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Development Finance Model for Carehomes - Debt Fund Interview Case Study
Hi all, I am interviewing with a small debt fund which is actually backed by a major and much larger firm and have been invited to a modelling test 3 hour long. They focus on provided debt to developers of care homes/ressi etc. It will be a development appraisal for the development of a new care...
Annual Rental Growth Rate Question
Hi Guys, I was hoping someone could help me with writing my formula for rental growths. I have a Y1 price per sqft. with Y1, Y2, Y3 growth rates alongside varying occupancy rates. I am trying to project out monthly cashflows but have now confused myself on how to proceed... I was doing =SUM(Rent Psf...
Urban Water-Utility Cost Per Unit/Lease...How do building owners project annual cost & what is a typical annual cost
Trying to understand how building owners/property managers for multi-unit residential leasing buildings factor in cost of tenant water use. (Urban/Metropolitan/Downtown City Areas) Assuming it is largely based on historical averages but does anyone do any further analysis to get more accurate...
Underwriting Multi Vacancy Factors
WSO - I come from an office/hotel background but have recently been spending time in the multifamily space and wanted to dig in on the assumptions/modeling practices behind MF vacancy factors. Few specific items I've been thinking about: Vacancy = [Leased Units]/[Total Units] and my perception is...
How to Value Assisted Living Facilities?
Title. Are they valued like any other real estate asset with NOI and a Cap Rate or is there another metirc commonly used?
Is land cost included in LTC?
If a company already bought the land and is going to develop it, but they want to take out debt to do so, would the lender include that in their LTC when determing proceeds? Question 2: If construction has already begun and now the developer wants to take out debt to finance the rest of the project,...
What is Ramky One Harmony?
Ramky One Harmony in Pragathi Nagar, Hyderabad by Ramky Estates & Farms Limited is a Residential Luxury Apartments. It is a sprawled across 8.1 acres of Land area, located in Pragathi Nagar in Hyderabad city. These project gives you the luxuries of a complete premium residential property over, It as...
Real Estate Private Credit
What kind of firms do real estate private credit? Is it usually family offices or are there larger institutional players? Any examples of family offices that do this? Thinking this might be a viable alternative to REPE
Move from REIT to REPE
Cheers guys, you all helped a lot with my career guidance. will make sure to do more research as well over the next few years! thanks!!
Property assessments in NYC generally went down for commercial properties. Is it safe to adopt the reduced property taxes when trying to calculate for stabilized value?
Due to the impacts of Covid-19 on property values/cash flows, assessed values for commercial properties in NYC went significantly down more or less across the board. I will often come across a property that wasn't really even negatively impacted by Covid-19, like an industrial property in Brooklyn,...
Advice on Banking to Real Estate - Feel slightly lost
I worked in banking for 3/4 years in various roles from debt to portfolio management and most recently debt advisory. Due to coivd job-losses, I recently took a analyst role in a top broker focussed on self-storage. I create financial models/vals etc. I do not think this is for me long-term as its...
REPE Blackstone
Hi All, I am currently thinking of moving from BB M&A (not MS or GS) and considering moving into REPE at BX as an Analyst. I wondered wether anyone had any insight wether exit opportunities to things like Infra PE or Corp PE were possible from the team. Also, wether it was worth considering this...
Help me - Career advice feel overwhelmed what should i do! mentally stressed
Hi Everyone, First post here and sorry in advance. In short, I graduated and went into banking (around 4 years) in debt financ/some real estate finance and then bonds portfolio management. Left to a small boutique to do debt advisory but due to covid was let go. Interviewed with a Big Broker...
The Real Estate Game by William J. Poorvu
I've heard the book The Real Estate Game: The Intelligent Guide To Decisionmaking And Investment by William J. Poorvu recommended a lot on this sub. Would people here generally agree that it's a great way for a beginner to see the breadth of the real estate business? Also, does anybody know where I...
Operating Shortfall Paid by Equity or Debt?
I have seen two different models that attribute any operating shortfall to either the equity capital accounts or to the debt funding respectively. When the operating shortfall was paid by the debt funding, it was added to the interest reserve. Is that correct? Is this determined by the covenants of...
How do you value a company which has a real estate development pipeline not yet completed/stabilised?
Hi All, Wondering if anyone can help here. I am trying to value a small US and European RE company which has two divisions. One is a successful operating arm where the property is fully stabilised at 95% occupancy (easy to value this piece). The second is a development divison, it has 32...
Modelling Help, Equity contributed greater than Equity sourced?
So my model is a based on a $100M project, 50% LTC would require would $50M in equity so the sources would be $50M of equity, $50 mil of debt. But I have negative operating cash flow in the first few months such that when I calcualte contributions, the equity portion is > than sources of equity. Is...
Help Equity Waterfall Still has Ending Balance After All Distributions
I have a pretty simply Equity Waterfall that has 2 promotes 1: 7% IRR 10%/90% 2: 11% IRR 25%/90% 3: Remainder The model has the cashflow sufficient to pass the first hurdle 7% but only by a smidge. When it gets to the second hurdle, it distributes as much as it can, but the required return of 11% is...
Your best witty Quotes out there
What are your favorite (intelligent, offensive or witty) quotes you heard out there? If you have one with a source I’d love to check it out too✌️ Here’s my current favorite quote by Steve Eisman about “90’s” WallStreet guys referring to the 2008 CMBS crisis: ”They mistook leverage...
RERA Approved Projects in Cuttack
"Dion River front" is one of the developments that just really make life so much easier and enjoyable. It is built by the best in class builders in Cuttack – The Dion Infratech. No matter what kind of home you are interested in, you will find what you want. There is a great selection of 2 & 3...
CRE Development to Acquisitions?- Pros/Cons
Been working in Development as Sr Analyst/Associate at a top shop (Hines/Brookfield/Related/Avalon Bay/Ventas) straight out of college for the last 3-4 yrs & looking to make a jump into Acquisitions. I've been going through the past posts on this topic but most of them have been dated so looking for...
REPE versus PE
How challenging is moving from REPE to PE? Are the skills learned doing REPE vastly different than traditional PE? Would the switch require an MBA/ re-skilling? Is this transition common?
Investing
Should I invest all my money on Real Estate? I have 5000USD and I am thinking about investing them in real estate in Florida. Any pieces of advice?
How to Get Into a Megafund's RE Arm Out of School?
Senior monkeys and real estate gods, I am a senior in at a semi/target school, with a decent GPA, who always found investing interesting. I dug deeper into this and decided that I want to pursue real estate investing to start my career. While there are pros and cons to being at a large fund vs. a...
eCornell commercial real estate certification for b-school resume
Planning to get into b-school fall of 2022. I am currently in the construction management industry and plan to pivot into real estate with MBA. My undergrad was in India in civil engineering with a low gpa of 2.64/4.00 and I have a masters in construction management from USA with a decent gpa of...
Q&A: West Coast Multifamily Finance Director
I don't see too many Real Estate Q&As so I thought I'd give it a go. Happy to answer any questions related to MF real estate, financing, path, etc. My Background: Graduated from a semi target school and sort of fell into a real estate consulting role at a boutique consulting firm that advises state...
Real Estate Financial Modeling Case Study HELP - Getting to Purchase Price??
Hi, so I've recently applied to a RE investment firm and they gave me this case study. I've been trying to read through some case studies online, but I can't find anything that is similar to the one they gave me. Basically, there is a target Office Building to be acquired with 1 year of renovations...
Land Acquisitions for Energy Asset Developer vs Analyst Role at Full-Service Real Estate Advisory Consultancy
Hi folks, I am interviewing right now and would like to pick your brains. I'm broadly interested in opportunistic developments, but do not have a strong preference for a particular asset class. I am far along in my candidacy for: 1. A Land Acquisitions/Entitlements Role with an Energy Asset...
First Developer Job Offer - Salary?
Hey guys, been working my ass off the past few years getting a MSRE + working full time as an architect in South Florida in hopes of landing a developer position. All my hard work and tuition money seemed to have paid off when I got my first RE Development Associate job offer at a small family...
First Developer Job Offer - Salary?
Hey guys, been working my ass off the past few years getting a MSRE + working full time as an architect in South Florida in hopes of landing a developer position. All my hard work and tuition money seemed to have paid off when I got my first RE Development Associate job offer at a small family...
First Developer Job Offer - Salary?
Hey guys, been working my ass off the past few years getting a MSRE + working full time as an architect in South Florida in hopes of landing a developer position. All my hard work and tuition money seemed to have paid off when I got my first RE Development job offer at a small family office to...
Mapletree Investments Email Format for networking
Hi Guys, I'd like to speak to analysts at Mapletree since they are a real estate firm I am interested in. I can't seem to find their US operations email addresses and I was told writing to people on Linkedin is not ideal and comes across as unprofessional. I'd appreciate it a ton if someone could...
George Smith Partners - LA Office
Hi Everyone, I am currently interviewing for a group within George Smith Partners in LA for a debt analyst role and was wondering if anyone had any insight on the firm or culture there? Any input you can provide would be greatly appreciated. Thank you!
Career pivot from dentistry -> real estate? MSRE / MSRED
Hello, I am strongly considering a career change and have always had a bit of a passion for real estate. My only real experience in it though is purchasing and renovating 4 sfh and a duplex and renting / refinancing them. I am currently a dentist and may be selling my practice and the free standing...
Best real estate agency in Singapore
Buying a house in Singapore is a dream.Singhousepro is one of the best real estate agency of Singapore which has the responsibility of providing you a beautiful and comfortable home.Singhousepro fulfills your dream of living in your dream home with good facility and good lifestyle in the best...
SFR - How does Single Family Rental Developments Work?
How does a Single Family Rental development deal pencil? I work in MF development in the southeast and hear about these deals for a few years now but have not seen one yet. The demand story checks, but I can't figure out the execution. As I see it, unless you have a waiting list of tenants, you can...
Real Estate Fund Modeling
What the best method for modeling a FOF hypothetical? A) utilize the the 1, 3, and 5 yr average net return of the underlying operators or B) utilize assumptions of cash flow based on prefs and estimated appreciation of the underlying assets? i've modeled both methods and with A (using net return)...
Real Estate Investment Banker or Real Estate Broker ( / luxury RE Broker) in Los Angeles?
Lifestyle? Work hours? Pay? Good Firms? Chances of becoming a Millionaire (haha). Just some questions I have - I'm trying to learn about RE in LA and I appreciate all the responses.
Landed a job in RE, now how do I make the most of it?
As the title says, I landed my first job at a private real estate investor as an "Acquisitions analyst in training." I worked my ass off networking, teaching myself the lingo, and taking the Justin Kivel Courses (love that guy
Value-Add Projects in Secondary/Tertiary Sub-Markets
Anyone have experience working with smaller, value-add deals in secondary/tertiary neighbourhoods in major cities? I'd imagine some potential hurdles, at least compared to stronger local markets, would be less sophisticated owners, less demand, less DD material, less comparables, longer project...
Calculating Total Enterprise Value by subtracting a Cost EV from Freehold EV?
Hi WSO, I am reviewing a model where the client has calculated the EV of their Freehold Portfolio, by subtracting a central cost EV. So they have taken the freehold and leasehold portfolio EBITDA * EV/EBITDA Multiple (of 12.5x) and then subtracted Central Costs * EV/Central Cost multiple (of 9x).. I...
Is Low tier BB IBD > Top tier REPE > Corporate PE possible?
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though...
Real Estate Development - early foundations suggestions?
I am almost 1 year out of college and work full time at a smaller real estate development company that develops luxury apartments (mixed use) in the greater NY area. I've been working here for ~9 months now, and have been tasked in all kinds of areas of development - diligence, financial/pro forma...
Summer Analyst after Senior Year?
This will be my first post so forgive me if I sound naive, but I've done some reading on the forums here and I couldn't find a recent answer to this question or a person with a profile quite the same as mine. I'm currently a junior and will be doing debt valuation for REIT's as a SA this year. This...
Dissertation survey to determine structural change to demand in office space
Dear fellow primates I am currently conducting research to determine the long term structural change in office demand due to COVID-19. For this I would like to analyse how work from home was handled before the pandemic and how office workers' opinion and situation has changed. If you would work in...
Real Estate Investment
Buying a home needs proper planning and financial assessment. There are multiple home-loan options available. Do proper research to get the best home loan as per your situation and needs.Be practical in setting a goal for home buying.Create a homebuying strategy in advance and go as per the plan....
Upcoming Tishman Speyer Interview
Hey everyone, Wondering if anyone has any interview experience with Tishman Speyer? Have an upcoming excel modelling test/interview and would be great to hear some thoughts. Best (1st year analyst - out of school)
Development Management
Does anyone on the forum do development management? Would love to hear more about your day - I know this is pretty broad - I am looking at a job that is going to include Development Management as a large part of the day. So I am curious as to what you do most of the day, what your career growth may...
Capital Markets - Is it basically mortgage brokerage?
So I'm planning on joining a CRE brokerage firm this summer for an internship. I'm going to be working with the capital markets guys. So far all I know is that they connect the clients with financing. I listened in on one of them doing calls and basically he was cold calling people asking if they...
RE M&A vs REIB
Hi all, I'm looking for some advice. I've landed an internship at a top RE Brokerage in London (CBRE, ES, Hines, JLL) and in the current environment I feel incredibly lucky. However, I can't help but think my exit ops may be better in an RE M&A function at a Bulge Bracket? Could someone possibly...
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