Silver BananaTopic
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WSO Hall of Fame: Real Estate Forum The Wall Street Oasis Real Estate Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the real estate industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. I...
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Is this job at Goldman Sachs RMD/RMAM a MO or BO based on this job description?Is the following a MO or BO role? From my understanding, due diligence (risk, it seems) is MO, but please correct me if I'm wrong. Would it be possible, at all, to join the FO from this role? I've read that GS does not allow anyone from MO/BO to ever go to FO. Is that true? Thanks in advance. Goldm...
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CBRE Production AnalystAnyone want to provide some insight as to what this job title really means? Can't really find anything about it online, but wanted to see if any of y'all have heard of the title. The description for their production analyst jobs are very vague. If you want to look yourself, go to CBRE's job listing...
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What software do you guys use?I am at a multifamily shop with about 2K units and we manage in house. We use basic yardi for pm but I feel like we are lacking overall in the technology space. I think we can do better than excel with construction management, project management, asset management and acquisitions...
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Entry Level Roles in NYCI graduated over the summer from a top 25 school, and recently moved to New York. I have two solid acquisitions internships on my resume, and a pretty solid GPA. I've been searching for a job over the past few months, but nothing has worked out so far. I'm thinking about taking one of the brokera...
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HFF Analyst PayHow much is total compensation for a 1st year analyst at HFF? (Salary + Commission + Bonus?) Assumptions: South East City, Debt/Equity Placement Team Any insight/thoughts would be great, thank you in advanced!...
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CrossHarbor Capital Partners: Analyst Experience, Reputation, CompIs anyone familiar with CrossHarbor? REPE shop based in Boston. Seems like a good firm. Trying to get a sense of their reputation, comp, exit opps. Let me know....
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IS vs Debt Placement at a major shop (think Eastdil, HFF, JLL)Long time reader, first time poster, huge fan of the site. My question is this: I know at the Junior level that the work can be similar at times. However, as someone who wants to stay in CRE long-term, I am curious as to the major differences in day-to-day work as you climb the ladder, and just i...
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Valuing a propertyHi guys, I just wanted to get a comprehensive answer on how to best go about valuing a property. I know that there have been other threads about this, but if someone could provide a single answer that contains all necessary components it would be greatly appreciated. More specifically, I am in the ...
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Start-up Real Estate Fund Opportunity - Figuring out Managing Member EconomicsTo all, I have been lucky enough to be potentially seeded by a wealthy investor who wants to lock me up for 5 years on a new venture. He is going to give me an offer sheet this Friday (12/15/17) and I want to make sure that I get the best deal without appearing greedy. Initial base is $120K year 1 ...
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RE / REPE - What is your typical day to day like?I thought it would be cool if guys here can give their "day in the life" from 9am to whenever of a typical day for them at their current role/company. I think it would be great for inexperienced guys like myself to see what is like formguys here from development to brokerage to REPE do on a daily b...
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Define the promote in an equity waterfallI have seen the promote on the equity waterfall structure defined two ways. Although both ways benefit the sponsor, one way clearly favors the limited partner and the other benefits the general partner. I have included those two scenarios below. Which of these scenarios do you most commonly see in y...
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Which of the PERE 50 2017 hire out of undergrad?I'll update this list below, so far I believe the following hire out of undergrad: Blackstone Brookfield Starwood Capital PGIM Morgan Stanley REI AEW Capital Management [Link to article](https://perenews.com/pere-50/)...
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Exit Opportunities From Boutique IS BrokerageI am essentially looking at exit ops from my boutique investment sales brokerage of which I have been in just south of a year. I have two years of residential experience previous to this in mortgages. I have an idea of what I think I could look into but am curious to see what you all think. I want t...
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Analyst Interview - Common QuestionsHi, I have a partner interview with a large commerical real estate firm, and I was wondering if anyone had any insight into what type of questions I should expect and how to best answer them. I've been told questions will be mostly fit questions. Any help will be greatly appreciated, and silver ban...
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Politics At a big shop What are some words of wisdom for younger analysts working in big institutional shops in regards to politics? Being a relatively new analyst, I am starting to learn the landscape a bit, and am realizing politics drive the show....
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TI Buyout DealI have to calculate the $ for a tenant to buyout their TI vs rolling it into the lease rate. This is a new development deal and the tenant has agreed to pay a higher rent for 20 years in order to get a turn key space. Now after the building is almost complete the tenant came back to us and wants ...
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Georgia Mega Rail - Market EffectsA podcast I was recently listening to mentioned mega rail that will essentially connect the port of Savannah (4th largest in the nation by volume) to markets across the US. This would allow containers to be shipped to some markets at an increased rate (reduce time by up to 24 hours). How do you s...
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What is your compensation in Real Estate Finance?I cant find much in the way of compensation for real estate other then the summary page from the HR consultant that is floating around here, so I thought maybe people will be willing to describe what they do, their market, and what their compensation looks like. Industry: Real Estate Development ...
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How did your acquisitions career evolve?Hey guys, as I start to progress in my career I am starting to think about more ways to add value beyond the analyst level to the acquisitions team at my shop (MF developer). What did you do to start taking a more active role on the acq/deal sourcing side? Currently I do everything, but it is all...
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Anybody here interview at PNC for a summer internship at their RE banking group?I had a phone interview with a recruiter three weeks ago, still waiting to hear back if I am selected for a second round in person interview, anybody here in the same boat as mine? Thank you!!!...
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REIT Associate Salaries? (Credit/Underwriting)What would be a good salary for this role? Assuming $7-10B in assets, Atlanta/Dallas/Houston/Phoenix. Single tenant properties....
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CRE Portfolio Management Analyst QuestionsI just started this position as an analyst at a large co. and need some help understanding how this fits in the grand scheme of things. More so starting off in this position in comparison to a credit analyst for example. How is portfolio management seen by the rest of the departments in Commercial R...
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Internship at more reputable company over full time offer?Would anyone suggest taking a post-bachelor's internship at a larger, more reputable company (CBRE, JLL) over a full time brokerage position at M&M or a smaller office?...
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GPA on resumes? Fresh Grad with 1 valuations & advisory experience [REAL ESTATE]What's your guys' opinion on putting your GPA on resumes? Especially if you're a fresh grad. Thanks in advance :)...
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Real estate internship in LondonHello everybody, I m currently a student doing a gap year and I m currently doing an internship as a strategist assistant. However I am realizing that I m not a market driven person and I need something more down to earth. I already had some interviews with JLL or CBRE and had a great time talking ...
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Starbucks Build to Suit budgetI have a client with a free standing 2000sqft building Starbucks is interested in leasing. They want some numbers from us on asking rent based on their BTS standards. I was sort of blown away when our contractor, who only does freestanding restaurants came back with $700k of TI/build out. Contrac...
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How to break Into REIT Acquisitions/DispositionsI am looking for information for breaking into a REIT Acquisitions/Dispositions position. I have been working for the past year on a boutique firm's investment sales platform as a broker, I have two years of experience previously in residential real estate as well. Not sure where to start or how t...
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Analyst Skills Test QuestionHey all, applying from a front office position into more of a back office role (analyst) as I am realizing I do not enjoy sales as much as I thought I would. My question is what would is to be expected with the the analyst skills test (excel test typically I hear), do they usually do it in person? I...
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Debt Placement FeesFor those of you with experience working at a debt placement, what is the most you've seen a broker make in total fees? When he/she finds financing for a $400 million construction loan, what do they typically make? Half a point? ...
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What exactly is REPE?Long time lurker here and hopefully I don't get too much monkey shit thrown at me but I had a discussion with guys in my team today as to what REPE actually is and there seems to be quite a bit of confusion/disagreement... I appreciate it really doesn't matter at the end of the day but I was just qu...
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CornellNevermind!! Answer found... .............................................................................
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Recent graduate trying to get his first job in real estate - Advice?Hey guys, I am a December 2016 graduate from a SEC school. I completed a double major in accounting and finance. After graduation, I was unsure of what I wanted to do with my life, so I stuck around for an extra semester and took a couple of classes. One of these classes was a real estate investmen...
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Mid-market REPE firms in Charlotte/Atlanta/DCWhat are some of the mid-market REPE firms focusing on multi-family or hospitality in Charlotte/Atlanta/DC/Raleigh?...
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People's United BankAnyone have any info on their CRE Lending group out in New York? (culture, comp, exit ops, etc....)...
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Blockchain Technology & REWSO, I'm sure everyone has heard of the recent Bitcoin craze or made a few bucks dabbling in it. Outside of Bitcoin, blockchain technology does create some disruptive opportunities. Specifically in real estate it could create a quasi-crowdfunding market. Check out the article below. There are def...
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Best Real Estate Modeling course? REFM? BIWS? WSP?This is my first post to WSO so I hope I'm doing this correctly. Here's a little about myself... Job : 1 year doing corporate finance at Top 3 Bulge Bracket bank Undergrad : (Mid-Atlantic) Non-Target - Penn State, Maryland, UNC Major GPA: 3.7+ Internships: 1 year at Elite RE development firm that ...
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Company Review: RBC Royal Bank of Canada - Good start-Good company along with a number of good benefits. Also good flexibility in terms of work schedule, etc.. -No cons, but can be slow at times. However, the work is interesting if you're willing to commit to it....
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Investment sales Training MaterialsDoes anyone have PDF copies of Marcus & millichap training materials? Or any other material on investment sales? Or can you point me to any sales training materials that would be helpful?training for both private capital and institutional sales would be great. Nothing in the marketplace seems to be ...
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Anyone work with younger brokers?So I been reviewing some deals by a couple of the brokerage firms we work with on a regular basis. They seem to have added some younger brokers who I have been in contact with and seem to be really douchey. I mean they all feel like they are entitled or they seem to treat every offer not at asking p...
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Must Read Real Estate BooksHey ladies, I think we should get a reading list going since we finally have our own forum. I'm always looking for great RE books. ...
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West coast REPEHey guys, first time poster. I'm currently an undergrad student on the west coast and am considering repe as a career. Is anyone in the community familiar with repe debt funds in LA, San Fran or Seattle...
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35 Yr old hoping to work for a REIT upon graduationHelli all. I am a 35 year old returning student at Kaplan University. I am studying finance with a specialization in real estate. I have 2 years until I graduate. Upon graduation I hope to work for a REIT. My question is what are my job prospects being that I will be 37 upon graduation?What are some...
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Sourcing Development DealsGiven there is magic to everyone’s unique process, are there any development guys/gals on here that would care to share some of the avenues they regularly take to source development opportunities? ...
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Real Estate Internship HelpFor Real Estate Internships is there a general cutoff date when recruiting for summer internships ends like Banking or PE. I have had 4 interviews through OCR but no luck landing a gig. Another question would be If i wanted to email someone after applying to internships online who should I contact t...
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"Walk me Through a Deal You Worked on" Interview QuestionThere is almost a guarantee you'll get this question if you are interviewing for a job on the principal side coming from Investment Sales / Debt Brokerage / Lending, and I feel that this question is harder to answer if you're not already in acquisitions. IE in lending we're focused on credit metrics...
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Goldman Sachs Residential Mortgage Asset Managment (x-post AM forum)Just recieved a superday for Goldman RMAM--anyone know much about this group? Part of RMD but I'm not sure of how this group actually functions; glassdoor says they run due diligence on the RMBS pools for the Securities team, so a BO position but I'm not entirely sure. Anyone know?...
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Hotel Construction Credit MemorandumI'm working on a hotel construction loan and was wondering if anyone had a credit memo template I could use. This is my first hotel construction loan and the bank I work for provided with a general template. Also, any advice on how I should be underwriting it? I'm new to this and could use all t...
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Walker Dunlop- Anybody here a previous summer intern?I am interested in interning over the summer at Walker&Dunlop, anybody here familiar with their capital markets summer internships and is kind enough to share their experience? Would really appreciate any help. Thank you!...
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Real Estate Q&AMod note: Click here to see all of our q&a's and interviews So the deal I have been working on won't close by the end of the year. This means I'm going to have a few slow weeks heading into the holidays and will need something to do. I've been getting a lot of PMs about Real Estate lately and thoug...
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Office Lease questionI am working on a case study and not sure how to handle this question. A tenant needs to terminate the lease early in exchange for a fee. But they do not have a termination right under their lease, and 5 years of remaining lease term. How do I determine the termination fee based on this situation i...
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Company Interview: Cushman and Wakefield - Financial analystWhere do you see yourself in 5 years? What is your research process? How do you prioritize things? Why JLL? What do you know about the position? How is your previous experience relevant? What did you learn there that will help you here? The Excel modeling test was pretty difficult, especial...
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Modelling Test - Please tear it apart :)Hi all, I currently have a modelling test lined up and I suspect it will be a development model. Most of my experience is investment/income producing assets so I haven't really modelled much development in my time although I think I understand most the concepts.... I found the following modelling ...
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REPE vs. REIBI currently work at a well known REIT in a major market. My prior experience includes Investment Sales/Transaction Advisory experience at a major brokerage firm also in a major market. In total I have about 4 years of CRE experience. Thus far the vast majority of my experience is Asset/Portfolio lev...
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Top Dogs Commercial Real Estate TrainingHas anyone taken this course and is it worth taking? Anyone have a copy of the "How to Fast Track Your Expertise in Commercial Real Estate Brokerage" they could share?...
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AMA: REIT Acquisitions AssociateWSO has provided me tons of valuable information over the years and helped me break into real estate a few years ago. Now it's time to pay it forward. I am going to be 100% full disclosure on everything (except compensation). I work as an acquisitions associate for a small publicly traded REIT (Gla...
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A10 CapitalDoes anyone know much about A10 Capital? Any brokers have experience interacting or closing with them? Any borrowers have experience with them? I've heard they are expensive and have a lot of guys running around trying to do smaller bridge deals. Good originators? Any feedback would be much apprecia...
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Let's talk ArgusNow that there's a dedicated RE forum I feel like we should have an Argus thread. Argus website here: Argus Software I've talked to a few people in the industry over the past week and they have stressed how important an Argus certification will be to break in straight from undergrad. Being a studen...
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HFF, Northmarq capital, Eastdil?Which of these firms do you believe is better at transitioning debt placement analysts to production roles?...
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Would this be a potential conflict of interest?Assuming there was full disclosure upfront, would the following scenario be viewed as a conflict on interest? VP of Acquisitions (husband) married to a broker (wife) who specializes in similar asset types that VP's firm is looking to purchase. Wife locates deal off market, shows it to her husband,...
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Acquisitions Analyst way outI currently work for a large real estate development company as an acquisitions analyst. I'm wondering what would be a logical alternative real estate career after acquisitions (something away from still at a desk for hours). I was thinking a PM? Any ideas? ...
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Debt Funds - Levering loans?"We tend to underwrite deals to target specific IRRs, but we can also internally leverage loans to boost those returns. For example, we might internally leverage a 70% Loan-to-Value (LTV) loan at 40% and turn a potential IRR of 10% into a 15-16% IRR. When you’re not taking equity risk, that’s ...
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Credit Analyst Interview at REITHey guys, I have an interviewing coming up with a smaller sized healthcare reit for a credit analyst position. Currently I work as an investment sales analyst most in industrial and office. I am wondering if anyone has interviewed for a similar position and could give me some pointers on what they...
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Company Interview: KLW Group - Appraisal AssistantFor me this was my first full-time office job interview that wasn't an internship. I was still a college student at the time (summer before senior year), so it was difficult to convince the appraisal team that i could work full-time through school while maintaining a high quality of work at the offi...
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Advice on Training a Real Estate AnalystI am directly managing a new hire fresh out of school in a growing firm and have never managed someone under me before. The hire is very intelligent and has the potential to succeed, but has never worked in a high paced office environment before. Does anyone have any tips for how to train them to ta...
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Learning Argus and moving jobsCurious from hiring managers or interviewers out there. If one says they do not use Argus daily, how much does that hurt your chances? Everyone says you can learn it. Can real estate experience outside of Argus like accounting and fair value experience and education like an mba help? Or is Argus...
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Why not put $100M into a REIT instead of buying a building? I'm confused. Do REPE firms, or even other REITs do this? Do large investors even buy shares in REITs? Do large investors buy ETFs? ...
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Brokerage vs Starting a Development CompanyHey all. Long time lurker, first time poster. I am currently in commercial construction in a top ten CRE market. I am looking to make a career change and I have it narrowed down between doing brokerage or starting my own little development company. I like the idea of the “eat what you kill” ...
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Interview Question: Gordon Growth to Determine Discount RateI have had an interview at another real estate firm and need to complete this DCF assignment for a speculative development project. They have given discount rates for the development and absorption phases, however, the description of final period discount rate is rather vague. I normally use WACC, b...
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MF Redevelopment ProcessHey Wso, I'm wondering if anyone here has executed a MF redevelopment play? At this point in the cycle we are seeing these deals happen more frequently. I'm curious as to how developers go about executing them? Do they pay tenants to vacate? Plan ahead based on rollover(take the hit on vacant uni...
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4th Interview at Boutique Retail CRE PE - Negotiating Salary Plus Preparation for the Job [Need Advice, Please]Happy Friday Everyone! I posted in the PE sub-forum and I think perhaps this forum might be more relevant seeing as I did not get any replies from yesterday. Background info: I graduated with a B.Comm in Finance, minoring in economics this June 2017. I ended up getting the chance to interview at ...
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Company Interview: Foulger Pratt - Acquisitions AnalystWhat is the relationship between IRR and NPV? Debt/financing technical questions? Describe a few deals you worked on? Where do you see the economy? What do you believe we are in the real estate cycle? How do you see your skill set fitting into this role? Why would we hire you over another cand...
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ARGUS Enterprise (other courses offered besides ARGUS themselves?)I am trying to find places that offer courses for ARGUS Enterprise. I contacted Kahr Real Estate and they told me that they only offer courses to people who are in a corporation or in a university. Since I do not fall under either of those, I am hoping someone can recommend an alternative. ARGUS off...
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HFF Summer Intern Phone ScreenAs the title implies I have a phone screen coming up with two HFF employees, both on the Debt placement side, and was hoping someone may have some insight as to what questions to expect? Or any general tips for Investment Sales/Debt Placement recruiting. ...
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Market or Food Hall ModelDoes anyone have a model for or any experience with a market or food hall concept with leasing data including rent structures, common area, etc.?...
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Affordable Housing MarketAnyone have any thoughts on the affordable housing market vs. other types of real estate? Aside from applying for the federal credits (the hard part), what type of returns do you see on Affordable Properties, specifically section 8? ...
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Financing MF Development at this point in the cycleWe've been seeing LPs become more and more cautious about MF and where we are in the cycle. This is across multiple markets, deal sizes, etc, LP money just isn't comfortable deploying capital right now unless the YTC is >7% which is rare to find right now. We've looked at a Pref Equity option up to ...
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Company Review: ReMax Midtown - Part-Time Remax Admin. AssistantWorking around realtors with +10 years of experience was the reason why I wanted to work here. It was more of a learning experience that I wanted and that's exactly what I got by being around these guys. Great people.. Micromanaging boss that was irritating and was not open to utilizing technologies...
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Company Review: CBRE - Great place to internSurrounded by some really accomplished people within real estate. Everyone is nice and likes to get to know interns. Also a great internship to have on the resume.. It was hard to learn, as people at the analyst level did not have a lot of time for the training that is key to learning as a young pro...
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Real Estate Head Hunter FirmsHey WSO, Currently working in CRE on the debt side and am looking to make a jump. Understand now is good time as many places are putting together their budgets for next year and deciding on whether to bring on more people. I understand after bonuses is a big time as well. That said, what are the b...
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LIHTC Equity PricingAre there any other LIHTC developers or syndicators out there? Where have you seen equity pricing go in the last few months since the election? I have heard that many syndicators are in trouble as they haven't been able to find investors to replace them on deals they bought into at the top of the ma...
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CREFC CMBS E-PrimerAny real estate monkeys out there willing to share a copy of the CMBS E-Primer? I'm an analyst at a RE debt and equity brokerage shop and am doing more CMBS business than at my past company. Looking to better understand the mechanics of CMBS. Certainly have RE related educational content to swap....
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Debt/Equity Placement vs. Investment SalesCurrently networking my transition into CRE from Big 4 Audit. I ultimately want to be in REPE Acquisitions and have identified the best path is spending a couple of years in Investment Sales given the deal flow experience. I have seen this topic somewhat mentioned in others threads but didn't real...
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Industrial Property SearchMonkeys, I am looking for industrial properties in TX, IL, OH, and PA. Prefer: off market properties with 500k-1mm sq ft. Icing on the cake: concrete roofs. If anyone has any deals, pm me. ...
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Real Estate Advisory/Consulting AdviceIn my first year out of UG, at a top Midwest regional bank as a MM commercial credit analyst. Looking to make the move to CRE, end-goal being REPE or Development, but not real sure where to start. Currently in the final interview stages for a RE Advisory "Transaction Analyst" role with a boutique ...
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Mid career architect adviceLooking for a bit of career advice. I've been lurking off and on for a long time and thought that being active here would be a good start. I'm a 35 year old Architect with a wife and 2 small kids who is basically wants to make some "real" money vs the 75k I'm getting in a traditional arch. firm no...
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Debt Placement (think HFF)Hey guys, I'm an analyst at a small debt placement shop in a primary market. We are probably #2 in my city and go head to head with the big shops. We are essentially a private, local, mid-market HFF type of shop. Can someone who works at HFF or somewhere similar explain to me how the comp structu...
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Real Estate Investment BankingIncoming Senior at Target Non-Ivy looking to enter REIB. What are some groups that should be on my radar, whether it be RE groups at BBs or more boutique firms. Relatedly, if my end goal is REPE, is REIB the most logical first step or should I be looking into AM at a bank or REPE firm. Any informa...
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Origination vs Underwriting at a GSE lenderHi guys! Really appreciate any help in advance! I applied for a summer intern position at a GSE lender. They have two tracks- origination and underwriting. I am not sure which to choose. Can anybody who has worked in both help describe what the day to day is like? On a broad level, I know the the f...
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Certs for CRE - CFA vs MBA vs *Your suggestion here*Hi guys, I'm an analyst for a wholesale SBA shop in Southern California. 99% of what we do is owner occupied real estate. I spent a few years in financial services sales post undergrad before working for a BDO as a contract analyst which eventually led to me becoming a full time credit analyst / un...
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For those that work exclusively in multifamily, would NAIOP or ULI be more beneficial?Interested in joining one of these organizations as a young professional looking to grow their network. I work in multifamily acquisitions. I know ULI is very beneficial for developers focused on local politics, projects, etc...and NAIOP's website says it "is the leading organization for developers,...
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How would you rank the Cap Rates of the sub-sectors in London?Hi there, How would you rank the Cap Rates of the sub-sectors in London? I am unsure which sub-sectors would have the lowest and which would have the highest cap rates. Please could you rank residential, office, hotels, retail and logistics? Also, could you please state what you think the cap rate...
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Trimont Real Estate Adviors?I was wondering if anybody has worked/is working for Trimont and could give me their 2cents on the compensation, culture, and work-life balance? ...

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