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Advanced Real Estate Finance and Development GSD 5303

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Advanced Real Estate Finance and Development GSD 5303 Richard Peiser Frank Apeseche * * * * Course objective This course is a second-level class for students who want ... – PowerPoint PPT presentation

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Title: Advanced Real Estate Finance and Development GSD 5303


1
Advanced Real Estate Finance and Development GSD
5303
  • Richard Peiser
  • Frank Apeseche

2
Course objective
  • This course is a second-level class for students
    who want to learn about more advanced topics in
    real estate finance and development.
  • The course builds on GSD 5204 (Real Estate
    Development and Finance) and other similar
    first-courses in real estate at HBS and MIT.

3
  • Students should have a good working knowledge of
    basic real estate analysis, terminology, and
    concepts of DCF, IRRs, etc.

4
Course Topics
  • Advanced financial analysis and deal structuring
    for land and building development
  • Debt and equity capital how to structure a
    capital proposal and where to go for different
    types of equity
  • REITS, public real estate markets, and market
    cycles
  • Buying distressed debt and non-performing loans
    with emphasis on Asian capital markets.

5
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6
Richard Peiser
  • How to analyze investment returns and structure
    development deals.
  • Richard Peiser is the Michael D. Spear Professor
    of Real Estate Development at Harvard Design
    School.

7
Frank Apeseche
  • Over 25 years leading Real Estate Businesses
  • 14 Discretionary Funds, 7B Capitalization
  • 3 Public NYSE Real Estate Companies
  • National Multifamily Real Estate Advisor 1,000
    employees, 5B in assets
  • Nations largest multifamily GSE Lender
  • Venture Capital Investment Firm focused on RE
    entity level investing

8
Topics
  • Land and Community Development
  • Small scale to new towns
  • Financial Analytical Techniques
  • Income Property Development
  • Office, Residential, Retail, Industrial
  • 5 stages of analysis Combined Development
    Period/Operating Period Financial Analysis

9
  • J/Vs and institutional deal structures
  • Asset allocation and international fund
    underwriting
  • Non-Performing Loans and investing in distressed
    debt
  • Securitization
  • REITs
  • Strategic decision-making

10
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12
Topics
  • Section will cover the essentials for
    successfully starting, building and managing Real
    Estate Enterprises

13
Topics
  • Sequenced to build strong foundational
    understanding of concepts around starting,
    managing and leading a real estate company
  • Optimizing analysis and decision making at asset
    level
  • Strategic construction of RE portfolios
  • Capitalizing Real Estate portfolios

14
  • Capitalizing Real Estate Companies
  • Underwriting Real Estate Sponsors
  • Managing the Enterprise
  • Optimizing the Enterprise Leveraging Strategy,
    Talent and Capital
  • Start up considerations

15
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16
  • Use of cases, lectures and problems sets geared
    towards
  • Evaluating risk adjusted returns of real estate
    asset opportunities
  • Constructing investment strategies for markets
    and cycles
  • Accessing public and private capital

17
  • Managing and serving investors
  • leading a business
  • Optimizing long term entity success
  • Evaluating career and employment opportunities

18
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19
Guests
  • Charles Lowrey      Charles F. Lowrey is
    executive vice president and chief operating
    officer of Prudentials U.S.-based businesses,
    comprising Prudential Investment Management,
    Prudential Retirement, Prudential Annuities,
    Individual Life Insurance and Group Insurance,
    which together had approximately 877 billion in
    assets under management as of September 30, 2012.

20
  • Richard Georgi Global Managing Partner for Grove
    International Partners which is a spin-out of
    Soros Real Estate Partners, a firm he founded
    with George Soros in 1999.
  • Michael Lander CEO of the Lander Group, a
    developer of residential, retail, and mixed-use
    projects based in Minneapolis, Minn.

21
  • Jack Rodman past managing partner of Ernst
    Youngs Beijing office and head of Ernst
    Youngs distressed debt practice worldwide. He
    has served as Financial Advisor to the
    governments of Japan and China for dealing with
    their non-performing loans.

22
Major Assignment
  • The term project will constitute the major part
    of the grade along with occasional homework
    assignments and quizzes
  • Each student will select either Frank Apeseche or
    Richard Peiser to work with on his/her Term
    Project
  • MDES students may use the term project in partial
    fulfillment of their scholarly paper requirement

23
Classes
  • Monday and Wednesday afternoons 330-500
  • Case instruction method supplemented by lectures
  • Optional site visit to major Boston area
    development project

24
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