Introduction to Real Estate Financial Analysis

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Event:
Introduction to Real Estate Financial Analysis
Start:
July 22, 2014 1:30 pm
End:
July 24, 2014 3:30 pm
Category:
Organizer:
David Mulvihill, Vice President, Professional Development
Phone:
202-624-7122
dmulvihill@uli.org
Updated:
June 30, 2014
Venue:
Live Online
Address:
Online, DC, United States

Held over two sessions this new online live workshop will provide students with the tools necessary to create their own financial models in Excel in order to both value and analyze real estate debt and equity transactions.  Beginning with a blank spreadsheet, students will combine theory with practice to explore the basic building blocks upon which all financial modeling is based. The program will run the gamut from time-value of-money (TVM) analysis to derivation of returns and basic mortgage analysis.

Session 1: July 22, 2014  1:30-3:30 p.m. ET

Session 2: July 24, 2014 1:30-3:30 p.m. ET

Instructor

Davd EyzenbergDavid Eyzenberg
Principal – Investment Banking
Avison Young
New York, NY

David Eyzenberg is a Principal in the New York office of Avison Young, where he focuses on capital raising/structuring for Avison Young’s CRE clients. Mr. Eyzenberg’s practice spans entity and asset recapitalizations, financing debt and property acquisitions/developments, as well as advising Canadian and domestic institutions on deploying capital into appropriate opportunities. Complementing his professional endeavors, Mr. Eyzenberg teaches graduate real estate finance studies in New York University’s Masters of Science in Real Estate program.

Mr. Eyzenberg previously served as Managing Director and head of commercial real estate for NewOak Capital, a New York-based financial advisory firm. There, Mr. Eyzenberg completed multiple property financing and CMBS/CRE CDO valuation assignments. His tenure at NewOak began in 2011 after its acquisition of the investment banking practice of Eyzenberg’s Prodigious Capital Group, where Mr. Eyzenberg served as President since 2005. There he led the firm in consummating over $350M in financing and advisory assignment. These included single asset, portfolio, and entity level financings, as well as joint venture and structured financing, debt, equity, and hybrid products, and CMBS.

Mr. Eyzenberg is a graduate of New York University, where he received a Bachelor’s Degree and a Master’s Degree in real estate finance and investment. He serves as President of the NYU Schack Real Estate Institute Alumni Board.  Mr. Eyzenberg is an active member of Corenet, ICSC, RELA, YMBA, MBA, and ULI and a frequent speaker at industry events.

Registration Fee

Member: $215
Nonmember: $295
Govt./Nonprofit Member: $195
Govt./Nonprofit Nonmember: $265

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Session Highlights

Session I

  • Understanding present value (PV), future value (FV), RATE, NPER, and PMT functions
  • Accumulating a future sum (sinking fund)
  • Nominal equivalent rates (annual, quarterly, monthly, daily)
  • Understanding net present value (NPV) vs. XNPV
  • Understanding internal rate of return (IRR) vs. XIRR
  • Partitioning the IRR
  • How return measures are derived

Session II

  • How to size a loan using four stress tests (LTV, DSCR, Debt Yield, Exit LTV)
  • Modeling floating and fixed interest rate amortization tables
  • Using the PMT function (self-liquidating, balloon, negative amortizing, and      interest only mortgages)
  • Future balance analysis using FV and PV