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Basic Real Estate Finance
8 Week Course
Location: Your Office
Basic Real Estate Finance is designed to provide entry level professionals with the skills necessary to analyze the financial feasibility of real estate investment opportunities. It provides a step-by-step approach for completing a financial feasibility analysis. Students will become more familiar with real estate market participants, valuation fundamentals, determinates of real estate returns, the impact of leverage on real estate investments, and interactions between the real estate space market and the capital market. This course is ideal for developers, asset managers and owners who have very little financial analysis experience. It will therefore emphasize fundamentals and will not delve into more complex issues that are covered in NAIOP’s Advanced Real Estate Finance course.
This course is also available on-demand.
(Eastern Standard Time)
This session focuses on the relationship between the space market and the capital market, which will be used as a framework for the entire course. We'll also discuss why real estate is a unique asset class and identify major property types and classifications along with key real estate investors. In addition, this session will introduce the four quadrants of the capital market, discuss investment strategies and examine historic real estate returns.
Advanced Real Estate Finance, Financial Analysis of Development Projects
Jerold Franke was named president of WISPARK LLC., the real estate development subsidiary of Wisconsin Energy Corp., in August 2000. In this role, Franke has executive responsibility over the full-service, real estate development company that plans and constructs master-planned business parks in southeast Wisconsin and northeast Illinois.
Franke began his career with WISPARK in 1988 as director - Business Development. He quickly advanced to vice president in 1989 and was subsequently named senior vice president in 1998. Prior to joining WISPARK LLC., Franke was vice president for economic development of Forward Wisconsin, Inc., the state's economic development marketing organization from 1987 to 1988. Previously he was acting city manager and director of community development for the city of Janesville, Wisc., from 1980 to 1987.
This section will focus on the basic structure of a real estate operating statement and how capitalization rates are used in conjunction with the operating statement to derive an estimate of value.
In this section, we will differentiate discounted cash flow analysis from direct capitalization when the technique is presented to provide students with a clear understanding of the relationship between the two approaches to valuation.
Independent Real Estate Consultant
Underwriting of real estate loans
Teresa Esquivel is an independent real estate consultant specializing in the underwriting of real estate loans. She has over 30 years of experience including as a lender at Prudential Mortgage Capital Co. and as a managing director in the CMBS and International Structured Finance Groups of Fitch Ratings. In these positions, she analyzed commercial real estate loans, developed models for quantifying commercial real estate risk, and covered national and international markets.
She holds an MS degree in Real Estate Appraisal and Investment Analysis from University of Wisconsin-Madison. She also had stints as property manager, real estate broker and real estate tax assessor for the Greenwich Village district of New York City. She currently teach Principles of Real Estate Finance at Baruch College’s CAPS program.
This section will cover the legal aspects of real estate leases and focus on how each type of lease structure influences cash flow/value.
Stearns, Weaver et al
Ft. Lauderdale, Florida
Essentials of the Development Process, Basic and Advanced Real Estate Finance, Real Estate Law and Land Use Policy, and Leasing, Marketing and Negotiations
George Pincus is a Shareholder in the Real Estate Department. His practice focuses on office, industrial, retail and build-to-suit leasing, real estate finance and loan work-outs, acquisition and sale transactions and real estate private equity matters, including the formation of real estate investment funds and negotiation of joint venture agreements. Well versed in representing landlords, tenants, lenders, borrower, buyers, sellers, funds and investors in real estate and private equity transactions, Pincus is a solution-driven attorney who recognizes the importance of getting deals closed for his clients.
Pincus has been actively involved with NAIOP for many years and has served in a variety of leadership positions in NAIOP's local, state and national organizations. Pincus has published a number of articles on commercial leasing topics. He is often asked to participate as an instructor in continuing education programs sponsored by the Florida Bar, NAIOP, IREM and other real estate professional organizations.
Capitalization rates and discount rates will be broken down into their component parts to help students estimate potential changes in the rates over time.
This session will emphasize mortgage terminology and basic skills such as calculating mortgage payments and balances in this module. We'll also discuss the relationship between leverage and investment risk.
Daniel F. Mulvihill Professor of Commercial Real Estate & Academic Director of MSRE Program
University of San Diego
San Diego, California
Charles Tu is the Daniel F. Mulvihill Professor of Commercial Real Estate and Academic Director of the MS in Real Estate program in the Burnham-Moores Center for Real Estate at the University of San Diego. He teaches a variety of courses at both the graduate and undergraduate levels, including real estate finance and investment, real estate capital markets, real estate management, and real estate development. He is also the principal instructor of Advanced Real Estate Finance in Urban Land Institute’s Real Estate School. Tu earned his PhD in business administration from The George Washington University in 1999 and received the Chartered Financial Analyst (CFA) designation in 2000. He became a LEED Accredited Professional in 2009 and is ARGUS Software Certified for both ARGUS Valuation-DCF and Developer. Tu is also a NAIOP Distinguished Fellow.
Leverage is incorporated into the reconstructed operating statement in this section to analyze the financial performance of a real estate investment.
We'll discuss the skills necessary to estimate the maximum loan amount a property will support and to choose between financing options with different terms.
Basic Real Estate Finance is approved for the following Education Credit:
16 hours credit toward either the Certificate of Advanced Study in Commercial Real Estate Development or the Certificate of Advanced Study in Real Estate Finance.
16 AIA/CES Learning Units
16 Professional Development Hours (PDH)
1.6 Continuing Education Units (CEUs)
Payment for a NAIOP online course entitles access for one person only to the course and all materials.
All cancellations must be in writing. Cancellations of registrants received after December 14, 2016, will be charged a fee of $100 per attendee. Cancellations received after December 27, 2016 will forfeit the registration fee. No refunds will be made for no-shows. Substitutions are permitted until January 3, 2017. Nonmembers substituting for members will pay the difference in fees. Cancellation/substitution notices should be sent to firstname.lastname@example.org or faxed to 703-674-1471.
Yes, there is a live instructor presenting each class. Students are able and encouraged to engage and interact with the instructor and each other.
Courses offered online require no more than one hour per week of additional work outside of the scheduled class times.
If a student misses a class, all materials and a recording of each class is posted in the material library for the student to review before the next class. A student must attend a minimum of 75 percent of the classes to receive credit.
Course exams are not required unless you are enrolled as a candidate for the Certificate of Advanced Study in Commercial Real Estate or the Certificate of Advanced Study in Real Estate Finance.
The Center maintains records of all the coursework you complete, as well as optional exam scores, in a confidential transcript. Transcripts are available to candidates upon request. Please contact email@example.com.
The interactive sessions will be accessed via GoToWebinar.com.
Please use the list below to determine if your computer meets the minimum requirements recommended to participate in the online courses:
To attend on a PC, the following is required:
To attend on a Mac®, the following is required:
Participants wishing to connect to audio using VoIP will need a fast Internet connection, a microphone and speakers (a USB headset is recommended).
Contact Barb Parnarouskis at firstname.lastname@example.org for more information.