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Cornell UniversityHADM 42805. Real Estate DCF 2016

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Midterms  I’ve graded about half of them and I’ll have the rest done for next Tuesday  So we’ll talk about them in detail then  It looks like there is some stuff we still need to wo... rk on, but that is good to know so we can work on it…  As a class you are the greatest proponents of hope notes known to real estate (even if they don’t actually make sense for the transaction)  Given the wave of refinancing we are going to be doing in the CMBS market in the next couple of years, it seemed like the asset would be timely deal to go through  When I first found it I was just looking for an asset having trouble refinancing, I didn’t know the whole deal was so “special”Leases Homework  The leases homework is due on the 26th  Feel free to just hit print and kill trees What you report in the leasing file for expenses is the reimbursement from the tenant to the landlord.Case  The case is up on Blackboard (in the homework section)  It is due in the last class (May 10th.)  Notes/Warnings/Suggestions  You will have to find information about the asset (CoStar in the library is a good starting point)  The correct answer isn’t the price the property sold for or any loan the property has – think of them as ballpark type numbers  You will need to come up with your own assumptions about going in and going out cap rates, IRR benchmarks etc.  Model the financials as I have them stated in the case, but if you disagree with those assumptions feel free to provide an additional alternative pro forma  I strongly advise using Argus to do the modeling – unless you are highly proficient in excel, you are unlikely to get numbers that make sense  I suggest working in groups (up to 3), because there is a lot of work to do and multiple sets of eyes help catch mistakes in the modeling – this is one place where the free rider problem canCase  Notes/Warnings/Suggestions [Show More]

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