my grades ultimately came in-between great acquisitions roles at some of the top players (...

3
+1
LifeCo Lenders Willing to do Interest Only

joeschmo

Has anyone seen any Life Companies willing to do partial or even full term IO for lower leverage loans (50-60% LTC) on neighborhood retail (~$5-15M loans)? I'd kill for a relationship lender I could use for smaller deals like this in multiple markets, rather than finding a new local or regional bank...

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+6
BROKERS: What Is Your Compensation In Real Estate?

babybaboon

Seen similar posts about RE comp in general. I'm very curious to hear from the brokers/IS/Analysts at brokerage shops (all markets, asset classes, different sized shops) in the current market. How is your comp structured? On average, what are you pulling in year 1 and subsequent years? Do you get ...

22
+1
CMBS Underwriting question - ground rent

ilovemepickles

I'm a student reading through CMBS presales, and I was wondering why agencies, Fitch, in particular, underwrite ground rent to the average of the loan term plus five years? I understand that with increases, underwriting to an average over the loan term makes sense, but why the additional tail? RAs a...

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+1
Investing in Real Estate after Natural Disasters

aman12

With the onslaught of Hurricane Florence, I'm interested in learning about if anyone has invested in real estate (single family, multi or any other product type) after a natural disaster. Assuming that a couple of people have some background doing this in Florida, Houston, NOLA, etc. The following a...

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+1
What is the best online Real Estate training course?

stevetdx

I'm currently in my senior summer internship as an investment analyst for a boutique asset manager. I get some exposure to the firm's commercial mortgage placement which has solidified my interest in pursuing a career in real estate. I am interested in taking one of the online courses and wanted t...

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+1
Biggest commercial real estate firms?

randomquestionguy

What are the biggest, most sought-after CRE dev and brokerage firms? Like what is the BB or MBB equivalent in real estate?...

3
+1
Breaking into the Real Estate industry

shoestore24

Hey all, I have always loved real estate and I worked for a year as a commercial broker out of college before trying my hand at being a financial representative selling insurance and investment products and the last 3 years doing project management and sales for a commercial flooring company. As I...

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+13
So things just got VERY hairy at my work

StrictlyBusiness

So things just got VERY hairy at my work. I am an analyst at a multifamily real estate development firm. I work on underwriting potential opportunities as well as project MGMT related tasks. My coworker (superior) just got an offer at another firm. His position at our company is called Development A...

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+4
Private Equity Carry vs. REIT Equity/Shares Comp Structure

babybaboon

Excuse the naivety of the question, but I don't have personal experience with it. I've seen a few related articles, but most seem to be for corporate/business PE transactions. Within real estate, how and when does one get **paid out** carry (assuming this is built into your comp structure)? Priva...

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+1
MF Acquisition Online modeling course

MFguy1234

Does anybody have any recommendations for an online course for MF value add acquisition modeling? I have experience modeling these types of assets but looking to improve on the model in any way possible. Thanks....

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+4
Valuing Land

hard assets

I'd love to hear everyone's thought on valuing land or valuing land if there is a vacant building on it. Do you just go by sales comparables? Do you focus on what the allowed buildable sf is? Are there any other approaches? If there is a vacant building on it, do you take the buildable SF and the...

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+3
What is the standard raise for the first few years as an analyst?

RERobert

I’m curious: is a raise gauranteed each year? How much can be expected at the analyst level. Starting comp was $70-80k + bonus. In Real Estate, is it structured like banking? Will I have to ask? Will it just be an inflationary raise? ...

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+3
Cold Email's to Alumni CEO's, advice on format and questions in post

abc1324

I'm currently a senior in college, graduating in December. I'm looking for job opportunities through my alumni network right now and found two higher up's from my school. One is the head of a construction company, the other the founder of a big developer. I reached out to a mutual contact at one of...

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+20
Biggest mistake

Commissions and fees

What is the biggest mistake you've made on the job? Curious to see how bad things have gone and how they were handled. ...

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+7
Need to bang out Argus, how long will the certification take

stay thirsty my friends

Hey guys - I accepted a new position and have some time before I start. As a condition for taking time off in between, I agreed to get certified in Argus. I'd like to maximize my travel time but need to book flights, accounting for the time it will take to complete the certification. Question - how...

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+2
Cornell Certificate in Commercial Real Estate vs MIT Commercial Real Estate Analysis and Investment Certificate

GPG

As the title indicates, I'm wondering which of these online certifications is better. For background, I have been working in consulting (not RE related) for 3 years. I'd like to make the transition to real estate development, but don't have the professional/educational experience to get a close lo...

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+2
Most sought after Real Estate roles?

jimothyurkle1122

Disclaimer: I know close to nothing about real estate, but since I found out WSO has an RE forum I was curious to ask this. My overall question is what are the sought after, typical career roles in real estate? What's the role that most people aim? As noted above, I'm not experienced in this field ...

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+2
Goldman Sachs Residential Mortgage Asset Managment (x-post AM forum)

MusicCityBoer

Just recieved a superday for Goldman RMAM--anyone know much about this group? Part of RMD but I'm not sure of how this group actually functions; glassdoor says they run due diligence on the RMBS pools for the Securities team, so a BO position but I'm not entirely sure. Anyone know?...

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+9
Which Offer Should I Take? (Analyst at Valuation & Advisory Services VS. Capital Markets)

mentee7

Hi, I am a recent graduate from architecture, interested in real estate investment and development (PE, Project Financing, etc.) Fortunately, I got two junior position offers from the real estate service firms: Cushman & Wakefield, CBRE, JLL, Savills First one is **Capital Markets Analyst ** (Inv...

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+1
Royal Institution of Chartered Surveyors

TheShotgunAndTheBriefcase

I'm now based in London, and have noticed a fair few jobs preferring a certification from the Royal Institution of Chartered Surveyors which appears to offer a CFA of sorts with a real estate focus. Has anyone gone through this program, and if so would you recommend? https://www.rics.org/uk/join/p...

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+8
CRE Salary Progression

amv

How did your salary progress/change throughout the course of your career? I think it will be interesting/helpful to see to show younger guys what's realistic. EX: Acquisitions (Dallas) **Year 1**: 60k + 10% bonus + $5k signing bonus **Year 2**: 67k + 20% bonus etc. ...

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+6
Katerra, A Construction Company, Raises $865 Million

vintagegmt

I thought I would drop this article in here to see what some of you guys think about this construction company. After looking at their website, it looks like a tech based vertically integrated construction company. Do you think this is the future of construction? And, if so, do you think this can br...

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+1
CO GP Structures

Sham Wow

Anyone do any Co-Gp deals? I have been doing some thinking and wonder what would be the fairest way to split up the promoted cashflows vs just taking out different tranche of LP equity. Any thoughts or interesting structures of doing this that you guys have seen?...

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+3
New CoStar Verification

Forex Swings

So apparently CoStar now requires you to have their phone app, and when you log in through the website you need to: 1), Verify that it is you by taking a picture of yourself in the CoStar app. 2). Scan the QR code on the computer with your phone 3). Re-verify that it is actually you with a face sc...

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+1
CBRE - Melville Office (Long Island NY)

futureREmogul

Anyone have info on this office, obviously, CBRE is a top brokerage but wanted to see if anyone had an insight into this specific office....

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+3
Industrial

NYYCRE

Hey guys I have a phone interview with an Industrial developer.. I have zero industrial experience. Doing my research now but just wanted some feedback on any specific things I should know. I come from mainly Office background....

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+5
Multifamily NOI @ Sale - HELP!

yoruba123

Curious to understand how you guys calculate NOI at sale for a multifamily deal. I have seen three views on this and would like to better understand how others determine terminal value NOI on a deal since you acquire deals using T1 to T3 revenue and Full year expenses for NOI. In the scenario belo...

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+2
Investor Relations/Capital Formation/Fund Raising/Portfolio Management

picklemonkey

A lot of the discussion on this forum is centered around five main roles: acquisitions, investment sales, leasing, asset management, and development. Sometimes there is a sprinkling of discussion around capital markets as well. However, there are a number of other positions, including those I menti...

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+1
Good side hustle?

Hgoldfein

Looking for some input from all the investment sales/ commercial real estate brokers. I’m trying to see what options may be available as a way to make some stable income to ease the burden of my never ending expenses while weathering the storm that this market has become. So far I’m thinking ...

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+1
3-4 Unit Rental Properties Under Trump Tax Plan

Pokemon Master

Is there anyway you can take out a residential mortgage for a business that owns 3-4 unit rental properties? If not, it seems like buying 3-4 unit rental properties no longer makes as much sense with the new tax code. You either need to choose between being a business that can write off interest and...

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+3
Experiences with Single Family Rentals

Carl Icahn't

I am looking to buy an investment property, most likely a single family rental, and have no experience in doing so. Is there anyone out there with insight to the following topics/questions? 1.) Leasing - What are your experiences with leasing agents versus doing it yourself? From what I've read, pa...

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+3
1st Year Analyst offer - Salary advice

repe-hopeful

I'm a senior at a top tier college looking for first year analyst roles in CRE. My internship was not in real estate, but I have the REFM levels 1 and 2 certifications. I have an offer at a medium sized family office in Orange County (real estate team is ~25-30 employees, probably $1-2b range) whi...

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+2
PGIM Real Estate "Writing Exercise"

HE Pennypacker Wealthy Industrialist

I have an upcoming interview with PGIM Real Estate (Investment Analyst role on the Research team) and part of the interview process is a 45-min "Writing Exercise". Does anyone have any previous experience with this at PGIM RE or another firm in the RE Investment Research capacity, and care to impart...

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+1
Interest Rate Swap Fees

MonkeyBrain401

Hey Guys, So I work on the debt side in the RE industry. I wanted to ask about interest rate swap fees. I was assigned to be the point man in understanding the structure and valuation of all of our interest rate swaps for our clients. I am asking if any of you had a firm understanding in regards to...

1
+3
REIT Analyst Interview Guidance

captspaulding17

Hi All, I have a upcoming interview with a REIT for an analyst level position within the capital markets group. I am meeting with a couple senior level executives and the head of the group. After meeting the team I will also have to complete an hour modeling test. I have no experience in real esta...

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+1
Goldman RMD Full Time 2018

deepsouthcre

Does anyone have any information as to where Goldman Sachs is at in the process for filling their FT RMD new analyst class? ...

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+1
REIB Valuations?

WallStJesus

Monkeys, As I'm trying to break into REIB from a generalist IB role, I'm curious to know how the valuations differ. I've done my due diligence and understand that you're able to use the same valuations for real and financial assets, but are there any additional/other common valuations for real est...

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+7
RE Model case study completed - PGIM multifamily

Post hoc ergo propter hoc

Hey guys - a few posts ago there was someone who used the attached model case study for critique. I did this relatively quickly during my down time - so I'm sure there are errors to be caught. However, I feel that I have done enough modeling and underwriting to have a decent grasp of how to comple...

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+4
Purchase Options

RobertMoses

What are the benefits for the buyer and seller, when entering into a purchase option for commercial property? Recently screened a deal between two family offices/boutique investment firms that agreed upon a purchase option for a mixed-use property in Soho in 2014 and are now moving forward with the...

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+3
Retail Leasing; Day in the life

futureREmogul

Can I get some insight on what the day in the life of a Retail leasing broker (entry/junior level) at a big brokerage shop is?...

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+1
Capital Raising

futureREmogul

Anyone have any good capital raising techniques to get single (retail) investors for real estate deals? ...

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Allianz RE case study (excel test) for second round interview

gavigirl

delete delete delete delete delete delete delete delete delete delete delete delete delete delete delete ...

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+1
Deutsche Bank Graduate Program: Global Markets - Commercial Real Estate

Lands2020

Just wondering if anyone has heard back from the Commercial Real Estate position at DB. Are they running behind?...

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+1
BI software when presenting model outputs

esala_abeyratne

Hi all! Has anyone here used BI software like Power BI integrated with their excel models to present model outputs to clients at any stage? I ran the idea past my managers last night and they seemed positive about incorporating this in. If anyone has done something similar, any feedback/advice yo...

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+9
Acquisitions Analyst Advice - New Analysts

luther

I am starting a new role as an analyst in 2 weeks (the role is focused on underwriting opportunistic acquisitions across Europe - primarily offices, retail, industrial, and residential). Do you have any advice for new analysts in terms of setting up good long term habits (organisation, excel formula...

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+2
Asset Values - Historical data?

TheWildMan

Could anyone point me in the right direction for finding historical, national level asset value data? Specifically, I am looking for how multifamily values changed during the recession. Is anyone aware of any reports available that would have this information?...

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+1
PGIM Interview Help

ksk2018

I have a first round OCR interview with PGIM for real estate and real estate finance. Wondering if anyone who has been through them could shed some light? Are they mainly behavioral or technical? if technical, what kind of technicals? Im pretty new to real estate, so do not know what to expect. Than...

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Anyone looking to hire a RE Investment Analyst? (Asking for my cousin)

Anon1254

Hi all, I hope this post finds you well. As a bit of background, I have a cousin that resides in Philadelphia, PA. He's 28 years old, and currently owns/manages a very small portfolio of residential/commercial properties. My cousin has an accounting degree from a non-target school, knows ARGUS/mod...

1
+1
HFF M&A

WallStJesus

Monkeys, I'm curious to know your thoughts regarding HFF's M&A division in terms of hours, culture, and pay as I can't seem to find much regarding the salary for this division. Is there potential for buyside exit opps? What is the divisions deal flow like? How do they stack against major competito...

3
+1
Wells Fargo CRE Interview

Jsb54

Hey everyone, I just found out today I have been selected to interview with Wells Fargo for a 2019 financial analyst internship in their commercial real estate division. This means I could potentially be working in anything from REIT finance or capital markets to commercial mortgage servicing ...

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Looking for complex waterfall models, have lots to trade/share

Anonymous Monkey

Hi guys, Looking for some more complex waterfall structures. I'd like to see models with both an IRR & equity multiple hurdle as well as any kind of catch up/claw back provisions. Please PM me if you have any of the above (or different, other complex waterfall distributions) - have lots to trade. ...

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+16
Starting a Private Equity Fund/Firm

real_Skankhunt42

I doubt any one here has started a real estate private equity firm, but given my access to some institutional money ($+-200M) I might--MIGHT--be in the process and, to be completely honest, there really aren't any better real estate forums that I'm aware of, so I figured this would be as good of a p...

82
+1
Starting your own real estate private equity company

futureREmogul

I just recently graduated college and I know this is VERY far down the line but eventually, my goal is to start my own REPE company. I would love to hear as much as advice as I can. Whether is what experience I should be getting, whom I should be networking with, and if there are any Master's degr...

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+1
RE IM to RE PE

hkko

Hi, I just got a return offer from one of the top RE IM firms by AUM size for a Investment Analyst position in Portfolio Management team (Core, Open-ended) I am generally satisfied with my salary and the team (Though I am in the portfolio team, we have small regional team which allows me to be inv...

1
+1
CRE Relationship Manger Role?

EQ211

So I'm currently in school wondering what kind of entry level role leads to working as a RM at a firm? Are there differences between working as a CRE RM and a RM at a community bank? Also what is the salary and work-life balance of these roles typically on the CRE side? What types of internships sho...

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+1
How do I answer this interview question?

ditto01

How do you go about explaining in an interview not getting a return offer from a previous internship? I'm currently a senior in college looking for a full time job. The past two summers I interned at a well-known real estate company, but did not receive a return offer at the end of this summer. I've...

2
+1
Negotiating Offer as a lateral

nontarget chimp

Hey guys, Got an offer for a role which I'm lateraling over to with 5 years of experience. Been unemployed for a couple of months. This role requires 2-5 years of experience, can you justify you deserve the right-tail of the curve given five years of IB experience (as a lateral)? Or do you scale i...

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+4
Should I quit my back office job?

RED_n_WC

Currently at a boutique doing back office. Job duties includes office mgmt, IT, corporate accounting, account recon/banking, and several other back office functions. Started full-time at $35k no bonus last spring. Got a bump up to $40k at the start of this year, no bonus. In a high COL area so I com...

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Management Fee differentiation as a percentage of EGI

water.cooler.capital

Hey All, Curious if you had some insights on this. Had a mentor of mine question the causation and correlation between management fees and overall operation of a MF property. We talked about the different indicators and factors that would equate to a higher or lower management fee. I don't have...

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+5
Are cap rates still compressing?

jpacai

What are you guys seeing with Cap Rates? While the price of debt continues to rise, it seems like the cap rates (in stuff I'm looking at) have not followed suit and in some cases appear to still be compressing. Curious on when you guys think they start to catch up and move the same way as the debt...

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+1
Rent Roll/Lease Analysis (Lending Side)

NJCA

Curious as if anyone on the commercial lending side has a template/uses a program that makes analyzing leases/rent rolls a little less cumbersome and time consuming outside of the initial data entry part? Currently, my department has an excel spreadsheet where we enter basic lease info (start date,...

3
+1
Help 1st year analyst decision

Paul Allen8

What would you choose? Working as 1st year Analyst at Freddie Mac in production and sales, or for Wells Fargo doing Balance Sheet lending. Taking into consideration Comp/Hours/Deal Flow/Exits. Any more info on either would be appreciated....

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Missed Opportunity

OldMonkey_NewTricks

The fund I was mid-interview-process with just informed me that they won't be taking on any new analysts until late 2019 as they aren't sure any potential acquisitions they make are safe with the current political climate in Mexico. I just went from my ideal RE career start directly back to square...

2
+1
Building Sensitivities and Scenarios out of Argus Exports

IRReplaceable CRE

Hi All - I know this is a loaded question: What is the high-level modeling process of taking my argus exports and being able to sensitize metrics (occupancy, rent, expense ratio, cap rate, etc.) in order to see different scenarios ?...

3
+2
Juniper Square

CREsyndication

Hey Guys, Are any of you or your companies familiar with / use Juniper Square for your Investor Management or deal sourcing for your CRE deals /syndications? Just curious to know if anyone has any experience with this new software, as we are looking at implementing it. Thanks...

6
+3
REPE Acquisitions Analyst Salary

YoungKapitalist

I am a college senior who was recently given an offer to work as an Acquisitions analyst at a ~$5B REPE firm in NYC. I was told the comp will be "market" and don't have much experience with the RE industry/RE forums so I am not sure what market comp out of UG is exactly. Google searches, payscale, g...

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0
Asset-Based Lending Gives You the Power to Say Yes

William-Jones

Asset-based lending provides new opportunities for residential mortgage brokers. Many residential mortgage brokers have discovered that arranging investment and commercial property loans can significantly enhance their earning potential by servicing an entirely new client base to replace or suppleme...

1
+2
West Coast Retail

Stoo

Anybody here have experience with retail on the West Coast. I'm in MF development and a lot of the deals we are looking at now have some sort of retail component that is required, but I don't have a great source for retail comps (I have CoStar, but don't think its the best since everything is all ov...

4
+2
REPE + Growth Equity Hybrid Fund

CRE12

What do you all think about a hybrid PE fund that combines real estate PE with a growth equity component for small businesses. For example, a fund could acquire a shopping center and fill one of the vacancies with a small business you take a stake in. The fund would provide the space at no rent and ...

6
+6
What waterfalls are you seeing in today's market for developments you're working on?

JB159

Pretty self explanatory title. List product type of developments you're working one, market tier, investment term, and whether your on LP or GP side. **Product Type:** Industrial Spec Development **Market:** Primary **Term:** 3 year horizon (modeled) **LP side** **Waterfall:** 10% Pref pro rata, ...

13
+1
RUBS Utility Programs in CA

Ricky Rosay

I am underwriting a lot of older CA multi deals, primarily in LA area. I understand that implementing a RUBS system on new construction/development is not legal effective Jan 2018 (ie submetering utilities is required). Does anyone know if a RUBS system can be introduced to an existing building that...

2
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Who in this forum went to Graduate School?

yayaa

For those in the real estate field, have any of you got a MBA or MS? If so, when did you go back to get your degree? How many years after undergrad? Also, which program did you attend and why? Were you happy there? What was your biggest takeaway from grad school and was it what you expected? Las...

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+1
GCP Capital Group/commercial real estate originator

futureREmogul

Any info on GCP Capital Group? Reputation? Working there? Hiring process? Dealflow? Also what are some exit opps of being a commercial real estate originator?...

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