This is the sixth and final post in our ongoing real estate private equity case study on how a construction loan is underwritten by potential lenders. This installment will provide a deal summary and a wrap up that includes a cautionary tale about construction lending. To read the previous posts in the series, click on […]
Underwriting a Construction Loan – Summary & Wrap Up Read More »
This is the fifth post in our ongoing real estate private equity case study on how a construction loan is underwritten by potential lenders. This installment will focus on collateral analysis. To read the previous posts in the series, click on the links below: Post #1: Introduction & Setup Post #2: Borrower Analysis Post #3:
Underwriting a Construction Loan – Collateral Analysis Read More »
This is the fourth post in our ongoing real estate private equity case study on how a construction loan is underwritten by potential lenders. This installment will focus on repayment analysis. To read the previous posts in the series, click on the links below: Post #1: Introduction & Setup Post #2: Borrower Analysis Post #3: Guarantor
Underwriting a Construction Loan – Repayment Analysis Read More »
This is the third post in our ongoing real estate private equity case study on how a construction loan is underwritten by potential lenders. This installment will focus on guarantor analysis. To read the previous posts in the series, click on the links below: Post #1: Introduction & Setup Post #2: Borrower Analysis The intent
Underwriting a Construction Loan – Guarantor Analysis Read More »
Welcome back to the real estate private equity case study series where we focus on the public REIT valuation of Aimco. Right now we’re building a net asset value (NAV) analysis, and in the last posts we knocked out gross asset value (GAV) and spoke to consolidation. This post will shift to focus on the
Public REIT Valuation Part 13: Debt Read More »
This week, Aimco announced a plan to separate into two separate and distinct public companies. This adds a fun layer of real-life complexity to our real estate private equity case study! Here’s the quick take: Apartment Income REIT (“AIR”): Most operating apartment buildings will spin into a new self-managed REIT, valued at ~$10.4B Aimco: The
Public REIT Valuation Part Ten: Aimco News Flash Read More »
Introduction This post is the first in a series oriented as a real estate private equity guide book through my process of underwriting the value of a publicly traded company. This skill is helpful for anyone interested in pursuing an acquisitions career at a real estate private equity fund. This analysis is the type of
Public REIT Valuation, Part One: Start with the Filings Read More »
Real estate private equity case studies often ask you to model cash flow waterfalls. To the uninitiated, waterfalls can seem complex and obscure. But really, waterfalls just determine how investors split the pie when the money comes back around. Pay close attention here, because the skills taught in this post will apply to most every
Preferred Note Case Study, Part Three: Distribution Waterfall Read More »
Introduction This real estate investment case study will challenge your ability to model capital structure and a returns waterfall. With practice, you should be able to complete this category of case study within 30-45 minutes. This post will introduce you to the question and go over some key terminology. At the end, we’ll challenge you
Preferred Note Case Study, Part One: The Question Read More »
Introduction This is part three in a real estate private equity case study series in which I take you through my underwriting process. In part one, we decided to analyze a $350M 4.0% 2029 notes issuance by Life Storage Inc. (NYSE: LSI), a self storage REIT. In part two, we went on a hunt for
Live Case Study #1, Part Three: Build the First Draft of our Model Read More »