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| The Development Process | |
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| Real Estate Overview | |
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| The Development Process and Risk | |
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| Stages of Development | |
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| Predevelopment | |
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| Development | |
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| Close-out and Operation | |
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| Four Dimensions of Successful Development | |
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| Values | |
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| Information | |
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| Financial Viability | |
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| Relationships | |
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| Skills of a Successful Developer | |
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| Development Sectors | |
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| Customer Issues | |
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| Return, Absorption, and Risk | |
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| Case Study | |
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| The Basics of Real Estate Finance | |
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| Basic Debt and Equity Structure | |
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| Project Valuation | |
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| Capitalization Rates | |
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| Measuring Project Return | |
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| Internal Rates of Return | |
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| Leverage | |
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| Funding a Project | |
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| Funding Predevelopment Costs | |
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| Debt Funding | |
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| Equity Funding | |
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| The Typical Deal | |
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| Financial Structuring for a Hypothetical Project | |
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| Estimating Costs | |
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| Evaluating Return | |
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| Land Valuation for Acquisition | |
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| Determining a Valid Hurdle Rate for Evaluating Project Viability | |
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| Calculating the Supported Investment and Residual Land Value | |
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| Costs | |
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| Residual Land Value | |
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| Disciplined Acquisition: Site Selection, Negotiation, and Due Diligence | |
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| Information Inputs | |
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| Negotiating with Site Owners | |
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| Due Diligence | |
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| Example: Simple Pro Forma for a Mixed-Use Project | |
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| Task Management and Budgeting | |
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| Task Management to Achieve Financial Viability | |
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| Site | |
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| Market | |
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| Community | |
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| Product/Project Design | |
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| Cost and Construction Management | |
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| Finance | |
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| Personnel Selection | |
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| Other Services | |
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| Task Funding | |
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| Capital Markets for Real Estate | |
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| Capital Market Conditions | |
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| Capital Sources | |
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| Banks, Savings and Loans, and Mutual Savings Banks | |
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| Commercial Mortgage-Backed Securities | |
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| Private Equity Capital | |
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| Fiduciary Principles | |
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| Investment Strategies | |
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| Property Characteristics | |
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| Sector Risk | |
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| Regional Strength | |
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| Tenant Strength | |
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| Value-Add Opportunities | |
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| Capital Markets and the Risk-Reward Evaluation | |
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| Obtaining Financing for Development | |
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| Market Conditions | |
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| Connecting with Capital Sourcesp123 | |
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| Accessing Predevelopment and Development Equity Capital | |
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| Accessing Construction and Permanent Financing | |
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| Finding a Buyer for the Property | |
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| Presenting to Financing Sources | |
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| Experience, Credibility, and Financial Capacity of the Development Entity | |
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| The Development Project and the Business Plan | |
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| Entitlement Process and Role of Public/Private Partnerships | |
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| Conclusion | |
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| The Development Entity, Joint Ventures, and the Financing Structure | |
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| Real Estate Entities | |
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| Partnerships | |
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| Limited Liability Companies (LLC) | |
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| S Corporations | |
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| Real Estate Investment Trusts | |
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| Corporations | |
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| Elements of a Joint Venture | |
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| Business Plan | |
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| Participants | |
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| Governance | |
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| Capitalization | |
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| Revenue Distribution Among the Partners | |
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| General Provisions | |
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| Financing Structure | |
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| Profit Distribution to the Development Entity | |
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| Example: Profit Distribution within a Development Entity | |
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| Managing the Entitlement Process for Financial Viability | |
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| Mapping the Process | |
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| Before Making an Offer | |
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| After an Offer Is Accepted | |
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| During Due Diligence | |
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| As Circumstances Change | |
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| Managing Project Economics During Entitlement | |
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| Density | |
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| Parking | |
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| Public Improvements | |
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| Design | |
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| Managing the Process | |
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| Conclusion | |
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| Public/Private Partnerships | |
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| Application | |
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| Public Capital for Private Projects | |
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| Entitlement Risk | |
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| Site Access, Cleanup, and Reconfiguration | |
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| Co-investment | |
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| Community Preparation | |
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| Partnership Entity | |
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| Financing Program for Infrastructure or Other Public Facilities | |
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| Business Improvement Districts | |
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| Stapleton Airport Redevelopment: An Example of Community Preparation | |
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| How Communities and Developers Work Together | |
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| Negotiating a Deal | |
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| Public/Private Financing Tools | |
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| Redevelopment Agencies | |
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| Municipal Bonds | |
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| Land Assembly and Conveyance | |
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| Grants and Incentives | |
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| Affordable Housing Subsidies | |
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| Tax Credits | |
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| Deal Standards | |
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| How Developers Get Capital | |
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| Getting Started | |
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| Building Relationships | |
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| Skills for Acquiring Capital in the 2010s | |
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| Bios of Interviewees | |
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| Glossary | |
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| Index | |