Finance for Real Estate Development

ISBN-10: 0874201578

ISBN-13: 9780874201574

Edition: 2011

Authors: Charles Long

List price: $94.95 Buy it from $92.43
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Description:

Explaining how finances drive each decision in the real estate development process, this helpful industry guide recognizes the complexities and significant risks of each project and illustrates how to reconcile conflicting elements to ultimately achieve success. A 36-year real estate development veteran, author Charles Long shares the practical information and personal insights that he has gained over the course of his career, and weaves relevant real world examples into the text, helping to clarify the principles necessary to effectively manage a project in today's financial landscape. Ideal both for those starting out in real estate development and experienced professionals who want to learn the theory behind the practice, this book offers a different perspective on making the monetary decisions that are involved in property development projects.
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Book details

List price: $94.95
Copyright year: 2011
Publisher: Urban Land Institute
Publication date: 4/25/2011
Binding: Hardcover
Pages: 216
Size: 8.25" wide x 10.50" long x 0.75" tall
Weight: 2.002
Language: English

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