Acquisitions and Dispositions
The Real Estate Transactions course provides the perspective of topmost senior real estate financial intermediaries on substantial real estate transactions. It examines the transactional components and structuring of real estate deals and related parties at each stage of creating value from real estate, including acquisition, sourcing and financing, structuring the venture, disposition, and tax consequences. It addresses the respective roles of debt, mezzanine, and equity financing in the capital stack. The course also addresses income and expenses, debt underwriting, equity return analysis, and types of debt and equity vehicles available in both public and private markets. It considers the role of leasing and asset management in substantial transactions. The course also addresses 1031 like-kind exhanges and tenant-in-common transactions, the loan sale and trading business, and the legal issues of major real estate financial transactions. The course devotes significant attention to real estate bulk transfers, mergers, and spinoffs. Drivers of investment and concerns for each of the major property types are discussed. Particular emphasis is placed upon understanding the interests of all the major parties in a given transaction to optimize financial outcomes.