Real Estate Capital Markets

Catalog description

This course prepares the business student to understand the placement of Real Estate within capital markets. This course builds on the introduction to real estate finance class and financial principles and expands them to instruments used in their financing. We will explore residential and commercial real estate securities. Topics include senior subordinate structures, and mezzanine capital structures, waterfalls, the role of ratings agencies, underwriting grids, loan pricing, debt yield, RMBS and CMBS bond pricing, REITs, default, prepayment and extension valuation analysis. We will also consider the risk and pricing of real estate portfolios. Prerequisite(s): FIN 2949 .