Does anyone have any resources that covers topics on debt (senior/mezz), more nuanced topics like note on note financing, CMBS, SASB and general structuring? Trying to become more well versed in these topics as this seems like a great environment to be learning more topics that I typically wouldn’t be involved in
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Following. Also interested in RE financing concepts & case studies but it seems like all resources only cover the equity side of things.
Just go through historic folders at work in your own time, read the legal docs and Google/ask here for specifics where you hit a dead-end
This - and also ask senior members of your debt and legal teams when you run into stuff you don't understand.
This method is particularly good if your company keeps all drafts of docs on file so you can go through the redline iterations and try to understand what points each party was focused on in negotiations.
I’m not looking for information on debt that we have taken out as equity lenders. I’m more so looking to learn more about the securitization of debt, shopping debt, pricing debt, structuring debt, various debt instruments and how they can positively or negatively affect a debt investment. I work on the equity side and have almost no exposure to debt professionals
There is a CMBS primer floating around out there that you can get your hands on. Happy to talk through the debt side in general.
[@mrcheese321] apricots the two debt folks I know. Maybe they can add more resources
I've never seen a primer or class on debt/structuring, so beyond just talking you through it, dont have any recommendations.
That said, if you did want to connect at some point, happy to spend 30 min with you (or anyone) and talk through it.
Just send me a PM.
I feel like this is the reason associates and VPs can still be paid really well in real estate. There’s no real way to get up to speed on these things without doing deals. You’re paid for your experience / knowledge on these topics, not because you’re smart
If only they did actually pay well
I’ve only financed RE on the muni side, but frequently the big law firms have, if not primers, at the very least articles on some of the nuances. For LIHTC Novogradic has some good stuff. Maybe reach out to some of the accounting firms and debt/equity teams at the institutional brokerage shops.
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