GlobalbizCRE AcademyEnroll for $397/yr

Syllabus

Curriculum

Everything the course covers, listed in full. 27 tracks, 197 topics, 53 worked case studies and 20 full deal simulations, plus 67 calculators, 26 document templates and a glossary of 1,158 terms.

Titles are published here so you can check the coverage before you buy. The teaching itself (the worked numbers, the documents, the scored decisions) is inside the course.

Deal simulations

Each one is a full transaction played stage by stage and scored on the decisions made, not on a final answer.

Beginner (3 simulations)

Nobody Owns the Roof: The Cypress Bend Acquisition

A multifamily buyer's first manufactured housing deal, where the tenants own the homes and the landlord just owns the ground underneath them.

Manufactured Housing Community · acquisition

Your First Deal: Stabilized Multifamily Refinance

A referral lead, a 90-day maturity, and a cash-out request. Play the whole deal from intake to funded.

Multifamily · refinance

No Toilets, No Tenants: The Palmetto Self Storage Acquisition

A first-time buyer thinks self-storage income is basically an annuity, until you show him it's a pricing strategy.

Self-Storage · acquisition

Intermediate (6 simulations)

Best and Final: Winning a Competitive Bid Without Overpaying

Your client wants this warehouse badly. The listing broker just called a best-and-final round. The only thing standing between a win and a regret is a number you set before the pressure started.

Industrial · Competitive-Bid Acquisition

The Renewal Squeeze: Keeping Your Anchor Office Tenant

Your building's biggest tenant is quietly touring a competitor with a headline rent that looks unbeatable. It isn't, but only if you can prove it before they sign.

Suburban Office · Anchor Tenant Lease Renewal

The Credit Behind the Clinic: Crestview Medical Plaza

A buyer who thinks in office cap rates is about to learn what a health-system lease is actually worth.

Medical Office · Acquisition

The Rollover Risk: A Single-Tenant Office Acquisition

A credit tenant, a 78,000-square-foot building, and three years left on the lease: the cap rate isn't the number that decides this deal.

Office · acquisition

The Co-Tenancy Clause: A Grocery-Anchored Retail Acquisition

Eight years left on the anchor's lease, and every in-line tenant's rent is quietly tied to it. Size the loan like you know that.

Retail · acquisition

The Foam Factory Buyout

A regional car-wash manager is buying his first location like it's a strip mall, and doesn't yet know why a tunnel full of brushes doesn't price like retail, or how SBA's 90% stack actually protects his cash.

Special-Purpose (Car Wash) · SBA 504 Owner-User Acquisition

Advanced (7 simulations)

The Upzoning Bet: Entitling a Mixed-Use Infill Site

The land you already own is worth $9.5 million as-of-right. If a rezoning goes through, it's worth $34 million. Everything about how you spend the next nine months should depend on how seriously you treat that gap.

Mixed-Use Infill (Multifamily + Retail) · Ground-Up Development: Entitlement & Pre-Development

The PIP Squeeze: Refinancing the Redwing Inn & Suites

A 90-room hotel's loan comes due in six months, and so does a $1.35 million bill from the brand.

Hospitality · Refinance

The Clear-Height Gamble: A Big-Box-to-Last-Mile Bridge Conversion

A vacant 180,000-square-foot relic, a sponsor who's sure his timeline is conservative, and a bridge loan that has to survive a construction schedule nobody's actually tested.

Industrial & Logistics · bridge / value-add

The Residual: Ground-Leasing the Kowalski Corner

A widow's inherited corner lot, a developer's pro forma, and the math that decides who owns downtown Halsey Falls a hundred years from now.

Land · Ground Lease / Residual Land Value

Committing Capital: The Meridian Value-Add Fund II Decision

A sponsor with a strong Fund I track record wants $5,000,000 of your family office's capital for Fund II, but the fine print has drifted from what made Fund I work.

Multifamily (Fund-Level) · LP Fund Commitment

The Kedzie: A Vertical Mixed-Use Buy in Lincoln Square

One deed, two very different bets: blend the cap rates and you'll misprice both.

Mixed-Use · Acquisition

The Summer Gap: Financing The Yard at Ashcombe

480 beds, one flagship university, and a pre-leasing number that three lenders will read three very different ways.

Student Housing · construction-to-permanent

Expert (4 simulations)

The Capstone: Ridgemont Trails, Start to Finish

Source, underwrite, structure, negotiate, and package one value-add multifamily deal end to end.

Multifamily (96 units, value-add) · Bridge acquisition + renovation, structured for a future stabilized refinance

Behind the Meter: The Vantara Cloud Sale-Leaseback

A hyperscaler wants to turn a $53 million powered shell into growth capital without losing a single megawatt of control, and the whole deal hinges on treating it like a credit instrument, not a building.

Data Center · Sale-Leaseback / Powered Shell

The Blended Cap Trap: A Two-Tenant Wet-Lab Acquisition

A 6.56% blended cap rate looks clean until you realize 30% of the income comes from a biotech that might not exist in five years.

Life Sciences · acquisition

The Slow Money Play: Refinancing Cypress Cove into HUD 232

An 80-bed assisted living facility, a bank loan that won't wait, and a HUD process that refuses to be rushed.

Senior Housing / Assisted Living (master lease) · HUD 232 Refinance

Case studies by level

Beginner (5 case studies)

  • First-Time Buyer, Stabilized Multifamily

    Multifamily (24 units) · Agency (Freddie Mac SBL)

  • Owner-User Industrial Flex Building

    Industrial Flex · SBA 504

  • Self-Storage Stabilized Refinance

    Self-Storage · Credit union refinance

  • Single-Tenant NNN Retail Pad

    Retail (single-tenant NNN) · Bank term loan

  • Sunrise Meadows Manufactured Housing Community Acquisition

    Manufactured Housing Community · Agency (Fannie Mae) Acquisition Loan: 65% LTV, 6.15% Fixed Rate, 30-Year Amortization, 10-Year Term

Intermediate (12 case studies)

  • Cedar Hollow Commons FIRPTA Sale

    Retail · All-cash acquisition by a domestic buyer from a foreign individual seller

  • Condo Deconversion Bulk-Sale Assembly

    Multifamily (condo deconversion) · All-Cash Unit-by-Unit Acquisition

  • Harlow Station: A Four-Parcel Assemblage Under an Entitlement Contingency

    Land (assemblage for entitlement) · Contingent multi-parcel land assemblage (cross-conditioned PSAs), pre-entitlement - no acquisition financing in place

  • Hidden Deferred Maintenance

    Multifamily (older asset) · CMBS vs. bank triage

  • Meridian Street Garage: Downtown Parking Acquisition

    Special-Purpose (Parking Garage) · Bank Acquisition Loan

  • Providence Trace Apartments: Bridge-to-Agency Execution and Rate Cap Sizing

    Multifamily (180 units, garden-style, value-add) · Floating-Rate Bridge Loan with Purchased Rate Cap (Bridge-to-Agency Takeout)

  • Tenant Concentration in a Medical Office Building

    Medical Office · Life company vs. debt fund

  • The Environmental Surprise

    Industrial · Bank / bridge triage

  • The Grove at Millbrook Acquisition

    Student Housing · Bank acquisition loan: 5-year fixed-rate first mortgage sized to the lesser of 65% loan-to-cost or a 1.30x minimum DSCR on in-place T12 NOI, at a 6.40% note rate amortizing over 30 years.

  • The Kesler Building: Floor-Plate Feasibility for an Office-to-Residential Conversion

    Office-to-Residential Conversion · Construction-to-Permanent Loan (Balance Sheet, with Property Tax Abatement)

  • The Rent Roll That Doesn't Add Up

    Office · Bank

  • Title Defect Before Closing: Meridian Crossing Shopping Center

    Retail (grocery-anchored strip center) · Bank acquisition loan

Advanced (23 case studies)

  • Airport-Adjacent Industrial: Avigation Easement Height Restriction

    Industrial (airport-adjacent, avigation easement) · Conventional bank acquisition loan with TI/mezzanine improvement holdback

  • Ashford Commons Outparcel: Ground Lease Negotiation for a Retail Pad Site

    Land / Ground Lease (Retail Pad Site) · Ground lease with developer construction financing

  • Brownfield Retail Redevelopment Remediation Holdback

    Retail (brownfield redevelopment) · Bridge / Redevelopment Construction Loan

  • Build-to-Rent Forward Purchase: Phased Takedown & Blended Yield-on-Cost

    Build-to-Rent (BTR) Single-Family Rental Community (120 homes, 3-phase delivery) · Forward purchase agreement with homebuilder: phased takedown, all-cash acquisition per phase

  • Cedar Pointe Apartments: Year-15 LIHTC Exit and the Nonprofit ROFR Price Fight

    Multifamily (LIHTC Year-15 exit) · Existing permanent debt payoff at exit; IRC Section 42(i)(7) nonprofit GP right-of-first-refusal purchase vs. arm's-length sale at independently appraised fair market value

  • Construction Loan Distress at Fenwick Crossing Distribution Center

    Industrial (ground-up construction) · Bank construction loan (completion guaranty + cost-overrun provisions)

  • Cordova Crossing: Residual Land Value for a Self-Storage Development

    Land (Self-Storage Development Site) · Land acquisition plus construction financing

  • Full Recourse or Carve-Out: The Trailhead Logistics Guaranty Fight

    Industrial · Bank acquisition loan with non-recourse carve-out guaranty

  • Hospitality Turnaround

    Hospitality (branded hotel) · Bridge-to-permanent

  • HUD 223(f) Refinance of a Stabilized Garden Multifamily Property

    Multifamily (120 units, garden-style) · HUD/FHA Section 223(f) Insured Refinance

  • Kessington Distribution Center: Shared Access Easement & Truck Court Conflict

    Industrial (easement dispute) · Conventional Bank Acquisition Loan (Title/Survey Cure Required Prior to Closing)

  • Multifamily Acquisition Under a Rising-Rate Stress Test

    Multifamily (96 units, garden-style) · Bank Acquisition Loan: Rate Sensitivity Stress Test

  • Northgate Cold Storage: Underwriting the Refrigeration Reserve

    Industrial (Cold Storage) · Conventional Bank Acquisition Loan with Refrigeration Capital Reserve

  • Office-to-Life-Science Conversion

    Office (converting to Life Science) · Debt fund bridge

  • QSR Net Lease Portfolio Disposition

    Retail (net lease portfolio disposition) · All-cash / 1031 exchange

  • Redbank Fuel & Mart: Gas Station Acquisition with Undocumented UST History

    Special-Purpose (Gas Station / Convenience Store) · Bank acquisition loan (65% LTV / 1.30x DSCR) with environmental risk mitigation (Phase II contingency, escrow, and PLL insurance options)

  • REIT Capital Recycling: Suburban Office Disposition

    Office (Suburban) · Bank acquisition loan

  • Retail Refinance Disrupted by Tenant Bankruptcy

    Retail (Grocery-Anchored Community Shopping Center) · Refinance in progress, disrupted by tenant Chapter 11 filing

  • Senior Housing Lease-Up

    Senior Housing (assisted living) · Bridge-to-HUD/agency takeout

  • The Foundry at Cordwell: An Opportunity Zone Ground-Up Development

    Mixed-Use/Multifamily · OZ Fund Equity + Construction Debt

  • The Marlowe at Ashcombe: Construction-to-Permanent Financing for a 350-Bed Student Housing Development

    Student Housing · Construction-to-permanent loan

  • Value-Add Multifamily Renovation

    Multifamily (value-add) · Bridge-to-agency

  • Willow Creek MHC Refinance: The Infrastructure Reserve Squeeze

    Manufactured Housing Community · Refinance complicated by capital needs

Expert (13 case studies)

  • Cedar County Justice Annex: Underwriting a Government-Leased Detention Facility

    Special-Purpose (County Detention / Government-Leased Facility) · Life Company Permanent Loan (Single-Tenant Government Lease)

  • CMBS Conduit Loan with Mezzanine Debt & Defeasance Exit

    Retail (stabilized portfolio) · CMBS first mortgage + mezzanine debt

  • Distressed Data Center Recapitalization

    Data Center · Senior debt refinance + new preferred equity

  • Ground-Up Industrial/Logistics Development

    Industrial/Logistics (ground-up) · Senior construction + mezzanine + JV equity

  • Helix Point Lab I: Underwriting a Speculative Wet-Lab Development in a Secondary Cluster

    Life Sciences · Speculative construction loan

  • Highway Widening Condemnation, Suburban Office Park

    Office (eminent domain / condemnation) · Existing ownership: eminent domain compensation dispute

  • JV Recapitalization Dispute: Preferred Equity Control-Flip Trigger

    Multifamily (JV recapitalization dispute) · Senior first mortgage + JV preferred equity/common equity structure

  • Meridian Crossing: Financing a Dispensary-Anchored Retail Center

    Retail (cannabis-use tenant) · Conventional Bank Loan (Cannabis-Income Excluded) vs. Private Non-Bank Loan (Full NOI)

  • Mixed-Use Development with Preferred Equity

    Mixed-Use (multifamily + retail podium) · Senior debt + preferred equity

  • Palmetto Bay Cross-Border Blocker Acquisition

    Multifamily (cross-border foreign capital) · Private Debt Fund Bridge Loan with Offshore Blocker Corp Equity Structure

  • Suburban Office Special Servicing Workout

    Office (Suburban, Class B) · CMBS conduit loan in special servicing

  • Wet-Lab Life Science Acquisition: Tenant Credit-Weighted Underwriting

    Life Sciences (Wet-Lab) · Bank Acquisition Loan (Tenant-Credit-Tiered Structuring)

  • Willow Creek Apartments: Acquiring a LIHTC Property Mid-Compliance-Period

    Multifamily (Affordable / LIHTC, 9% credit) · Assumption of existing regulatory agreement (LURA) and assumable tax-exempt-bond first mortgage, combined with direct acquisition of the existing GP and tax-credit investor LP interests (no new senior debt)

Curriculum tracks

Part 0: Foundations & Prerequisites

Zero-knowledge starting point: time value of money, reading financial statements, Excel modeling, statistics, macroeconomics, contracts, how financial markets work, professional writing, professional tools, and ethics. Complete this before anything else on the platform.

26 topics

  • Simple vs. Compound Interest
  • Present Value & Future Value
  • Annuities & Perpetuities
  • Nominal vs. Effective Interest Rates
  • The Income Statement
  • The Balance Sheet
  • The Cash Flow Statement (and How the Three Connect)
  • Core Excel Skills for Financial Modeling
  • Model Hygiene, Scenarios & Sensitivity Tooling
  • Descriptive Statistics & Distributions
  • Correlation & Regression
  • Monte Carlo Simulation Intuition
  • GDP, Inflation & Employment
  • The Federal Reserve & Interest Rates
  • Credit Cycles and Why They Matter to CRE
  • What Makes a Contract Enforceable
  • Negotiating, Breaching & Remedying Agreements
  • Debt vs. Equity as Capital
  • Bonds & Fixed-Income Basics
  • Securitization Intuition: From Loan to Bond
  • Writing Memos, Emails & Decks That Get Read
  • Speaking With Authority in Meetings and Calls
  • Email, Calendar & Project-Management Discipline
  • Data Rooms, E-Signature & CRM Basics
  • Fiduciary Duty & Conflicts of Interest
  • Confidentiality & Professional Standards

Foundations & the CRE Ecosystem

What CRE loan origination is, who's involved, and how the business works.

3 topics

  • What a CRE Loan Originator Actually Does
  • How CRE Loan Originators Get Paid
  • Professional Designations & Career Credentials in CRE

Property Types & Asset Fundamentals

How each major commercial property type makes money, and what makes it unique to finance.

33 topics

  • Commercial Real Estate Property Types
  • Multifamily Properties
  • Office Properties
  • Retail Properties
  • Industrial & Logistics Properties
  • Hospitality Properties
  • Self-Storage Properties
  • Medical Office & Healthcare Properties
  • Senior Housing Properties
  • Student Housing Properties
  • Manufactured Housing Communities
  • Data Center Properties
  • Life Sciences Properties
  • Mixed-Use Properties
  • Land & Development Sites
  • Special-Purpose Properties
  • Alternative Land Income: Cell Towers, Billboards & Renewable Energy Ground Leases
  • Industrial Outdoor Storage (IOS)
  • Multifamily: Sub-Asset Classes, Financing & Underwriting Metrics
  • Office: Sub-Asset Classes, Financing & Underwriting Metrics
  • Industrial & Logistics: Sub-Asset Classes, Financing & Underwriting Metrics
  • Retail Deep Dive: Sub-Asset Classes, Financing & Underwriting Metrics
  • Hospitality: Sub-Asset Classes, Financing & Underwriting Metrics
  • Healthcare & Senior Housing: Sub-Asset Classes, Financing & Underwriting Metrics
  • Self-Storage: Sub-Asset Classes, Financing & Underwriting Metrics
  • Data Centers: Sub-Asset Classes, Financing & Underwriting Metrics
  • Land & Ground Leases: Sub-Asset Classes, Financing & Underwriting Metrics
  • Manufactured Housing Communities: Sub-Asset Classes, Financing & Underwriting Metrics
  • Mixed-Use & Master-Planned: Sub-Asset Classes, Financing & Underwriting Metrics
  • Special-Purpose & Niche Assets: Sub-Asset Classes, Financing & Underwriting Metrics
  • Life Sciences & Lab Space: Sub-Asset Classes, Financing & Underwriting Metrics
  • Senior Housing Deep Dive: Levels of Care, Financing & Underwriting Metrics
  • Student Housing: Sub-Asset Classes, Financing & Underwriting Metrics

Income, Value & Return Fundamentals

GPR, NOI, cap rates, and the return metrics investors use to compare deals.

2 topics

  • Net Operating Income (NOI)
  • Cap Rate (Capitalization Rate)

Loan Mechanics & Structures

Amortization, rate structures, and prepayment mechanics.

2 topics

  • Amortization, Balloon Payments & Annual Debt Service
  • Fixed vs. Floating Interest Rates

Core Underwriting Ratios

DSCR, LTV, LTC, and Debt Yield, and how lenders size a loan using all of them together.

4 topics

  • DSCR (Debt Service Coverage Ratio)
  • LTV (Loan-to-Value Ratio)
  • Debt Yield
  • Loan Sizing: DSCR, LTV & Debt Yield Together

The Lender Universe

Banks, agency, CMBS, life companies, debt funds, SBA, and more: who funds what.

16 topics

  • Commercial Banks & Credit Unions
  • Bank Capital Regulation & Why Banks Lend the Way They Do
  • CMBS Conduit Loans
  • Agency Lending: Fannie Mae & Freddie Mac
  • Fannie Mae Multifamily Loan Programs
  • Freddie Mac Multifamily Loan Programs
  • Life Insurance Company Lending
  • Debt Funds & Bridge Lenders
  • CRE CLOs: How Debt Funds Finance Their Own Bridge Lending
  • SBA 504 / 7(a) Loans
  • USDA Business & Industry (B&I) Guaranteed Loan
  • Farm Credit System & Agricultural Real Estate Lending
  • HUD/FHA Multifamily & Healthcare Lending
  • Construction Lenders
  • Mini-Perm & Permanent Loan Concepts
  • Choosing Among CRE Lenders

Sourcing & Qualifying Deals

Finding real deals and spotting red flags before you invest your time.

2 topics

  • Sourcing & Qualifying a CRE Deal
  • Sourcing Acquisitions: The Buyer's Playbook

Document & Statement Analysis

Rent rolls, T12s, leases, and the other documents that prove a deal is real.

12 topics

  • Reading the Rent Roll
  • T12 Analysis & Finding Financial Leakage
  • Lease Structures: NNN, Gross & Modified Gross
  • Offering Memorandum (OM) Analysis
  • Appraisal Report Analysis
  • Property Condition Assessment (PCA)
  • Phase I Environmental Report Analysis
  • ALTA Survey Basics
  • Title Commitment Basics
  • CRE Insurance Basics
  • Florida & Gulf Coast Property Insurance: A Market in Crisis
  • Market Study Reports

Underwriting Laboratory

Borrower and property underwriting, sensitivity testing, and full worked examples.

1 topic

  • Underwriting a CRE Deal Step by Step

Valuation

Income, sales-comparison, and cost approaches to valuing commercial property.

6 topics

  • Income Approach (Direct Capitalization)
  • DCF (Discounted Cash Flow) Valuation Approach
  • Sales Comparison Approach
  • Cost Approach to Valuation
  • Reconciling Valuation Approaches
  • Environmental Stigma and Value Definitions

Market Analysis & Capital Markets

Supply, demand, comps, rates, and how the macro environment moves CRE.

11 topics

  • Supply, Demand & Absorption
  • CRE Market Cycles
  • Comps & Comp Adjustment
  • Location & Submarket Analysis
  • Location Theory & Retail Hierarchy
  • Economic Base & Demographic Demand Analysis
  • Market Feasibility & Capture Analysis
  • Interest Rates, Treasuries & CRE
  • SOFR & Credit Spreads
  • Monetary Policy & CRE Values
  • Inflation, Recession & CRE Performance

Capital Stack & Investment Structures

Mezzanine debt, preferred equity, joint ventures, and equity waterfalls.

9 topics

  • Capital Stack Overview
  • Common Equity & LP/GP Basics
  • Preferred Equity Basics
  • Mezzanine Debt Basics
  • Joint Venture Structures
  • Equity Waterfalls & the Promote
  • Hurdle Rates & GP Catch-Up
  • Sale-Leaseback Basics
  • REIT Structures & Institutional Capital Markets

Development & Construction Finance

Entitlements, budgets, draw schedules, and construction-to-permanent financing.

8 topics

  • Entitlements & Zoning Basics
  • Development Feasibility Analysis
  • Hard Costs, Soft Costs & Contingency
  • Project Delivery Methods & AIA Contract Forms
  • Draw Schedules & Interest Reserves
  • Construction Loan Sizing by LTC
  • Lease-Up & Stabilization Risk
  • Construction-to-Permanent Financing

Asset Management & Value-Add

Leasing, capex, and repositioning strategy after acquisition.

7 topics

  • Property Management Fundamentals
  • Leasing & Tenant Retention
  • Revenue Management & Algorithmic Pricing in Multifamily
  • CapEx Planning & Reserves
  • Green Retrofit Economics & Building-Performance Law
  • Value-Add Repositioning Strategy
  • Lease Rollover & Tenant Concentration Management

Risk, Due Diligence & Deal Killers

The due-diligence taxonomy and the risks that quietly kill deals.

6 topics

  • Due Diligence Overview
  • Environmental, ADA & Fair Housing Basics
  • Environmental Liability Law: CERCLA & Beyond
  • CRE Risk Taxonomy
  • Fraud Awareness & Red Flags
  • Common CRE Deal Killers

Legal, Tax & Compliance Foundations

Entity structures, depreciation, 1031 exchanges, and licensing, for education, not advice.

9 topics

  • Licensing, Compliance & Setting Up Your Business
  • Entity Structures for CRE Ownership
  • Entity-Level M&A & Portfolio Transactions
  • Securities Law for Private CRE Offerings & Crowdfunding
  • Depreciation & Cost Segregation Basics
  • 1031 Exchange Basics
  • Capital Gains Basics for CRE
  • Property Tax Assessment Appeals
  • Loan Documents & Guaranties Overview

Packaging, Placing & Closing

Assembling the loan package and getting a deal from submission to funded.

4 topics

  • Writing a Credit Memo & Presenting to Loan Committee
  • Building the CRE Loan Package
  • Placing the Deal & Getting It Funded
  • Loan Servicing & Life-of-Loan Administration

Building an Origination Business

Pipeline, referrals, and growing a durable origination practice.

1 topic

  • Growing Your CRE Origination Business

Case Study Practicum

Progressively difficult real-world deals to underwrite start to finish.

Part II: The Broker's Operating System

The day-to-day practice of running a CRE brokerage: sourcing, pipeline discipline, client qualification, packaging, marketing to lenders, negotiation, and closing.

13 topics

  • The Broker's Role, Mandate & Economics
  • Deal Sourcing & Prospecting
  • Pipeline & CRM Discipline
  • Client Qualification & the Mandate
  • Deal Packaging: Confidentiality, Data Rooms & Marketing Narrative
  • Marketing the Deal to Lenders & Buyers
  • Term Sheet & Quote Management
  • Negotiation Practice for CRE Brokers
  • Diligence Coordination & the Closing Checklist
  • Post-Close, Client Retention & Repeat Business
  • License Law, Agency Disclosure & Broker Compliance
  • The Broker's Technology & Deal Stack
  • Positioning, Hiring & Scaling a Brokerage Team

Financial Accounting & Reporting for CRE

GAAP vs. cash basis, ASC 842 lease accounting, and REIT accounting (FFO/AFFO) for real estate entities.

3 topics

  • GAAP vs. Cash Basis & Core CRE Entity Financial Statements
  • Lease Accounting Under ASC 842 (Lessee and Lessor)
  • REIT Accounting: FFO, AFFO & NOI Reconciliation

Distressed, Special Situations & Workouts

Loan workouts, note sales and distressed debt, and mezzanine default and special servicing.

3 topics

  • Loan Workouts, Forbearance & Restructuring
  • Note Sales, NPLs & Buying Distressed Debt
  • Mezzanine Default, Foreclosure & Special Servicing

Compliance, Regulatory & Risk Law

Fair housing, AML/OFAC and FIRPTA, guaranties, intercreditor agreements, and title insurance.

4 topics

  • Fair Housing, ADA & Fair Lending for CRE
  • AML, OFAC Sanctions Screening & FIRPTA Basics
  • Guaranties, Intercreditor Agreements & Title Insurance Deep Dive
  • RESPA & TILA Boundaries for Commercial Lending

Public Finance & Incentive Programs

LIHTC, HUD/FHA multifamily programs, TIF, PILOTs, and Opportunity Zones.

5 topics

  • LIHTC: The 4% and 9% Credit, Qualified Basis & Compliance
  • HUD/FHA Multifamily Programs (221(d)(4), 223(f), 232)
  • TIF, PILOTs, Opportunity Zones & Other Incentive Programs
  • EB-5 Immigrant Investor Program Financing
  • Special Assessment Districts: Florida CDDs & California Mello-Roos CFDs

Credit Math, Derivatives & Structured Products

Floating-rate mechanics and SOFR, interest rate swaps/caps/floors, and CMBS capital structure.

3 topics

  • Floating-Rate Mechanics, SOFR & the Index Transition
  • Interest Rate Swaps, Caps, Floors & Collars
  • CMBS Capital Structure: Tranches, B-Pieces & Control Rights

US CRE History, Crises & Regulatory Evolution

The S&L crisis, the 2008 financial crisis, and the COVID-19 disruption, and what each taught the industry.

4 topics

  • The Savings & Loan Crisis and Its Lessons
  • The 2008 Global Financial Crisis and the CRE Aftermath
  • The COVID-19 Disruption and Post-Pandemic CRE
  • The 2022-2025 Rate-Shock Cycle & Regional Bank Stress

Calculators and simulators

  • Amortization Calculator
  • Cap Rate Simulator
  • NOI Builder
  • Loan Sizer (DSCR / LTV / Debt Yield)
  • Lender Type Comparison
  • Equity Waterfall Simulator
  • Rent Roll Red-Flag Diagnostic
  • T12 Normalization Exercise
  • LTV Calculator
  • LTC Calculator
  • DSCR Calculator
  • Debt Yield Calculator
  • Loan Constant Calculator
  • Break-Even Occupancy Calculator
  • Operating Expense Ratio Calculator
  • Cash-on-Cash Return Calculator
  • IRR and Equity Multiple Calculator
  • Index + Spread Rate Calculator
  • Points and Effective Rate Calculator
  • Blended Rate Across the Capital Stack
  • Interest Rate Cap Cost (Indicative)
  • Monthly Escrow and Total Payment
  • Swap Termination (Breakage) Value (Indicative)
  • Market Feasibility Sizer
  • Green Retrofit Payback & Building-Performance Penalty Calculator
  • Coinsurance Penalty / Insurance-to-Value Calculator
  • Yield Maintenance Calculator
  • Defeasance Cost Calculator
  • Step-Down Prepayment Calculator
  • Prepayment Structure Comparison
  • Refinance Proceeds Calculator
  • Refinance Stress Test
  • Loan Assumption Value Calculator
  • Partial Release Price
  • Value Decline Test
  • Rate Shock Calculator
  • Net Effective Rent Calculator
  • Gross vs. Triple-Net Comparison
  • Gross Rent Multiplier Calculator
  • Economic Vacancy Calculator
  • Rent Per Square Foot Converter
  • Percentage Rent and Occupancy Cost Calculator
  • Hotel RevPAR and Value Calculator
  • TI and Leasing Commission Reserve Calculator
  • Replacement Reserve Calculator
  • Price Per Unit and Per Square Foot
  • Development Budget Builder
  • Interest Reserve Calculator
  • Absorption and Lease-Up Calculator
  • Yield on Cost and Development Spread Calculator
  • SBA 504 Structure Calculator
  • Mezzanine Loan Sizing Calculator
  • Preferred Equity Accrual Calculator
  • 1031 Exchange Boot Calculator
  • Cost Segregation Calculator
  • Mortgage Broker Fee Calculator
  • Cap Rate Build-Up Calculator
  • Exit Cap Rate vs. Levered IRR Sensitivity
  • Monte Carlo Return Simulator
  • Market Cycle Phase Diagnostic
  • Purchase vs. Lease Calculator
  • Load Factor Calculator
  • Expense Stop / Base-Year Gross-Up Calculator
  • Straight-Line Rent (ASC 842) Calculator
  • Depreciation Recapture Calculator
  • LIHTC Equity / Credit Pricing Calculator
  • Business Interruption / Loss-of-Rents Coverage Calculator

Document templates

  • 1031 Like-Kind Exchange Timeline & Deadline Tracker
  • Acquisition Closing Checklist
  • Acquisition Due Diligence Checklist
  • ALTA/NSPS Land Title Survey Order Letter & Table A Items Checklist
  • Appraisal Engagement Letter / Order Request
  • Broker Engagement Agreement: Listing & Buyer Representation
  • Capital Stack Summary
  • Certificate of Insurance (COI) Request Letter & Lender Requirements Checklist
  • Confidentiality Agreement (NDA): Disposition
  • For Sale / For Lease Property Flyer
  • Investment Teaser: Pre-NDA Marketing Summary
  • Lender Term Sheet Comparison Matrix
  • Letter of Intent (LOI): Acquisition
  • Loan Origination / Mortgage Broker Fee Agreement
  • Loan Submission / Deal Executive Summary
  • Offering Memorandum (OM): Outline & Section-by-Section Guide
  • One-Page Acquisition Underwriting Model
  • Personal Financial Statement (PFS) for a Loan Guarantor
  • Phase I Environmental Site Assessment (ESA) Scope & Ordering Checklist
  • Purchase and Sale Agreement (PSA): Key Business Terms Summary
  • Rent Roll Template
  • Schedule of Real Estate Owned (SREO)
  • Subordination, Non-Disturbance & Attornment (SNDA) Agreement Request Package
  • T12 (Trailing-Twelve-Month) Operating Statement
  • Tenant Estoppel Certificate Request Letter
  • Virtual Data Room (VDR) Folder & File Checklist

Financial models

Excel spreadsheets with live formulas, each checked against published sources. See every model and what it computes.

  • Commercial Loan Underwriting: Which Constraint Sizes the Loan
  • Loan Amortization: Interest, Principal and the Balloon
  • From Rent to NOI, NCF and Cash-on-Cash Return
  • Capital Stack: Sources and Uses, Loan-to-Cost and Loan-to-Value by Layer
  • Direct Capitalization: Cap Rates From Comparable Sales, and Value on the Appraiser's NOI
  • Net Effective Rent: One Lease, Two Methods
  • Levered Acquisition DCF: What the Deal Returns
  • Equity Waterfall: Who Gets What from the Deal

Looking for a definition rather than the syllabus? The CRE glossary publishes its core terms in full, and the interactive lab has calculators you can use without an account.