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  1231.3371.01 – Real Estate Development ( Prerequisite : Principles of Finance) Semester A – 2014/2015 Lecturer  :Mr. Joshua Katzen Course Time :Mondays 17:15-20:00 (Second half)   Email : joshkatzen@gmail.om !ER! E# This course focuses on how developers create value from real estate assets. The course will examinethe real estate development process: how a developer thinks, how projects are created and completed,and how problems are addressed. e will discuss market anal!sis, site selection, ac uisition, plannin#, construction, leasin# and permittin#. It is assumed that students, having some background infinance, are familiar with the essential concepts of determining cash flow from operations, free andclear return and loan amortization. Throu#hout the course, we will use these tools to focus on $thenumbers%, keepin# in mind the underl!in# economic realities of each project. &sin# cases and reallife examples, workin# individuall! and in #roups, and participatin# activel! in classroomdiscussions, students will appl! these skills to retail, residential, office and mixed'use developments.n a practical level, the wa! this course works is that well discuss a case ever! week, startin# withthe second week (the first class will be an overview lecture). *tudents will need to prepare the weekl!case in order to understand and participate in the class discussion. *ince the most important uestiona real estate developer has to answer is, $+s this a #ood deal% a si#nificant portion of the classdiscussion will focus on the financial anal!sis of the case. *tudents will be provided with spreadsheetformats in the  Do the Numbers  format to use with the cases in advance of most classes. Theexpectation is that students will not onl! know the facts of each case but will also be ver! familiar with the applicable financial, and will turn in a  Do the Numbers  anal!sis for each class b! -:// onthe *unda! prior to each class. The cases are not eas!, and the financial anal!ses take some creativit!.*tudents should expect to spend 0 to 1 hours preparin# each case. -  $%RSE RE&% RE'E()S Prerequisites   *tudents are re uired to have completed an introductor! finance course. Require* Assi+nments (-)   Prior to t,e -irst lass , !ou will need to complete two simple financial anal!sis individualassi#nments:i.$  Do the Numbers % assi#nment, which + will email to !ou. The purpose of the assi#nment isto make sure !ou understand the basicfinancial terms and concepts that we will be usin#throu#hout the course. 2ou should be able to do this assi#nment in about 0/ minutes. +f theassi#nment takes !ou lon#er than 30/ minutes to complete, that will mean that !ou need towork on !our understandin# of the basic financial concepts 4 complete the $5eal 6stateFinancial 7nal!sis orkbook% (see course readin#s). ii.85eal 6state Financin# Problem *et8 a -/' uestion problem set assi#nment which + willemail to !ou. 2ou should be able to do this assi#nment in about -.9 hours. Please email our ansers to ot, assi+nments  1700 on Sun*a  Deemer 2013to t,e ourse )ea,in+ Assistant aron S,a,ar 6s,a,ar4+mail.om8. (0) Durin+ t,e term , !ou will need to read and work on a total of five cases: four arvard ;usiness*chool cases and one that + wrote. The ;* cases will be available for purchase at *afrut <ola,and + will email !ou m! case.(=) 9inal Pro:et , the Final Project will consist of creation of an ori#inal development plan. >ivenan actual location, students, workin# in #roups of 1, will plan an appropriate development or redevelopment. The Final Project will entail examinin# the site, understandin# the local market,anal!?in# local ?onin# rules, identif!in# other potential re#ulator! issues, la!in# out thedevelopment, determinin# financial assumptions and projections, su##estin# ownership andfinancial structures, and, most important, convincin# potential investors that the! should invest.ritten deliverables for the Final Project will include investment overview, includin# a clear and persuasive statement of how much e uit! is needed and wh! an intelli#ent investor would wantto make this investment@ panorama, project and propert! overview (='9 pa#es), anal!sis of development risks and strate#! (-'= pa#es), marketin# brochure, bud#et, financial anal!sis,?onin# anal!sis and site plan. ),e 9inal Pro:et ill e *ue via email  1700 on Sun*a 9eruar 3 2014. + stron#l! recommend that !ou purchase a financial calculator (the ;P 12  is the industr! standard)and learn how to manipulate cash flow, interest rates, amorti?ation periods, pa!ment schedules and present values. Please brin# !our calculator to each class. 7lthou#h !ou can also use 6xcelspreadsheets on !our computer to do the anal!sis, in the real world, !ou either dont alwa!s have !our computer with !ou or itAs not appropriate to brin# it out in the middle of a ne#otiation. 7 small powerful pocket calculator works best. There is an iPhone app for the P -0c which works fine. 0  Supplemental ourseRea*in+s 6in a**ition to ases8 $5eal 6state Financial 7nal!sis orkbook%, a 09 pa#e self'check workbook, will be emailed to allstudents prior to the first class. +f !ou have an! trouble with the first two pre'class assi#nments, +su##est that !ou complete and self'check, on a voluntar! basis, the exercises on pp. B, -1, 0/ of the Workbook  . Please note that there are some inconsistencies between some terms used in the  Do the Numbers  format and in the Workbook  . This is not important 4 the concepts are the same.+f !ou are interested in #ood back#round readin# about real estate development, + recommend thetextbook   Professional Real Estate Development, The ULI Guide to the usiness , b! 5ichard Peiser,&C+ 4 The &rban Cand +nstitute. *everal copies are available at the librar!. +n addition, + will be sendin# via email to the class additional materials, such as newspaper articles,from time to time. 7ccordin#l!, each student will be responsible for ensurin# that + have the bestcurrent email address and for checkin# emails prior to each class. +f !ou read these supplementalmaterials, !oull learn more. Atten*ane an* Partiipation 5eal estate development is a hi#hl! interactive industr! and, accordin#l!, this class will follow thatmodel.   7ll cases should be done in #roups of four.+t is expected that !oull come to ever! class, since there are onl! D. The nature of this course is that if !ou fail to attend a class in person, its ver! difficult to fi#ure out what happened durin# the class.The success of the class itself will depend to a #reat de#ree upon !our re#ular attendance and preparation, thus there is a mandator! participation in class   . +f !ou canAt make it to one of the classes, please let me know in advance. 6ver! student will be expected to come prepared to discuss the weekscase in detail, includin#, especiall!, the economics. *ome classes will include hand'outs of marketin# brochures or short case problems, and !ou will be expected to anal!?e them $on thespot.%Eonstructive classroom participation will factor into !our #rade. Assi+nments 9inal Pro:et an* <ra*in+ *tudents will be #raded on their class participation, written assi#nments and a team final project. The written assi#nments will be due b! -:// on the *unda! before the applicable class, startin# withthe second week.>rades will be determined on a combination of class participation, written homework assi#nmentsand Final Project. =  $%RSE 'A)ER A=S ;>S $ases 6tentative8  a!side B'=B/'--= ortlandt To#n enter  B'//'0=0  Lan$e %ohnstone& Developin' ())) North road  B'/'-0D Time Warner enter  B'0/'/- ?# @aten $ase 68  Danbur!, T  'aterials  Do the Numbers #orksheet  Real Estate *inan$ial +nal!sis Workbook  Real Estate *inan$e problem set  Garious supplemental materials for each class and for Final Project $%RSE %)= (E Date)opiPreparation an* *eliverales First meetin# verview of 5eal 6state Hevelopment  Do the Numbers exerciseB Hecember Financial 7nal!sis boot camp *econd meetin# 5etail Hevelopment ortlandt To#n enter  -D Hecember Third meetin# 5esidential Hevelopment  Lan$e %ohnstone 0= Hecember Fourth meetin# ffice Hevelopment  a!side =/ Hecember Fifth meetin# Iixed'&se Hevelopment Time Warner enter  D Januar! *ixth meetin# 5epositionin# a distressed asset  Danbur! T -= Januar! BBBBBB 39erur 2014 9inal Pro:et Due BBBBB 1


Jul 23, 2017


Jul 23, 2017
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