Advanced Real Estate Finance

This course builds on GSD 5204 and comparable introductory real estate courses offered by other schools at Harvard. This year’s course covers five main topics: (1) advanced financial analysis and deal structuring for land, building development, mixed use development and acquisitions, (3) REITS, public real estate markets, and market cycles, (3) Buying distressed debt and non-performing loans with emphasis on Asian capital markets, (4) Dealing with CMBS loans and investors in distressed real estate, and (5) international real estate funds.

The objective of the course is to give students in-depth development and financial analytical skills for project development, real estate finance, and fund management. Using case studies and lectures, the course focuses on advanced real estate finance topics for all major real estate product-types including apartments, office, retail, industrial, single-family, and land development. The course also emphasizes financial structuring and key decision-making for all phases of the development process including site selection, due diligence, design, financing, construction, leasing, operations, and sales. The skills taught in this course are essential for students seeking private and public sector real estate jobs in development, finance, and fund management.

Prerequisite: Students should have previously taken either GSD 5204 or an equivalent course providing the basic real estate finance and valuation skills, or should receive permission of the instructor.

Paired Course: Students are strongly encouraged to take 5276 M4 – Building Real Estate Enterprises and Entrepreneurship (Frank Apeseche) which meets in the same time slot and room as 5275 M3. 5275 M3 and 5276 M4 replace GSD 5303, offered in previous years.