The document provides an overview and schedule of real estate financial modeling training courses offered by REFM in 2013-2014. The trainings cover topics ranging from basic concepts to advanced modeling techniques. Courses are offered in both lecture and hands-on formats individually or as 2-day sessions. Course lengths vary from 45 minutes to 4 hours depending on topic and difficulty level. The document provides details on each course including learning objectives, topics covered, length, format and applicable property types.

1. Real Estate Financial Modeling Training Offerings
2013–2014

2. “REFM Training is the difference between thinking you can
model real estate transactions and knowing you can.”

3. Overview TABLE OF CONTENTS
4 Popular 2-Day Courses
5 Course & Training Offerings At-A-Glance
Course Descriptions:
6 Demystifying the Excel Pro-Forma: What It Is
REFM Training Overview and How You Can Begin To Master It
6 HP12c Financial Calculator Skills For Real Estate
Real Estate Financial Modeling (REFM) Training enables you to master basic
and advanced concepts and techniques of commercial real estate, Microsoft Excel, 6 How Real Estate Developers Price The Dirt:
finance, and real estate transaction and partnership financial modeling. Residual Land Valuation and Comparable Sales
6 Identifying Risks and Opportunities in Commercial
All hands-on training other than for the HP 12c calculator is exclusively Microsoft Real Estate
Excel-based and is delivered assuming that each participant will be following along 7 Introduction to the Real Estate Business
on their own computer. All Excel-based training includes reusable, fully-unlocked
7 Real Estate Development Modeling Basics
Excel files.
7 Truly Understanding Capitalization Rates
Benefits of training with REFM include: 8 Apartment/Multi-Family Building Acquisition
and Individual Unit Renovation Modeling
Improved analysis capabilities, quicker work turnaround and fewer mistakes 8 Excel Data Mining, Formula Scrubbing and
Increased confidence in one’s Excel skills Basic Macros
9 Excel For Real Estate (Level 1) Bootcamp
Improved financial modeling knowledge, understanding and customization
capabilities 9 Multi-Tenant Commercial Property Acquisition
Modeling With ARGUS Cash Flow Projection
Sharpened presentation of a transaction’s financials Customization
Heightened credibility internally and with potential partners, lenders and 10 Mixed-Use Apartment/Multi-Family Building
investors Development Financial Modeling
10 Mixed-Use For-Sale Condominium Building/
Additional benefits specifically for University students include: Housing Subdivision Development Modeling
10 Mixed-Use Office/Industrial Building Development
Stronger performance in internship and job interviews Financial Modeling
Sharpened presentation of case study financials 10 Modeling Real Estate Development Transactions
For Multiple Property Types
Stronger performance on academic assignments and exams.
11 Principles of Commercial Real Estate Finance
(11 Modules)
Training Formats 11 Real Estate Analysis Excel Toolkit
p Slide Lecture Only: Traditional lecture-based session with interactive
real-time Q&A.
12 Real Estate Finance (Level 2) Bootcamp
12 Real Estate Private Equity Fund Modeling
Hands-On Exercises: Instructor lecture, with participants interactively 12 Truly Understanding Internal Rate of Return (IRR)
following along in Excel in real time and performing a series of exercises 13 Distressed Commercial Mortgage Note Modeling
to ensure they are grasping the lesson and are mastering the concepts and 13 Single Transaction Equity Joint Venture Partnership
technical skills being taught. All exercise solutions are included and and Waterfall Modeling (Level 3) Bootcamp
discussed. Participants are encouraged to ask their questions in real time
to have them answered by the instructor on a rolling basis. Additional Information:
p Slide Lecture and Hands-On Exercises: Same as above but with discrete
slide presentation component.
14 About REFM
15 Instructor Biographies
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4. Popular 2-Day Courses
Session
TOPIC TITLE
Page Length Slide Hands-On Level of Applicable Real Estate
Beginner / Advanced No. (hours) Lecture Exercises Difficulty Property Types
DAY ONE
Identifying Risks and Opportunities in Commercial Real Estate 6 1.0 Lowest All income-producing and unit-sales based
Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It 6 1.0 Lowest All income-producing and unit-sales based
Real Estate Development Modeling Basics 7 1.0 Lowest All income-producing and unit-sales based
Mixed-Use Apartment/Multi-Family Building Development Modeling 10 4.0 Medium Multi-family, retail
DAY TWO
Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based
Mixed-Use For-Sale Condominium Building/Housing Subdivision Development Modeling 10 4.0 Medium Condominium, retail, single family housing
TOPIC TITLE Session
Page Length Slide Hands-On Level of Applicable Real Estate
Intermediate / Advanced No. (hours) Lecture Exercises Difficulty Property Types
DAY ONE
Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based
Mixed-Use Office/Industrial Building Development Modeling 10 4.0 Medium Office, industrial, retail
DAY TWO
Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Modeling 8 2.0 Medium Multi-family
Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection 9 2.0 Medium Office, industrial, retail
Customization
Distressed Commercial Mortgage Note Modeling 13 2.0 Highest All income-producing
Session
TOPIC TITLE
Page Length Slide Hands-On Level of Applicable Real Estate
“The New York Course” No. (hours) Lecture Exercises Difficulty Property Types
DAY ONE
Identifying Risks and Opportunities in Commercial Real Estate 6 1.0 Lowest All income-producing and unit-sales based
Real Estate Analysis Excel Toolkit 11 2.0 Medium All income-producing and unit-sales based
Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It 6 1.0 Lowest All income-producing and unit-sales based
Modeling Real Estate Development Transactions For Multiple Property Types 10 4.0 Medium All but hotel
DAY TWO
Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based
Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection 9 2.0 Medium Office, industrial, retail
Customization
Real Estate Private Equity Fund Modeling 12 2.0 Medium All income-producing and unit-sales based
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5. REFM Corporate and University Training Offerings At A Glance :: By Level of Difficulty
Session
Page Length Slide Hands-On Level of Applicable Real Estate
Topic Title No. (hours) Lecture Exercises Difficulty Property Types
Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It 6 1.0 Lowest All income-producing and unit-sales based
HP 12c Financial Calculator Skills For Real Estate Analysis 6 1.0 Lowest All income-producing and unit-sales based
How Real Estate Developers Price The Dirt: Residual Land Valuation and Comparable Sales 6 0.75 Lowest All income-producing and unit-sales based
Identifying Risks and Opportunities in Commercial Real Estate 6 1.0 Lowest All income-producing and unit-sales based
Introduction to the Real Estate Business 7 1.0 Lowest All income-producing and unit-sales based
Real Estate Development Modeling Basics 7 1.0 Lowest All income-producing and unit-sales based
Truly Understanding Capitalization (Cap) Rates 7 0.75 Lowest All income-producing
Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Modeling 8 2.0 Medium Multi-family
Excel Data Mining, Formula Scrubbing and Basic Macros 8 3.0 Medium All income-producing and unit-sales based
Excel For Real Estate (Level 1) Bootcamp 9 3.0 Medium All income-producing and unit-sales based
Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection 9 2.0 Medium Office, industrial, retail
Customization
Mixed-Use Apartment/Multi-Family Building Development Modeling 10 4.0 Medium Multi-family, retail
Mixed-Use For-Sale Condominium Building/Housing Subdivision Development Modeling 10 4.0 Medium Condominium, retail, single family housing
Mixed-Use Office/Industrial Building Development Modeling 10 4.0 Medium Office, industrial, retail
Modeling Real Estate Development Transactions For Multiple Property Types 10 4.0 Medium All but hotel
Principles of Commercial Real Estate Finance (11 Modules) 11 16.0 Medium All income-producing and unit-sales based
Real Estate Analysis Excel Toolkit 11 2.0 Medium All income-producing and unit-sales based
Real Estate Finance (Level 2) Bootcamp 12 3.0 Medium All income-producing and unit-sales based
Real Estate Private Equity Fund Modeling 12 2.0 Medium All income-producing and unit-sales based
Truly Understanding Internal Rate of Return (IRR) 12 0.75 Medium All income-producing and unit-sales based
Distressed Commercial Mortgage Note Modeling 13 2.0 Highest All income-producing
Single Transaction Equity Joint Venture Partnership and Waterfall Modeling (Level 3) Bootcamp 13 4.0 Highest All income-producing and unit-sales based
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6. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Demystifying the Excel Pro-Forma: HP 12c Financial Calculator Skills
What It Is and How You Can Begin To Master It For Real Estate Analysis
1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
p Slide Lecture Only
In this 1-hour session, you will learn how to break down the real estate pro-forma
p Slide Lecture and Hands-On Exercises
In this 1-hour session, you will learn how to leverage the most popular financial
into its essential components, analyze the pieces individually in easy-to-understand calculator for real estate analysis. Topics include: financial registers, simple and
language, and then re-assemble them into the original whole. The relationships compound interest, periodic and annual interest rates, nominal and effective interest
between the constituent parts are explained so that you will intimately understand rate conversions, present value (PV) and future value (FV), how to discount cash
the entire spreadsheet and its various functions. flows and calculate the net present value (NPV) and internal rate of return (IRR),
loan annual percentage rate (APR), and mortgage acquisition pricing.
Topics covered include:
What is financial modeling?
The importance of timing
Time value of money/discounted cash flow model
“Cardinal rules” of financial modeling
How Real Estate Developers Price The Dirt: Identifying Risks and Opportunities
Residual Land Valuation and Comparable Sales in Commercial Real Estate
45-min | Applicable Real Estate Property Types: All income-producing and unit-sales based 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
p Slide Lecture and Hands-On Exercises p Slide Lecture Only
In this 45-minute session, you will learn how developers solve for what they should In this 1-hour session, you will learn about the real estate cycle and how it creates
pay for a development site. You will learn the basics of real estate development risks and opportunities related to acquiring, operating and developing commercial
residual land valuation for both income-producing assets and unit sales assets, as real estate in the U.S. and internationally.
well as the principles of valuation through comparable sales (comps).
Topics covered include:
Topics covered include:
Where the primary risks lie
Developer control of project variables The biggest risks of all
How land is different from other development costs The primary ways to realize value
Using residual land valuation and comparable sales in concert
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7. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Introduction to the Real Estate Business Real Estate Development
Modeling Basics
1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
p Slide Lecture Only
In this 1-hour session, you will learn about:
p Slide Lecture Only
In this 1-hour session, you will learn the fundamentals of financial modeling
The different types of real estate properties specifically for real estate development transactions.
The different types of real estate investors and capital providers Participants are encouraged to ask their questions in real time to have them
answered by the instructor on a rolling basis.
The various elements of real estate investment
The types of investment capital Topics covered include:
Real estate investment objectives and investment methods What is financial modeling?
The main methods of valuing income-producing real estate What makes ground-up development different
Development project timelines
These elements are introduced and discussed within an easy-to-understand
proprietary framework. Development pro-forma components
Truly Understanding Capitalization
(Cap) Rates
45-min | Applicable Real Estate Property Types: All income-producing
p Slide Lecture and Hands-On Exercises
In this 45-minute session, you will learn all about capitalization (cap) rates, specifically:
What composes a cap rate?
Why do cap rates change?
How do I calculate a cap rate?
How do I select one when performing a property valuation?
What should I think when people quote cap rates verbally?
Where can I find cap rates for a certain property in a certain geography?
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8. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Apartment / Multi-Family Building Acquisition Excel Data Mining, Formula Scrubbing
& Individual Unit Renovation Modeling & Basic Macros
2-hr | Applicable Real Estate Property Types: Multi-family 3-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
p Slide Lecture and Hands-On Exercises
In this 2-hour session, you will learn the collection of technical skills for the pro-forma
Hands-On Exercises
In this 3-hour session, you will learn how to leverage Excel to its fullest with respect to
(projection) modeling for the acquisition and individual unit renovations (with presenting, finding and quality-checking data and formulas, and in creating basic macros.
continued operation) of a rental apartment building. The principles and skills taught
apply equally to duplexes and 1,000-unit portfolios. Topics covered include:
Topics covered include: Charting and graphing
Leveraging pivot tables
Integration of historical property data and existing rent roll into your pro-forma
Setting up quality control checks
Modeling of future lease expirations and renewals
MATCH function
Modeling of the unit renovation program
VLOOKUP function
Modeling of operating expense savings gained from the renovation/greening
of apartment units Arrays
Modeling of acquisition loan financing, residual equity requirement, Combining IF, AND, OR with MATCH and VLOOKUP
and permanent take-out loan/refinancing Embedded statements
Property disposition INDEX function
Sensitivity analysis around key variables Combining and nesting IF statements
Named ranges
Debugging solutions for errors
Basic macros
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9. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Excel For Real Estate (Level 1) Bootcamp Multi-Tenant Commercial Property Acquisition Modeling
w/ ARGUS Cash Flow Projection Customization
3-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 2-hr | Applicable Real Estate Property Types: Office, industrial, retail
Hands-On Exercises Hands-On Exercises
In this 3-hour session, you will learn the basics of operating in Excel, as well as In this 2-hour session, you will learn the collection of technical skills for the modeling
advanced techniques, specifically as they relate to real estate analysis. of the acquisition, operation and disposition of an existing multi-tenant commercial
(office, industrial or retail) property. You will also learn the mathematical mechanics
Topics covered include *: behind how ARGUS Valuation DCFTM works, and how to integrate an ARGUS
Arithmetic and rounding Avoiding error messages cash flow projection into Excel to perform levered, equity partnership and
Statistics Dates and timelines sensitivity analyses.
Relative vs. absolute cell references Conditional statements Topics covered include:
Inserting and deleting rows and and how to nest them
columns Financial functions for Integration of historical property data and existing rent roll into your pro-forma
Creating summary tables compounding and discounting Modeling of weighted average expected values based on probability assumptions
Internal rate of return (IRR) for future lease expirations or renewals
Formatting numbers
Mortgage payment calculation How to quickly build a live Excel-based pro-forma valuation model that links
Conditional cell formatting
directly to a 11-year cash flow projection from ARGUS
Data table lookup functions Formula auditing
Modeling of acquisition loan financing, residual equity requirement, and
Custom formatting Data tables for sensitivity analysis
permanent take-out loan/refinancing
Format painting Circular references
Equity partnership modeling
Paste special Keyboard shortcuts
Sensitivity analysis on key variables
Transpose Best practices
Property disposition
Presentation of transaction performance indicators in an institutional
* All Topics Include Exercises investor-friendly format
Excel techniques and functions taught include:
SUM COUNTIF, COUNTIFS
ROUND, ROUNDUP, VLOOKUP, HLOOKUP
ROUNDDOWN IFERROR
MAX, MIN, AVERAGE, MEDIAN RATE
Cell anchoring using dollar signs PV, FV
EOMONTH, EDATE NPV and XNPV
IF, AND, OR, and combinations IRR and XIRR
thereof
PMT, PPMT, IPMT
SUMIF, SUMIFS
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10. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Mixed-Use Apartment / Multi-Family Building Mixed-Use For-Sale Condominium Building
Development Modeling / Housing Subdivision Development Modeling
4-hr | Applicable Real Estate Property Types: Multi-family, retail 4-hr | Applicable Real Estate Property Types: Condominium, retail, single family housing
Hands-On Exercises Hands-On Exercises
In this 4-hour session, you will learn the collection of technical skills for the pro-forma In this 4-hour session, you will learn the collection of technical skills for the
(projection) modeling for the ground-up development of a mixed-use rental pro-forma (projection) modeling for the ground-up development of mixed-use
apartment building with ground-floor retail and income-producing parking. residential condominium buildings and housing subdivisions.
Topics covered include: Topics covered include:
Site and building information Uses of funds Site and building information and Uses of funds
Apartment unit and mix details Sources of funds subdivision phasing Sources of funds
Project timing elements Cash flows and returns Housing unit mix details Pre-sales, market sales, closings,
Capital structure Capitalized valuation Project timing elements cash flows and returns
Capital structure
CFA Institute has approved this program, offered by Real Estate Financial Modeling,
LLC, for 3.5 CE credit hours. If you are a CFA Institute member, CE credit for your
participation in this program will be automatically recorded in your CE Diary.
Mixed-Use Office / Industrial Building Modeling Real Estate Development
Development Financial Modeling Training Transactions For Multiple Property Types
4-hr | Applicable Real Estate Property Types: Office, industrial, retail 4-hr | Applicable Real Estate Property Types: All but hotel
Hands-On Exercises p Slide Lecture and Hands-On Exercises
In this 4-hour session, you will learn the collection of technical skills for the
In this 4-hour session, you will learn the collection of technical skills for the
pro-forma (projection) modeling for the ground-up development of a commercial pro-forma (projection) modeling for the ground-up development of the following
(office or industrial) building (with a ground-floor retail component for office property types: apartment, self-storage, office/industrial/retail, and condominium/
building) and income-producing parking component. single family housing.
Topics covered include: Topics covered include:
Site & building information and Uses of funds & sources of funds Site and building information and Uses of funds
construction type construction type Sources of funds
Cash flows and returns
Project timing elements Project timing elements Cash flows and returns
Capitalized valuation
Capital structure Capital structure Capitalized valuation
CFA Institute has approved this program, offered by Real Estate Financial Modeling,
LLC, for 3.5 CE credit hours. If you are a CFA Institute member, CE credit for your
participation in this program will be automatically recorded in your CE Diary.
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11. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Principles of Commericial Real Estate Analysis Excel Toolkit
Real Estate Finance (11 Modules)
16-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 2-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
p Slide Lecture and Hands-On Exercises
This multi-session, semester length-equivalent course provides you with a critical
Hands-On Exercises
In this 2-hour session, you will learn the top 25+ Excel functions, tools and
solid foundation in commercial real estate finance and investments. Among many techniques that are most used in real estate analysis.
other things, you will learn about discounting property cash flows, commercial real
estate leases, pro-forma (projection) modeling, and how to think critically about Specific Excel functions, tools and techniques covered include:
real estate and real estate transactions. The required text is Real Estate Finance Conditional statements: simple, and SUMIF, COUNTIF
& Investments: Risks and Opportunities, third edition by Peter Linneman, the top involving AND / OR
graduate-level real estate finance textbook. EDATE, EOMONTH
VLOOKUP / HLOOKUP Data tables
Students will perform individual and group case study assignments.
PV, FV, RATE, NPV, XNPV Goal seek
The course segments are: IRR, XIRR Auditing and debugging tools
Module 1: Risks and opportunities; what is real estate?; global real estate PMT, PPMT, IPMT Macro basics, and more!
Module 2: Time value of money and discounted cash flow; real estate cycles MAX, MIN
Module 3: Fundamentals of commercial leases
Module 4: Property level pro forma analysis; financial modeling;
internal rate of return; amortization
Module 5: Due diligence; capitalization rates
Module 6: Development pro forma and feasibility analysis
Module 7: Debt financing
Module 8: Bankruptcy; commercial mortgage backed securities (cmbs)
Module 9: Ground leases; real estate exit strategies
Module 10: Real estate companies; real estate private equity;
real estate investor perspectives
Module 11: Reits and liquid real estate; corporate real estate
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12. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Real Estate Finance (Level 2) Bootcamp Real Estate Private Equity Fund Modeling
3-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 2-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
Hands-On Exercises
In this 3-hour session, you will learn the foundations of real estate finance as well
p Slide Lecture and Hands-On Exercises
In this 2-hour session, you will learn big picture real estate private equity fund
as advanced techniques and topics. basics, the general legal structure of funds based in the U.S., how to set up a
fund-level model, and considerations for running sensitivity analyses. Topics
Topics covered include: covered include modeling a typical investment’s net cash flow, rolling up of
The time value of money model multiple investments, projection of management fees, and the partitioning of cash
flows to the limited and general partner ownership interests based on a typical
The discounted cash flow model fund catch-up structure. Also includes modeling of individual transaction partner
Internal rate of return (IRR) promote structure, and a fund-level claw-back.
Mortgage payment calculation
Refinancing/interest-only scenario payment calculation
Refinancing case study
Maximum loan amount calculation
Residual land valuation
Future net operating income calculation
Transaction capital structures Truly Understanding Internal Rate of
Financing development transactions Return (IRR)
Multiple equity investors discussion
45-min | Applicable Real Estate Property Types: All income-producing and unit-sales based
Profit sharing discussion
Preferred return, internal rate of return waterfall and promote theory basics
p Slide Lecture and Hands-On Exercises
In this 45-minute session, you will learn about the nature of the IRR calculation,
Excel techniques and functions taught include:
and why it reacts the way it does in the various acquisition and development cases
Compounding and discounting that are presented in spreadsheet form.
Net present value (NPV) and XNPV Topics covered include:
Internal rate of return (IRR) and XIRR Time value of money basics
Conditional statements How IRR changes over the transacation timeline
Mortgage payment (PMT) What the IRR does not tell us
Principal payment (PPMT) and interest payment (IPMT)
IFERROR
Minimum (MIN) and maximum (MAX)
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13. REFM Corporate and University Training Offerings: Course Descriptions Difficulty:
Distressed Commercial Mortgage Single Transaction Equity Joint Venture Partnership &
Note Modeling Waterfall Modeling (Level 3) Bootcamp
2-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based 4-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based
p Slide Lecture and Hands-On Exercises
In this 2-hour session, you will learn about this less visible but potentially highly
p Slide Lecture and Hands-On Exercises
In this 4-hour session, you will learn about equity joint venture partnerships for
profitable way of investing in real estate, and how to properly model the acquisition individual property transactions.
of a distressed mortgage note.
Topics covered include:
Topics covered include:
Rationale behind targeting disproportionate returns to the sponsor
What makes a commercial mortgage note distressed in nature How to achieve disproportionate returns through fees and cash flow partitioning
The various elements that comprise a mortgage note investment, including: Preferred return overview
Collateral value and note face value at original underwriting Preferred return variations with respect to priority of payment
Current remaining loan principal Preferred return in context (Payment types A, B and C)
Nominal and default interest rates Nature of preferred return (Non-compounded and compounded,
Receiver collections non-cumulative and cumulative)
How to model the acquisition of a mortgage note: Waterfall distribution overview
All cash or with acquisition debt Promote mechanism overview and modeling
With and without ongoing debt service Look-back internal rate of return (IRR) method
With and without cash flows after foreclosure but before final sale 3-Tier waterfall modeling
How to model exit opportunities: Double-promote, 5-tier waterfall modeling
Sale of note Double-promote exercise
Partial pay down Alternate compounding periods: monthly, daily, quarterly
Sale of the underlying collateral Sample partnership structures
getREFM. com 13

14. REFM
About REFM
REFM is the premier financial modeling solutions provider for Excel-based
financial spreadsheet models, financial modeling training, and financial modeling
consulting for real estate transactions of all types.
REFM provides its customers with the advanced financial modeling knowledge,
tools and skills they need to successfully model their transactions and present them
with confidence internally and to potential partners, lenders and investors. REFM’s
educational training is offered through digital self-study video tutorials and live
group training seminars. REFM also provides private consulting services.
Based in Arlington, VA, REFM was founded by Bruce Kirsch in 2009. Mr. Kirsch
is a recognized expert in and top instructor of Microsoft Excel-based financial
modeling for real estate transactions. Through REFM, Kirsch has trained both new
and experienced real estate professionals in financial modeling from a wide variety
of real estate businesses, organizations and institutions, including private equity,
development, brokerage, trade groups and government.
Past training clients include:
Vornado Realty Trust
The JBG Companies
Clark Enterprises
Skanska USA Commercial Development
Alvarez & Marsal
Abu Dhabi Investment Authority
GTIS Partners
LNR Property
Holland and Knight LLP
14 getREFM. com

15. INSTRUCTOR BIOGRAPHIES
Bruce Kirsch Bulkeley Banks
President & CEO Senior Director
Bruce Kirsch began his real estate career at CB Richard Ellis, where he marketed Bulkeley Banks joined REFM in 2010 and develops
high-rise New York City office buildings for re-development in the top-producing REFM financial models, spearheads consulting client
Midtown Manhattan Investment Properties Institutional Group. After CBRE, Kirsch engagements and instructs. Mr. Banks holds a Masters
was recruited to be the director of acquisitions at Washington, DC-based Metropolis in Professional Studies in Real Estate from Georgetown
Development Company, a cutting edge local developer of urban infill design-forward University, where he served as the finance co-chair on
residential lofts. While at Metropolis, Kirsch sourced, analyzed and negotiated the the Student Advisory Board in Real Estate. Prior to joining
acquisition of three privately-owned District of Columbia sites to support the development the company, Mr. Banks worked at the University of
of 500,000 SF of mixed-use condominium, multi-family and retail product. Chicago’s Evolution and Ecology Lab analyzing genetic
variation in botany. He also holds a BA in Philosophy
After leaving Metropolis, Kirsch engaged in his own urban and suburban condominium from the University of Chicago, where he was awarded
and single family detached housing ventures. Kirsch was then selected as one of the Herman S. Dunlap Scholarship.
the two executives to run New York City-based developer and consultant The Clarett
Group’s Washington, DC business.
While at The Clarett Group, named one of New York City’s most important real estate
development companies by Crain’s New York Business, Kirsch was responsible for
analyzing and making urban and suburban site acquisition recommendations for
development of trophy-level office, condominium, multi-family and age-restricted
multi-family properties in the greater Washington metropolitan area. In addition,
Kirsch had significant day to day project management responsibilities for the
entitlement, financing and marketing of the company’s existing Washington, DC
metropolitan area development portfolio. Kirsch was additionally involved in the marketing
and implementation of The Clarett Group’s consulting business.
Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of
Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real
Estate Investment Trust Award for academic excellence. Kirsch started teaching on
real estate topics while at Wharton as the Wharton MBA Real Estate Club’s Co-Vice
President of Education. Kirsch was also a member of the Wharton team that won first
place at the National Real Estate Finance Challenge case competition.
Prior to Wharton, Bruce performed quantitative equity research on the technology sector
at The Capital Group Companies, the manager of the American Funds, the largest family
of mutual funds in the United States.
Mr. Kirsch was a faculty member in real estate at the Georgetown University School of
Continuing Studies for three years. Mr. Kirsch graduated with a BA in Communication
from Stanford University and is an editor of The Wharton School’s Professor Emeritus
Peter Linneman’s third edition of Real Estate Finance and Investments: Risks and
Opportunities.
getREFM. com 15

16. Offices:
2000 Clarendon Boulevard, Suite B1 226 Fifth Avenue, Third Floor GetREFM.com
Arlington, VA 22201 New York, NY 10001 Tel 703-243-2896