Spring 2015
    Law No.: LAW8658
    Sched. No.: 115210026

Real Estate Transactions: Principles and Practice*
Section 1
X
White, Thomas R.



Administrative Information:
During SIS enrollment, check on SIS for real-time enrollment numbers
Days, Times (Room):TR, 1410-1530 (WB104)
F, 1410-1530 (WB102)

Credits:3Type:Seminar
Capacity:30 **This information is current as of 09/16/2014 06:13:12 AM**
Current Enrollment:26 **This information is current as of 09/16/2014 06:13:12 AM**

Course Description:

This course is about making deals to acquire or develop long-lived, income-producing assets, focusing specifically on financing techniques for the equity piece of investment in income-producing real estate. Emphasis will be placed on the use of present value analysis and the use of spreadsheets to perform this analysis. Financial structures used to invest in real estate, principally pass-thru entities taxed as partnerships, will be analyzed. Multi-family residential projects will be used for analytic purposes, including the use of low-income housing tax credits. Attention will be paid to development issues including site acquisition and evaluation, environmental regulation, market analysis and obtaining public approvals. The use of publicly held investment vehicles to finance real estate ventures will be discussed, focusing on the use of REITs and UPREITs. Investment by tax-exempt institutions and issues raised by debt securitization will be discussed as time permits. Attention will also be paid, also as time permits, to debt structures and relationships between creditors and investors; protection of equity investors in troubled projects; special problems with leverage, possibly including leveraged leases; defaults and workouts. Experienced professionals from outside the Law School will discuss specific problems in their areas of expertise. Students will work on problems in teams, and part of the course assignment is to work with teammates in resolving problems.

NOTE: Because a substantial number of sessions will be taught by professionals from outside the Law School, 28 class sessions will be needed. The length of each class will be adjusted to reflect the larger number of sessions. The course has been scheduled on Tuesday, Thursday and Friday at 2:10 p.m., but we will use only 28 of those sessions. Some sessions will need to be scheduled on Fridays to accommodate the schedules of outside speakers. Scheduling of outside speakers will be done in the fall, to the extent possible, so that all students in the course will have advance warning when a class will be scheduled.

PREREQUISITE: Federal Income Tax recommended, but not required
COURSE REQUIREMENT: Financial analysis and the preparation of memoranda analyzing legal, financial and practical issues in specific problems developed from actual transactions


Prerequisites:Federal Income Tax recommended, but not required
This course is on the professional skills course list.