Advanced Real Estate Finance: Capital Sources and Deal Structures

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June 9, 2014 @ 8:00 am
June 11, 2014 @ 5:00 pm
Waterview Conference Center
1919 North Lynn Street
Arlington, VA 22209 United States
David Mulvihill, Vice President, Professional Development


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This capstone course in real estate finance will examine in-depth the capital markets for commercial real estate development and acquisition projects.  A variety of capital sources will be explored including traditional mortgage financing, joint-venture equity arrangements, and bridge financing such as mezzanine loans and preferred equity.  The discussion will help students better understand how to structure the capital stack for a real estate transaction, and how different structures allocate investment risk and return to each party.  The course will also examine real estate’s role in a multi-asset portfolio and how it competes with other asset classes.

Advanced case studies will demonstrate how deals are structured and will introduce sophisticated analytical techniques.  Hands-on exercises will be utilized to enhance student learning.  Guest speakers from both the debt and equity finance markets will provide real-world examples of current deals.

Upon completing this course attendees will:

  • Have a deeper understanding of the various sectors in the commercial real estate capital market and how they operate
  • Be able to demonstrate the relative pros/cons of different types of debt financing, such as portfolio loans and conduit loans
  • Understand the various ways to construct a joint venture or a syndicate, using the waterfall structure
  • Identify alternatives for filling the gap in the capital stack between the first mortgage and equity capital
  • Know how real estate is evaluated by institutional investors holding multi-asset portfolios

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

Principal Instructor

Charles Tu
Charles Tu
Professor of Real Estate
Burnham-Moores Center for Real Estate
University of San Diego
San Diego, California

Tu is the Daniel F. Mulvihill Professor of Commercial Real Estate at the Burnham-Moores Center for Real Estate at the University of San Diego (USD). Tu joined the USD faculty in 2004 and was appointed the academic director of the Master of Science in Real Estate (MSRE) program in 2010. He is also responsible for the curriculum of the undergraduate real estate major.

Tu’s research covers a wide range of topics, including housing valuation, smart growth and the new urbanism, sustainable and green buildings, commercial mortgage-backed securities (CMBS), real estate investment trusts (REITs), multifamily housing, retail shopping centers, and real estate education. He has published in many academic journals and for professional organizations such as the Urban Land Institute (ULI) and the Mortgage Bankers Association (MBA). Tu was a primary investigator of research projects sponsored by government agencies, including the U.S. Department of Energy, the U.S. Environmental Protection Agency, the California Energy Commission, and the District of Columbia Government. He currently serves on the editorial board of the Journal of Sustainable Real Estate.

Tu earned his PhD in business administration from the George Washington University (GWU) in 1999. He received the Chartered Financial Analyst (CFA) designation in 2000 and became a LEED Accredited Professional in 2009. He is ARGUS Software Certified (ASC) for both ARGUS Valuation-DCF and Developer. Before joining USD, Tu taught real estate and finance courses at GWU and California State University and Fullerton.

Registration Fee

ULI member: $995
Non-member: $1,325
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 block of rooms for the 2014 ULI Real Estate School has been reserved at the Le Méridien Arlington, adjacent to the Waterview Conference Center.

Book your hotel room by May 16, 2014, and mention the Urban Land Institute to get a discounted rate of $259 per night. Call 888-627-7101 or book online.

Program Highlights

  • U.S. economy and real estate capital markets
  • Analytical tools used to make optimal development decisions
  • Income pro forma, debt ratios, and equity ratios
  • Development feasibility case study
  • Effect of income taxation on deal structure
  • Advanced case study on deal structure
  • Commercial mortgage underwriting case study
  • Portfolio analysis of real estate in a mixed asset class
  • Incremental cost of funds: what does another dollar of debt really cost?
  • The impact of taxes on real estate investment
  • Industrial property case study—determining market rents and investor returns

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