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Cornell UniversityHADM 42804. Real Estate Structures

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Real Estate Ownership Structures and Waterfalls (last topic !!) Wally Boudry Spring 2016Admin  Final Exam  I will post it on Blackboard at 8am on May 11th  It is due at 11.30am on May 1 ... 8th  You can work in groups of up to 3 (I’m feeling nice)  The format is the same as for the case (you are working up an IC report) although for an apartment building  You can hand in a hard copy of your write up (465A) and email me your model or you can email me both.  If you email me your write up, I strongly suggest sending a PDF file (all I’m going to do is hit the print button, so if it isn’t formatted correctly I will assume you planned to hand in gibberish.)  If I can’t follow the numbers in your write up, I may look at your model (if I can’t understand what you have done in your model, I will assume you just made up the numbers.)  I get really cranky about extensions for the final exam, so think carefully before you ask for one because it will likely cost you a full letter gradeAdmin  The case is due next Tuesday  I will be around on Friday if you still have questions  For the MLAs I left out the lease terms  Large: 10 year lease  Small: 5 years lease  Café: 10 year lease  TE means Tenant Electric  So the MLAs are a base year stop on CAM and RE Taxes, plus a $1.75 PSF fixed tenant electric charge  CAM includes CAM electric but not “electric” (which is tenant electric)  Operating expenses should be escalating at the general inflation rate of 2.5%  Note: I’m expecting to see a pretty wide range on pricing for the asset, because there are two very different ways you can view the asset (both are equally correct, just different)The Idea  So far we have seen how to value a property  In doing this we paid little attention to how we “owned” the property  The goal of this lecture is to:  Introduce the different ways we can potentially “own” a property and the gremlins that each entails  Learn how to model partnership waterfalls [Show More]

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