BEGIN:VCALENDAR PRODID:MFA Housing New Mexico Events VERSION:2.0 METHOD:PUBLISH BEGIN:VEVENT SUMMARY;CHARSET=utf-8: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. For more information and to register click here. DESCRIPTION;CHARSET=utf-8: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. For more information and to register click here. LOCATION;CHARSET=utf-8:Washington Plaza Hotel, 10 Thomas Circle, NW, Washington, DC 20005 UID:20150604-516@housingnm.com URL:http://housingnm.org/events/ical/516 DTSTART:20150604T080000 DTSTAMP:20150604T080000 DTEND:20150606T170000 END:VEVENT END:VCALENDAR