REAL 730: Financing Real Estate Projects Master Syllabus
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Course Description
Students will study the key drivers of successful real estate capital deals from the perspectives of both suppliers and users of funds. Emphasis will be placed on exploring the intricacies of financing alternatives, primary and secondary markets, and evaluating the impact of different financing scenarios on project returns.
Learning Objectives
At the end of this course, students will be able to:
- Demonstrate a working knowledge of the key drivers of successful real estate capital deals
- Demonstrate an understanding of different capital sources and financing products
- Evaluate competing financing proposals
- Apply financial analytical techniques to financing scenarios
- Analyze different financing options and evaluate their impact on project returns
Approach to Learning
This course involves an interactive, discussion-based lecture format with individual performance measures.
Topics Covered:
- Valuation: the income approach and its applicability beyond appraisals • Overview of the debt capital process and the role of key industry sectors
- Financing Project Development: Land Loans, Development Lending, and Construction Lending
- Evaluating competing financing proposals
- Portfolio Lenders: financial institutions and life companies
- Agency and conduit lenders
- Expanding the Capital Stack: Mezzanine Debt and JV partners
- Financing specialty products, such as: assisted living, affordable housing, or small scale development
- Non-Traditional Sources of Capital
Representative Text and Learning Materials
The following are examples of the types of books that may be used as required or supplementary material for the class:
- Real Estate Finance and Investments, William B. Brueggeman & Jeffrey D. Fisher, 14th Edition. McGrawHill Irwin, ISBN 13: 978-0-07-337733-9.
Student Responsibilities
Students are expected to attend all classes and are responsible for keeping themselves updated on any changes on the course website. In case of absence, it is the student’s responsibility to catch up with the material covered. Without advance notice and approval, no extensions or options to retake are provided if for any missed quizzes, exams, or assignments due to absence.
Methods of Student Evaluation
Exams, quizzes, class participation, homework assignments, and discussion of assigned readings.
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