Real Estate Finance II

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January 29, 2015 @ 8:00 am
January 31, 2015 @ 5:00 pm
JW Marriott Santa Monica Le Merigot
1740 Ocean Avenue
Santa Monica, CA 90401 United States
David Mulvihill, Vice President, Professional Development


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As evidenced by recent experience, real estate development is a cyclical enterprise. Development projects today often require complex financing and the ability to support estimates of cash flows through both the development and holding periods. This second course in commercial real estate finance explores the techniques of financing commercial projects through the various phases of development site analysis, land acquisition, development, and construction. The central objectives of the course include providing students with hands-on experience in recognizing and mitigating risk. The key extensions from Real Estate Finance I include a focus on equity returns and the impact of time on those returns.

This second course introduces the notion of the time value of money and incorporates it into the analytical process. This includes constructing the discounted cash flows over the construction and holding period, with specific attention paid to analyzing and accounting for contingencies, tax effects, and financing alternatives. It also explores how the deal structure allocates risk and return to each of the investor groups—i.e., the investment waterfall. Other topics include interim and permanent lending procedures, use of income and expense statements, construction disbursement schedules, sales and leaseback, and leasehold financing—all examined through both case studies and workshop problems. The course focuses on the lender’s perspective, the equity investor’s perspective, and dynamic cash flow analysis or total property return metrics—i.e., internal rate of return (IRR) and net present value (NPV)—with an introduction to options analysis in real estate development decision making.

Case studies examined throughout the course will illuminate concepts, providing hands-on experience, and industry guest speakers will provide current examples of deal structures and industry data.

Upon completion of Real Estate Finance II you will be equipped to:

• Construct industry standard discounted cash flow statements
• Calculate and interpret key property and project performance metrics (e.g. IRR, MIRR, NPV)
• Conduct sensitivity and scenario tests on estimated cash flows
• Apply financial analysis tools to construct waterfall returns across equity and leverage interests
• Partition project returns between debt and equity interest

Participants are expected to bring a laptop computer with Microsoft Excel to the course.

Principal Instructor

Roger Staiger
Managing Director
Stage Capital, LLC
Washington, DC

Roger Staiger is managing director for Stage Capital LLC, an international real estate advisory firm providing expertise to clients in areas of global portfolio management and asset repositioning. Staiger, through Stage Capital, has successfully repositioned over $500 million in distressed and inefficient real estate projects globally.

During his 20-year career, Staiger has worked in a number of industries at senior levels. He was managing director for Constellation Energy’s retail commodity division, CFO for Caruso Homes, and a portfolio manager for a large commingled pension fund in New York.

Staiger holds multiple degrees, including a BS in electrical engineering, an MBA in investments, an MA in international transactions, and an MS in finance. Currently, he holds faculty positions in the real estate departments at Georgetown University and Johns Hopkins University.

Staiger makes numerous capital market and economic presentations to organizations internationally. He also appears regularly on television and is often quoted in national periodicals and local newspapers.

Registration Fee

ULI member: $1,095
Non-member: $1,460
Government and Nonprofit ULI members: $950
Government and Nonprofit ULI non-members: $1,265

Registration fee includes tuition, course materials, continental breakfast, luncheon, and refreshments.

Cancellations must be made in writing or by e-mail to ULI’s customer service department and are subject to a $100 administrative fee. Cancellations must be received at least seven days before the start of the program to be eligible for a refund. No refunds will be granted thereafter. You may transfer your registration to another member of your organization with no penalty.


Hotel accommodations are not included in the course registration fee. A special room rate of $299.00 plus tax for Superior Courtyard & City view rooms will be extended to attendees based on availability, if booked on or before Monday, January 5, 2015. Call 310-395-9700 and ask for in-house reservations or book online.

Program Highlights

  • Review conceptual foundations of the property markets
  • Income-producing property markets
  • The time value of money—cost of capital, compounding, present value, future value
  • The time value of money and commercial real estate debt financing
  • Using mortgage debt in dynamic property analysis
  • Present value, future value, and mortgage constant analyses
  • Equity investor metrics—leases
  • Including capital expenditures in the cash flows
  • Case study on present value analysis
  • Considering cash flow risks arising from leases
  • Case study on risk metrics