Leveraged Breakdowns

Real Estate Private Equity Case Study

Underwriting a Construction Loan – Summary & Wrap Up

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 …

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Underwriting a Construction Loan – Collateral Analysis

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:  …

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Underwriting a Construction Loan – Repayment Analysis

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 …

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Underwriting a Construction Loan – Guarantor Analysis

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 …

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Public REIT Valuation Part 13: Debt

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 …

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Public REIT Valuation Part Ten: Aimco News Flash

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 …

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Public REIT Valuation, Part One: Start with the Filings

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 …

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Life as an REPE Analyst, Part One

How are you staffed on deals? Every real estate private equity fund has a staffer. Sometimes it’s a formal role and sometimes it’s informal. If you’re on a larger team, the staffer knows who is working on what and how much effort each project requires. Being a staffer is not an enviable job since they …

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Preferred Note Case Study, Part Three: Distribution Waterfall

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 …

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Preferred Note Case Study, Part One: The Question

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 …

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