FIN4571 Real Estate Finance and Advanced Modeling

4 Advanced Management Credits

This course will address the practical and theoretical issues involved in estimating cash flows and values of a wide variety real property, financial interests, investment interests and deal structures using discounted cash flow (DCF) techniques and sensitivity analyses. Students will solve real estate cash flow and DCF problems using models for property, portfolio, debt and equity interests for a variety of commercial real estate property types. Students will learn and apply the detailed modeling applications necessary to estimate both cash flows and values in the world of real estate finance and capital markets. Students will use and learn both Excel and industry standard ARGUS software applications in the process of modeling lease by lease cash flows at the property level, portfolio cash flow consolidations, related debt structures, including first mortgage and mezzanine debt, and equity waterfall structures. ARGUS is a widely accepted unique and complex modeling software that is very frequently required by employers in real estate finance. This course includes explanations of the theoretical issues and concepts involved in these practical applications. This course is intended for students who have an interest in real estate or who desire to expand their knowledge of finance to include real estate.

Prerequisites: SME2021

  • Program: Undergraduate
  • Division: Finance
  • Level: Advanced Elective (UGrad),Advanced Management (UGrad)
  • Course Number: FIN4571
  • Number of Credits: 4

FIN7527 Real Estate Financial Modeling
3 Elective Credits
This course will address the practical and theoretical issues involved in estimating cash flows and values of a wide variety real property, financial interests, investment interests and deal structures using discounted cash flow (DCF) techniques and sensitivity analyses. Students will solve real estate cash flow and DCF problems using models for property, portfolio, debt and equity interests for a variety of commercial real estate property types. Students will detailed modeling applications necessary to estimate both cash flows and values in the world of real estate finance and capital markets. Students will use and learn both Excel and industry standard software applications in the process of modelling lease by lease cash flows at the property level, portfolio cash flow consolidations, related debt structures, including first mortgage and mezzanine debt, and equity waterfall structures. This course includes explanation of the theoretical issues and concepts involved in these practical applications. This course is intended for students who have an interest in real estate or who desire to expand their knowledge of finance to include real estate.

Prerequisites: FIN7200 or FIN7800 or students enrolled in MSF

  • Program: Graduate
  • Division: Finance
  • Level: MSBA Elective (Grad),MSF Elective (Grad),Graduate Elective (Grad)
  • Course Number: FIN7527
  • Number of Credits: 3

FIN3555 Real Estate Investment
4 General Elective Credits
This course is designed for students interested in learning to evaluate real estate investment opportunities. The focus is on commercial property, not single-family homes, and on U.S. real estate. Using readings and case studies, students examine real estate as an asset class and explore its similarities and differences from other investment types. The foundation for this course involves understanding the industry terminology, legal rights and restrictions, and basic techniques for financial projections and analysis.


Expanding from this base, students explore the use of debt and the implications of taxes on real estate investment returns.

Prerequisites: SME2021

  • Program: Undergraduate
  • Division: Finance
  • Level: Advanced Elective (UGrad),Advanced Management (UGrad)
  • Course Number: FIN3555
  • Number of Credits: 4

FIN7565 Real Estate Investments
(Formerly Real Estate Investment Fundamentals)
3 Elective Credits

This course provides in depth coverage of real estate investing and investment decision making for income producing properties. Topics include valuation, financing, capital markets, development and operations of income-producing real property and issues surrounding the ownership, financing and regulation of real estate. Through readings, lectures and case studies, we will explore how investors identify projects, determine value, design marketing strategies, and obtain financing in the debt and equity markets. This course will include an introduction to the value creation process of real estate development. The course will cover how investors evaluate and finance development projects. Topics include the unique debt and equity financing considerations for both income producing rental properties and for sale condominium projects. The course will also cover Real Estate Investment Trusts (REIT's) as an investment vehicle.


The course will use lecture materials, case studies and an example property to illustrate key real estate investment concepts for both investing in existing properties and for developing properties.

Prerequisites: FIN7200 or FIN7800

  • Program: Graduate
  • Division: Finance
  • Level: Graduate Elective (Grad)
  • Course Number: FIN7565
  • Number of Credits: 3

FIN7566 Real Estate Transactions
3 Elective Credits
This course will examine the fundamentals of commercial real estate transactions from a legal and managerial perspective. Students will gain an in-depth understanding of the major laws and regulations which impact business strategy, allocation of risk, and ultimately deal structures in real estate transactions. Through course readings, assignments, and analysis of industry examples, students will learn how the business strategy components of a term sheet are integrated into the provisions of a transaction's legal documentation. Course topics will include the following: acquisition and disposition, real estate finance, management, development, leasing, tax considerations, distressed property, including loan workouts and commercial foreclosures, and recent legal developments. The course is designed to introduce students to commercial real estate and appeal to real estate entrepreneurs and students interested in careers in the real estate industry.

Prerequisites: None

  • Program: Graduate
  • Division: Finance
  • Level: Graduate Elective (Grad)
  • Course Number: FIN7566
  • Number of Credits: 3

FIN3512 Real Estate Transactions and Law

4 General Elective CreditsReal-estate is a transaction-based business. To successfully execute any business strategy in real estate, it is essential to understand the relevant legal structures and transaction documentation. This introductory and practical course will provide students with an understanding of the fundamentals of commercial real estate transactions from a legal and managerial perspective. The course is designed to familiarize students with the various "life stages" of commercial real estate transactions: negotiating the term sheet, conducting "due diligence" property investigations, structuring ownership interests, financing the project, closing and acquiring title, developing the property, managing and leasing the project, and ultimately, selling the asset or ownership interests. By integrating business strategy and legal structure throughout the course, students will explore how legal considerations impact decision-making in valuing real estate assets, selecting effective ownership structure and control, managing financial risk, allocating financial returns, and developing exit strategies for real estate investments.

Prerequisites: SME2021 or FIN2000

  • Program: Undergraduate
  • Division: Finance
  • Level: Advanced Elective (UGrad),Advanced Management (UGrad)
  • Course Number: FIN3512
  • Number of Credits: 4

SEN1301 Reel VS. Real: How Fictional Media Influences Reality(Senior Instructor: Celeste Campbell) This course will analyze movies, TV shows, and book excerpts that are fictional but marketed as _based on a true story. We will determine the facts behind each story and examine how our expectation that the media is based in reality affects our perceptions. We will explore the growth of this genre over the past 50 years, focusing on themes such as crime, politics, and romance; potential texts include Argo, Pocahontas, Law & Order, and Pride and Prejudice. This is a discussion-based class supplemented with short readings, articles, and viewings.

Course Schedule: Fridays: January 31, February 7, February 14, February 21, February 28 and March 7 (Showcase of all Senior-Led Seminars)

  • Program: Undergraduate
  • Division: Other
  • Course Number: SEN1301
  • Number of Credits: 0

WRT2000 Research Writing
4 Foundation Liberal Arts redits

This course prompts students to put their theory of writing into practice through writing and composing in research-based genres for audiences in academic discourse communities. Students learn to recognize and adhere to the discursive and procedural conventions of particular communities of scholarly practice, and they examine and participate in modes of scholarly inquiry while learning about and engaging in best practices for finding, evaluating, and incorporating sources. Students produce scholarly arguments in essay form while exploring the roles that other textual forms can and do play in scholarship, and they continually reflect on how this work informs their theory and understanding of writing more generally.

Prerequisites: WRT1001

  • Program: Undergraduate
  • Division: Arts and Humanities
  • Level: Foundation Liberal Arts (UGrad)
  • Course Number: WRT2000
  • Number of Credits: 4

FIN3511 Residential Real Estate
4 General Elective Credits
This course is designed to introduce students to the residential real estate housing market in the U.S. and equip them with the knowledge to efficiently and effectively navigate that marketplace. Through a practical application of the course topics and examination of current industry examples, we will explore the process of buying, selling, financing and leasing residential real estate, with a focus on single-family homes, condominiums, townhomes, duplexes, triplexes and multi-family apartments of four units or less. We will examine the major issues and considerations that impact the valuation, financing, acquisition, disposition, and leasing of residential real estate.

Prerequisites: FME1001

  • Program: Undergraduate
  • Division: Finance
  • Level: Advanced Elective (UGrad),Advanced Management (UGrad)
  • Course Number: FIN3511
  • Number of Credits: 4

FIN9510 Residential Real Estate: Acquisition, Disposition, Finance, and Leasing
1.5 Intensive Elective Credits
The purpose of this course is to provide students with the knowledge to efficiently and effectively navigate the residential real estate marketplace in the United States. The course is designed to introduce students to the residential real estate housing market and appeal to real estate entrepreneurs and both domestic and international investors. We will explore the major issues and considerations that impact the valuation, financing, acquisition, disposition, and leasing of residential real estate. Course topics will include: market valuation and appraisal, real estate finance, including residential mortgage types, borrower financing decisions, and primary and secondary mortgage markets, applicable laws and regulations, property inspections, environmental issues, title insurance, brokering and closing the transaction, landlord and tenant issues, tax considerations, and default ownership issues. Throughout the course, we will emphasize practical application of the course topics and examine current examples from the industry and marketplace.

Prerequisites: None

  • Program: Graduate
  • Division: Finance
  • Level: Graduate Elective (Grad)
  • Course Number: FIN9510
  • Number of Credits: 1.5