Multifamily Housing Development and Investment

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October 7, 2013 @ 8:00 am
October 8, 2013 @ 5:00 pm
The Hub Commerce Square
2001 Market Street, Suite 210
Philadelphia, PA 19103 United States
(215) 561-8090
David Mulvihill, Vice President, Professional Development


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We are no longer accepting online registrations for this event.

As the economy continues to steadily improve, multifamily housing has been a particular bright spot in real estate industry. Buoyed by demographic shifts into urbanizing areas, an increased pool of renters in the form of displaced homeowners, and low vacancy rates, the multifamily industry has realized significant capital flows. But as competition heats up, a more thorough and nuanced understanding of this product type is more important than ever.

This intensive new program will provide participants with a deeper understanding of the unique attributes of the multifamily housing product. Using a combination of lectures, case studies, and in-class data analysis, attendees will gain a sharper insight into the many professional roles involved in the multifamily development process. Attendees will leave with a deeper understanding of how these various disciplines interact in the process and project feasibility comes into focus. Participants will begin with a simple “back of the envelope” spreadsheet that will provide a quick initial assessment of project feasibility.  As the class progresses, a more comprehensive development model will be constructed that addresses the myriad risks and opportunities a successful developer must take into consideration and actively address.

An interactive case study on a multifamily project will be woven throughout the program to better illustrate key points and concepts.

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Principal Instructor

Robert T. Rajewski
Director of Finance
Continental Realty Corporation
Baltimore, Maryland

Bob Rajewski is the director of finance with Continental Realty. He previously has held positions as an asset manager (BIT), equity syndicator, appraiser, developer (multi-family) and as an underwriter for conduit, permanent, and construction loans (commercial and multi-family for Banks of America). Previous employers include the Building Investment Trust and Bank of America.

In his current position he secures long term financing for multi-family assets using Fannie Mae, Freddie Mac as well as 3rd party banks.

Rajewski holds an MS degree in real estate development from Johns Hopkins University and a BS in finance from the University of Baltimore. He has been an adjunct professor in graduate studies at the Carey School of Business at Johns Hopkins since 1997 and in undergraduate studies at the University of Baltimore since 2008.

Guest Speakers

Robert Diamond
Reed Smith, LLP

Jeff Kayce
Vice President
Bozzuto Development Company

Jennifer Nevitt
Chief Executive Officer
Forty Two, LLC

Roger Staiger
Stage Capital, LLC


ULI Members: $650
Non-Members: $865
Public Sector Members: $595
Public Sector Non-Members: $790

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 registration fee. If you would like to make hotel arrangements, please contact an appropriate hotel directly. Please note ULI has not arranged room blocks for this program. The hotels below are suggested due to their proximity to the meeting venue.


The Hub Commerce Square
2001 Market Street
Suite 210
Philadelphia, PA 19103
Phone: 215.561.8090


Loews Philadelphia Hotel
1200 Market Street
Philadelphia, PA 19107
Reservations: 215.627.1200

Residence Inn Philadelphia Center City
11 North Juniper Street
Philadelphia, PA 19107
Reservations: 215.557.0005

The Windsor Suites
1700 Benjamin Franklin Parkway
Philadelphia, PA 19103
Reservations: 215.981.5678

Hampton Inn Philadelphia Center City-Convention Center
1301 Race Street
Philadelphia, PA 19107
Reservations: 215.665.9100

Four Seasons Hotel Philadelphia
1 Logan Square
Philadelphia, PA 19103
Reservations: 215.963.1500

Embassy Suites Philadelphia – Center City
1776 Benjamin Franklin Parkway
Philadelphia, PA 19103
Reservations: 215.561.1776

Program Highlights

  • Multifamily market overview – is there a bubble?
  • Capital structure – defining the investment box
  • Due diligence for development
  • Market and feasibility analysis
  • Analyzing the “short-fuse” project
  • Agency Lenders – FNMA, FMAC, and HUD
  • The capital stack
  • Unique attributes of multifamily development
  • Site selection and design considerations
  • Project construction considerations
  • Development case studies
  • Components of unit design – marketability and maintenance
  • Cash flow analysis
  • Property management and operations