1. Principles of Commercial Real Estate Finance
Module 1:
Risks And Opportunities;
What Is Real Estate?;
Global Real Estate
Associated Readings
Linneman Text:
Ch. 1: Risks And Opportunities
Ch. 2: What Is Real Estate?
Ch. 2 Supplement A: International Real Estate Investing
Model For Success Blog:
How To Be A Great Real Estate Finance Student
New York by Gehry, NYC

2. Principles of Commercial Real Estate Finance
Module 2:
Time Value of Money and
Discounted Cash Flow;
Real Estate Cycles
Associated Readings
Linneman Text:
Prerequisite I: The Basics of Discounted Cash Flow &
Net Present Value Analyses
Ch. 20: Real Estate Cycles
GetREFM.com:
Resources page, Recommended Viewing section:
“Crisis of Credit” videos
Aqua at Lakeshore East, Condominiums, Chicago

3. Principles of Commercial Real Estate Finance
Module 3:
Fundamentals of
Commercial Leases
Associated Reading
Linneman Text:
Ch. 3: The Fundamentals of Commercial Leases
Office Buildings in Singapore

4. Principles of Commercial Real Estate Finance
Module 4:
Property Level Pro Forma
Analysis;
Financial Modeling;
Internal Rate of Return;
Amortization;
Associated Readings
Linneman Text:
Ch. 4: Property Level Pro Forma Analysis
Ch. 5: Financial Modeling
Prerequisite II: IRR: What It Is and What It Isn’t
Prerequisite III: Amortization Fundamentals
Model For Success Blog:
Building within a building
Pro‐Forma Formulas Decoded

5. Principles of Commercial Real Estate Finance
Module 5:
Due Diligence;
Capitalization Rates
Associated Readings
Linneman Text:
Ch. 6: Real Estate Due Diligence Analysis
Ch. 7: The Use And Selection Of Cap Rates
Highlight Munich Business Towers, Germany

6. Principles of Commercial Real Estate Finance
Module 6:
Development Pro Forma
and Feasibility Analysis
Associated Readings
Linneman Text:
Ch. 8: Development Pro Forma Analysis
Ch. 9: Development Feasibility Analysis
Rendering of “Spire” Residential Building, Chicago

7. Principles of Commercial Real Estate Finance
Module 7:
Debt Financing
Associated Readings
Linneman Text:
Ch. 12: Should You Borrow?
Ch. 13: The Use Of Debt And Mortgages
Place de la Defense, Paris

8. Principles of Commercial Real Estate Finance
Module 8:
Bankruptcy;
Commercial Mortgage
Backed Securities (CMBS)
Associated Readings
Linneman Text:
Ch. 11: Real Estate Bankruptcy Basics
Ch. 14: Commercial Mortgage Backed Securities
Model For Success Blog:
Must‐Read Articles page:
‐ Present At The Creation And Destruction Of CMBS
‐ Betting On The Blind Side
Comcast Tower, Philadelphia

9. Principles of Commercial Real Estate Finance
Module 9:
Ground Leases;
Real Estate Exit Strategies
Associated Readings
Linneman Text:
Ch. 15: Ground Leases As A Source Of Finance
Ch. 16: Real Estate Exit Strategies
Beijing Yintai Centre

10. Principles of Commercial Real Estate Finance
Module 10:
Real Estate Companies;
Real Estate Private Equity;
RE Investor Perspectives
Associated Readings
Linneman Text:
Ch. 10: Real Estate Company Analysis
Ch. 17: Real Estate Private Equity Funds
Harvard Business Publishing:
Structuring Real Estate Deals: An Investor’s Perspective
London Skyscraper

11. Principles of Commercial Real Estate Finance
Module 11:
REITs and Liquid Real Estate;
Corporate Real Estate
Associated Readings
Linneman Text:
Ch. 18: REITs and Liquid Real Estate
Supplemental I: Return Characteristics Of CRE
Ch. 19: Corporate Real Estate Decision Making
Frankfurt Skyscraper