Advanced Real Estate Development and Finance

Instructors: – Glenn R. Mueller, Ph.D. 303-550-1781, & Frank Apeseche 617- 556-8120Guest instructors:, Wynne MunClass Time: Friday 8:30 – 11:30, January 30 – May 1, 2009This course builds on GSD 5204 and comparable introductory real estate courses offered by other schools at Harvard. This year\’s course covers four main topics: (1) Market Cycle fundamentals (2) Advance financial analysis and deal structuring for land, building development and acquisitions, (2) Capital formation; how to analyze, structure and source private and public capital, (3) REITS, public real estate markets and market cycles, and (4) Building and managing real estate enterprises.The objective of the course is to give students in-depth financial analytical skills for the dominant forms of real estate financing, fund management, organizational management, and development. Using case studies and lectures, the course focuses on advanced real estate finance topics for all major real estate product-types including office, industrial, retail, apartment, hotel, and land development. The course also emphasizes financial structuring and key decision-making for all phases of development. The course will be team-taught by three faculty, coordinated by Professor Glenn Mueller. Each faculty member is a specialist in the area he is covering in the class. Their course topics, brief descriptions, and emails for contact purposes are the following:Glenn R. Mueller, PhD ([email protected]) – Real estate investment trusts, public real estate markets, and market cycle analysis. Glenn Mueller is professor at the Burns School of Real Estate and Construction Management at Denver University and a real estate investment strategist with Dividend Capital Group. He is a prominent REIT analyst and author of over 70 papers on public and private real estate markets and market cycles. He is also a former builder and developer.Frank Apeseche ([email protected]). Financial analysis of acquisitions and \”distressed\” acquisition opportunities, private and public capital formation, building and managing real estate enterprises. Frank is Chief Executive Officer of the Berkshire Group, a diversified real estate, private equity institution and sponsor of public and private real estate companies. Berkshire has sponsored eight institutional funds, two public REITS, the largest GSE multifamily mortgage company in the United States, a private buyout of a NYSE REIT and over forty real estate partnerships. Its real estate advisor of eight hundred employees currently operates nationwide in thirty-two markets. In addition to overseeing Berkshire, Frank lectures at the Harvard Graduate School of Design and at Cornell\’s Master\’s program in Real Estate. Wynne Mun, MArch, MUP ([email protected]) – How to analyze investment returns and structure development deals for land and income property developments. Wynne is Director of Acquisitions at Metropolitan Properties. He is a graduate of the GSD program with degrees in architecture and urban planning. He is also the recipient of the Rappaport Public Policy and Ronald Druker Fellowships. ReadingsProfessional Real Estate Development: the ULI Guide to the Business, 2nd Edition, by Richard Peiser, published by The Urban Land Institute, Washington, D.C., 2003.(PRED)Real Estate Finance and Investments: William B. Brueggman and Jeffry FisherArticles and case studies assigned by the faculty for each class.Assignments and GradingCase studies will be the focus of some class sessions. Students are encouraged to work together in study groups to prepare the cases for discussion and to perform the analytical computations emphasized in each case. Each professor may give homework assignments that are due on the date of the class for which the homework is assigned. They may also take class participation a