Silver BananaTopicReplies
+1
GSE/DUS Lending Exit Ops

Rice and Fires

For 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 Listing

10xmult

Thought 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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+1
CRE companies focused on adaptive re-use

bobbysuelc

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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+1
Writing Credit Papers and Credit Reports

michaeltsquan

Hi 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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+2
REIT Interview

rosenjo7

I 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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+1
Meridian Capital Group (Training) / "Meridian University"

Merchant_of_Debt

"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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+1
RE Modeling Test - TRADE

chad21

I 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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+2
Where do you draw the line with the definition of anchored or unachored retail?

Brody92

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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+4
Off Market Properties

futureREmogul

I 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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+1
Nation wide provider of environmental and engineering reports need leads to help hit my sales number.

rmgwaves

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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+2
Is it at all normal for a GP to have an LP be a co-signer for a recourse mortgage loan?

basementflat02

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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+7
Real Estate Investment Banking

Up n coming

Incoming 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...

130
+3
Percentage Rent

C.R.E. Shervin

Does 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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+1
Buying Ground Leases

SoCal-RE

I'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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+6
What is the next big threat to CRE?

TeddyTheBear

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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+1
Switching from Creative Advertising to Real Estate

Skap13

I'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)

subprime_mortgage

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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MRED Rec Letter Advice

Cadmonkey117

This 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 DC

Dupont29

Can 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

SteelGun

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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+11
Development vs. REPE

Mark Queban

I 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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REPE Acquisitions NYC - Hours

osw

I’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-Cash

ed666

Hi 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

scshtx

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 Interest

cbermudez8

I 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 Valuation

SoCal-RE

Have 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/interests

Anonymous Monkey

I 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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Advice/Tips to get into REPE?

LeveredLlama

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 Capital

futureREmogul

What 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?

DerivativeTrader4

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. IS

want2bCRE

What do the exit options look like for debt placement VS. investment sales from a CBRE/HFF/C&W/JLL? ...

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Real Estate Yields in UK and Europe

ed666

Hi 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)

ed666

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 Trade

10xmult

Hi 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...

basementflat02

![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 )

jlemail

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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+3
Bloomberg Terminals - CRE

ABCAIDA95

Why 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 & Financing

jlemail

I 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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+1
Bayfield Training London

jlemail

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 dealflow

egold70

Will 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.

opus1723

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 side

DCDepository

Just 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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+13
The Fallacy of Homeownership as a Vehicle for Wealth Creation

jankynoname

I 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 acquisition

bigplay

Greetings, 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 Investment

SoCal-RE

Looking 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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Capital Markets Associates Program

feeguy

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?

TheTankF

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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+4
The end of LIBOR

capitaltide

Is 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 questions

jcre17

I 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

Abysscap

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 only

futureREmogul

Came 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?

basementflat02

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)

SoCal-RE

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 Recommendation

BBA18

Anyone 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?

RERobert

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?

adrian-monk

Hi guys, anybody here willing to share a data center model? Appreciate the help! Thank you!.............

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Condo Deconversion

MillerTime14

I 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 maps

Francisco_DAnconia

Do 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?

ElBassio

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 Interview

argusdell1297

Got 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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+4
Great places to start - NYC

futureREmogul

I 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 Sales

feeguy

Hi 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?

Brody92

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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+9
Tired of traffic? Take a flying taxi!

DawgStreet

*"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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2019 FT Analyst recruiting timeline - Real Estate

repe-hopeful

Hi, I'm a rising senior at an elite liberal arts college (think Williams, Pomona) with a STEM major. I worked in a merchant banking group at a family office this summer, and am looking to take my buy-side experience to REPE, development, owner-operator investment firms, REIT, etc. Hoping to cast a ...

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CBRE Capital Markets Program

Forex Swings

Does anyone have any idea on this program? The marketing material does not go into that much depth, however seems like a stepping stone to the investment sales side. Also wondering if this is more of a placement program, where you get placed into different areas in Capital Markets at the end of the ...

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What is included in the Reversionary Yield, Equivalent Yield and Running Yield calculations?

ed666

Hi there, What is the correct calculation for the following yields: Reversionary Yield Equivalent Yield Running Yield Many thanks,...

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What is included in Net Rental Income calculation

ed666

Hi there, What is the correct calculation for net rental income: NRI = Rent – Vacancy NRI = Rent – Vacancy – Rent-Free Many thanks,...

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+1
What would be reasonable equity compensation for arranging financing for a real estate investor?

basementflat02

So I may be putting together a fund/line of equity for continual purchases of property for an acquantaince who buys and rents out homes. Is 3% equity in the properties fair to ask for? My responsibilities are basically to put together a good presentation of his current business and pitch it to fr...

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