Real Estate Finance I

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Start:
January 26, 2015 @ 8:00 am
End:
January 28, 2015 @ 5:00 pm
Category:
Venue:
JW Marriott Santa Monica Le Merigot
Address:
1740 Ocean Avenue, Santa Monica, CA 90401 United States
Phone:
310-395-9700
Organizer:
David Mulvihill, Vice President, Professional Development
Phone:
202-624-7122
Email:

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In today’s environment, multifamily and commercial real estate development only occurs when property markets demand additional space and capital markets are able to provide the needed financing. The opening course in commercial real estate finance targets this intersection of property and capital markets. It highlights the market analysis necessary to support commercial leasing activity, the income and expense analyses flowing from those leases, and the resulting value creation. While addressing equity capital sources, the course focuses more directly on debt capital and understanding loan sources, lenders’ underwriting guidelines, and cash flow analysis. (Equity capital sources and requirements are addressed in detail in the second course in this sequence, Real Estate Finance II.) Finally, you will learn how much you can afford to pay for the land and still have an economically feasible development project.

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

Principal Instructor

Richard L. Haney, Jr.
Professor of Real Estate and Finance
Mays Business School
Texas A&M University
College Station, TX

Haney is a specialist in real estate finance, development, and valuation. A professor of real estate and finance, his teaching responsibilities include graduate courses in real property finance, development, valuation, and mortgage market analysis. He has published widely in scholarly and professional journals and has extensive experience teaching professional development courses, including 25 years of teaching in the ULI Real Estate School.

Haney is a full member of ULI, a fellow of the Homer Hoyt Advanced Studies Institute, and a faculty fellow of the schools of mortgage banking at both Stanford University and Northwestern University. He is also coauthor of three textbooks, including the second edition of the ULI’s Real Estate Development: Principles and Process.

Guest Faculty

John J. Ayoob
Executive Vice President
CBRE | Brokerage Services

Todd T. Popovich
Senior Vice President and Regional Manager
Wells Fargo Commercial Real Estate
Wells Fargo Bank, N.A.

Jake Roberts
Vice President, Capital Markets
Marcus & Millichap Capital Corporation

Registration Fee

ULI Member: $1,095
Non-member: $1,460
Government and Nonprofit Members: $950
Government and Nonprofit 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.

Accommodations and Course Location

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

  • Developing and owning real estate
  • The intersection of the property and capital markets
  • Land productivity and the income stream
  • How leases can direct the size and shape of the built environment
  • Using market analysis to uncover underlying supply and demand forces
  • Understanding multifamily and commercial property revenues and expenses
  • The income pro-forma and cap rate valuation
  • Property, debt, and equity ratios
  • Commercial real estate capital sources
  • Construction and permanent loan underwriting
  • Estimating residual land value