Case Study: Value-add acquisition of an high-rise multifamily project in Coral Gables, FL with below-market rents, below-market occupancy and a vacant ground-floor retail condo.

Understand how core, value-add and opportunistic strategies differ — and how those differences shape underwriting and financial assumptions.

Step-by-step modeling of property-level income and expenses, NOI, leasing and turnover costs, capex reserves, and base building improvements including industry best practices in Excel and real-world data sources for key assumptions.

Explore through real-world examples how lease structures, revenue models, operating expenses, reserves and capital expenditures  differ across multifamily, office, retail, and industrial property types.

Build unlevered and levered DCFs, use cap rates and comparables to estimate property values, and benchmark your results.

Learn to structure simple and complex capital stacks (including mezzanine, preferred, and joint venture structures) and to build sources and uses tables in Excel.  Explore structural and economic differences between bank, CMBS/conduit, LifeCo and debt fund financing alternatives. Understand key concepts such as loan-to-cost vs. loan-to-value, positive vs. negative leverage, debt yield, coverage ratios, and their implications for real estate sponsors and investors.

Model loan structures including interest-only coupons, amortization, balloon payments on sale/refi, reserve accounts, fixed and floating-rate interest, lender holdbacks, pari passu funding, and prepayment penalties.  Learn to calculate key metrics and to build dynamic loan sizing templates.

Build models for preferred equity and mezzanine debt including origination, extension and exit fees, current pay and PIK interest, interest reserves and accruals, minimum multiples, and profit participation structures.

Learn to build single and multi-tier equity waterfalls, including deal-level vs. venture-level fees, parri passu vs. subordinated structures, and GP catch-ups.

Calculate per unit metrics and investment returns including unlevered and levered yields, IRRs and multiples on a gross and net basis.  Build dynamic sensitivities and run downside scenarios in Excel using industry best practices.

Bring it all together and put your skills to the test in a real-world case study: underwrite a value-add acquisition, estimate real-world closing costs and exit costs, model alternative capital structures, calculate investment returns, evaluate downside & upside scenarios, stress test your conclusions with sensitivity analyses and present your conclusions in a short-form investment memo.