Creating Real Estate Ventures: a Legal Perspective
The course will examine how a commercial real estate deal is put together to move a project from conception to completion. The course will utilize research resources and actual transactional documentation related to the major stages of commercial real estate development such as (a) securing control of land, (b) sourcing and raising equity, (c) completing predevelopment steps including permits and construction and design agreements, (d) obtaining construction financing and building the project and (e) operating the project and realizing capital returns from refinance and/or sell.
Actual negotiated agreements used in each stage are planned to be analyzed, including project specific joint venture agreements, purchase and sale contracts, development agreements, construction and design contracts, construction loan agreements, major tenant leases, asset management arrangements and permanent loan agreements.
The course will include lectures, student participation in negotiation scenarios, student prepared presentations and exercises, guest appearances by experienced real estate professionals, and site visits to completed or under construction projects and the offices of lawyers and developers.
The goal of the course is to enable students to get “inside” the deals that produces development projects and to understand major business and related complexities embedded in the various stages of development deals and how these complexities are often addressed and resolved.
There is no prerequisite for taking the course or any need for prior legal experience.