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4.2 CRE Development: From Entitlement to Exit
- 9 Sections
- 35 Lessons
- 35 Quizzes
The Development Decision, When to Build vs. Buy
4 Lessons4 Quizzes
- Lesson 1.1: Development Spread, The Return Premium That Makes Builders Out of Buyers
- Quiz 1.1: Development Spread, The Return Premium That Makes Builders Out of Buyers
- Lesson 1.2: The Yield-on-Cost Hurdle and How to Calculate It
- Quiz 1.2: The Yield-on-Cost Hurdle and How to Calculate It
- Lesson 1.3: Replacement Cost Discipline, When Market Rents Make Development Viable
- Quiz 1.3: Replacement Cost Discipline, When Market Rents Make Development Viable
- Lesson 1.4: The Risk Profile of Development vs. Acquisitions
- Quiz 1.4: The Risk Profile of Development vs. Acquisitions
Site Selection and Feasibility
5 Lessons5 Quizzes
- Lesson 2.1: What Makes a Site Developable
- Quiz 2.1: What Makes a Site Developable
- Lesson 2.2: The Feasibility Study, Market, Financial, and Legal
- Quiz 2.2: The Feasibility Study, Market, Financial, and Legal
- Lesson 2.3: Land Pricing, Back-Solving to Maximum Land Cost
- Quiz 2.3: Land Pricing, Back-Solving to Maximum Land Cost
- Lesson 2.4: Environmental Constraints, Phase I, Phase II, Wetlands, and Endangered Species
- Quiz 2.4: Environmental Constraints, Phase I, Phase II, Wetlands, and Endangered Species
- Lesson 2.5: The LOI for Land, What's Negotiable
- Quiz 2.5: The LOI for Land, What's Negotiable
Entitlement, The Highest-Risk Phase
4 Lessons4 Quizzes
- Lesson 3.1: The Entitlement Process, Rezoning, CUPs, Variances, and PUDs
- Quiz 3.1: The Entitlement Process, Rezoning, CUPs, Variances, and PUDs
- Lesson 3.2: Community Opposition, NIMBYism as a Deal Variable
- Quiz 3.2: Community Opposition, NIMBYism as a Deal Variable
- Lesson 3.3: Entitlement Premium, Why Entitled Land Is Worth 2–5× Raw Land
- Quiz 3.3: Entitlement Premium, Why Entitled Land Is Worth 2–5× Raw Land
- Lesson 3.4: Land Options, Structure, Mechanics, and Negotiation
- Quiz 3.4: Land Options, Structure, Mechanics, and Negotiation
Design, Pre-Construction & GC Selection
4 Lessons4 Quizzes
- Lesson 4.1: The Design Team, Who Does What and Who Leads
- Quiz 4.1: The Design Team, Who Does What and Who Leads
- Lesson 4.2: Schematic Design, Design Development, and Construction Documents
- Quiz 4.2: Schematic Design, Design Development, and Construction Documents
- Lesson 4.3: GC Selection, Competitive Bid vs. Negotiated GMP
- Quiz 4.3: GC Selection, Competitive Bid vs. Negotiated GMP
- Lesson 4.4: Pre-Construction Services, Why the GC Belongs in the Design Room
- Quiz 4.4: Pre-Construction Services, Why the GC Belongs in the Design Room
Construction Financing
5 Lessons5 Quizzes
- Lesson 5.1: Construction Loan Structure, LTC, Interest Reserve, and the Draw Process
- Quiz 5.1: Construction Loan Structure, LTC, Interest Reserve, and the Draw Process
- Lesson 5.2: Construction Lender Underwriting, Completion Guarantees, Carve-Outs, and Personal Guarantees
- Quiz 5.2: Construction Lender Underwriting, Completion Guarantees, Carve-Outs, and Personal Guarantees
- Lesson 5.3: Mini-Perm vs. Permanent Financing at Stabilization
- Quiz 5.3: Mini-Perm vs. Permanent Financing at Stabilization
- Lesson 5.4: Funding the Equity on Your Deal, Own Cash, a Single Partner, or a Land-Seller JV
- Quiz 5.4: Funding the Equity on Your Deal, Own Cash, a Single Partner, or a Land-Seller JV
- Lesson 5.5: Interest Carry, How Timeline Slippage Destroys Development Returns
- Quiz 5.5: Interest Carry, How Timeline Slippage Destroys Development Returns
Managing Construction
4 Lessons4 Quizzes
- Lesson 6.1: The Construction Schedule, Critical Path, Float, and Milestone Payments
- Quiz 6.1: The Construction Schedule, Critical Path, Float, and Milestone Payments
- Lesson 6.2: The Owner's Representative, Eyes on Site When the Developer Is Running a Portfolio
- Quiz 6.2: The Owner's Representative, Eyes on Site When the Developer Is Running a Portfolio
- Lesson 6.3: RFIs, Submittals, and Change Orders, The Documentation Trail
- Quiz 6.3: RFIs, Submittals, and Change Orders, The Documentation Trail
- Lesson 6.4: Punch List, Substantial Completion, and Certificate of Occupancy
- Quiz 6.4: Punch List, Substantial Completion, and Certificate of Occupancy
Lease-Up, Stabilization, and Exit
5 Lessons5 Quizzes
- Lesson 7.1: Pre-Leasing Before Completion, Why Anchor Tenants Reduce Construction Risk
- Quiz 7.1: Pre-Leasing Before Completion, Why Anchor Tenants Reduce Construction Risk
- Lesson 7.2: Lease-Up Velocity by Asset Class
- Quiz 7.2: Lease-Up Velocity by Asset Class
- Lesson 7.3: The Stabilization Waterfall
- Quiz 7.3: The Stabilization Waterfall
- Lesson 7.4: Exit Timing, Sell at CO vs. Hold for Stabilization
- Quiz 7.4: Exit Timing, Sell at CO vs. Hold for Stabilization
- Lesson 7.5: The Development Story in an Offering Memorandum
- Quiz 7.5: The Development Story in an Offering Memorandum
Capstone, Develop a 120-Unit Multifamily Project
4 Lessons3 Quizzes
- Lesson 8.1: Capstone Setup, Meet Your Project
- Quiz 8.1: Capstone Setup, Meet Your Project
- Lesson 8.2: Capstone Analysis, Running the Numbers
- Lesson 8.3: The Decision, Build, Hold, or Buy?
- Quiz 8.3: The Decision, Build, Hold, or Buy?
- Lesson 8.4: Stress-Testing Your Own Decision, Would a Lender or Partner Fund This?
- Quiz 8.4: Stress-Testing Your Own Decision, Would a Lender or Partner Fund This?
Final Exam
1 Quiz
The line between developer and gambler is discipline. This course gives you the discipline.
You start with build versus buy, then site selection and feasibility, then entitlement, the phase that kills projects. Modules cover design and GC selection, construction financing, and managing the build, then lease-up, stabilization, and exit.
Eight modules, 35 written lessons, 132 practice questions, and a graded final exam with a certificate. The capstone develops a 120-unit project. Self-paced, 12 months of access included.
Most investors buy. This is how you build.
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