Upcoming Course: Fundamentals of Commercial Real Estate

This Monday, we kick off the next cohort of Fundamentals of Commercial Real Estate—a 5-week sprint analyzing and decoding how commercial real estate deals are structured, capitalized, and brought to life—from the first term sheet to final exit.

No more nodding through acronyms with a fuzzy understanding of leases, cap rates, or capital stacks. You’ll leave with real knowledge—grounded in practical, everyday scenarios and an understanding of the people who make commercial real estate tick.

Decode the Deal — Learn What Really Drives Value

What You’ll Build:

🏢 Understand the Key Stakeholders
Step inside a fictional mixed-use redevelopment and follow the journey of 8 real life characters—developers, investors, lenders, and managers—as they bring this 200,000 square foot project to life.

📊 Underwrite the Business Plan
Evaluate the deal based on key financial metrics like unlevered yield on cost (UYOC) and walk through acquisition logic in plain English.

💰 Build the Capital Stack
Learn how GPs raise equity and secure debt—from mezz to LP—and what each party cares about.

🔧 Operate Like a Pro
Unpack budgets, leasing plans, and management contracts that determine a project’s real-world success.

🏁 Exit Like a Winner
Model sale scenarios, waterfall distributions, and stakeholder outcomes—so you can see who gets paid, when, and why.

What You’ll Get:

📒 CRE Glossary & Deal Templates
Walk away with a toolbox of underwriting spreadsheets, project timelines, and docs used by real operators.

🏙️ Harbor Yards Case Study Materials
Follow a fictional $80M redevelopment over five years—from acquisition through exit.

🗂️ Pro Forma, Lease & Budget Walkthroughs
Learn to read, interpret, and critique the financials behind real-world projects.

🎤 Cohort-Only Business Plan Presentation
Work in a small group to propose a “Phase 2” redevelopment—and present your plan live to peers and instructors.

🌐 Lifetime Circle Access
Stay connected with fellow operators, founders, and alumni building in and around the real estate industry.

📚 Plug-and-Play Tools
From underwriting models to stakeholder maps—you’ll leave with practical takeaways, not just theory.

We’ll look forward to seeing you in a Thesis Driven course this summer.

— Kam, Brad & Paul