REFM 2013-2014 Training Offerings Brochure

Real Estate Financial Modeling Training Offerings

2013–2014

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

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REFM Training OverviewReal Estate Financial Modeling (REFM) Training enables you to master basic

and advanced concepts and techniques of commercial real estate, Microsoft Excel,

finance, and real estate transaction and partnership financial modeling.

All hands-on training other than for the HP 12c calculator is exclusively Microsoft

Excel-based and is delivered assuming that each participant will be following along

on their own computer. All Excel-based training includes reusable, fully-unlocked

Excel files.

Benefits of training with REFM include:

Improved analysis capabilities, quicker work turnaround and fewer mistakes

Increased confidence in one’s Excel skills

Improved financial modeling knowledge, understanding and customization

capabilities

Sharpened presentation of a transaction’s financials

Heightened credibility internally and with potential partners, lenders and

investors

Additional benefits specifically for University students include:

Stronger performance in internship and job interviews

Sharpened presentation of case study financials

Stronger performance on academic assignments and exams.

Training Formats

Slide Lecture Only: Traditional lecture-based session with interactive

real-time Q&A.

Hands-On Exercises: Instructor lecture, with participants interactively

following along in Excel in real time and performing a series of exercises

to ensure they are grasping the lesson and are mastering the concepts and

technical skills being taught. All exercise solutions are included and

discussed. Participants are encouraged to ask their questions in real time

to have them answered by the instructor on a rolling basis.

Slide Lecture and Hands-On Exercises: Same as above but with discrete

slide presentation component.

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

and How You Can Begin To Master It

6 HP12c Financial Calculator Skills For Real Estate

6 How Real Estate Developers Price The Dirt:

Residual Land Valuation and Comparable Sales

6 Identifying Risks and Opportunities in Commercial

Real Estate

7 Introduction to the Real Estate Business

7 Real Estate Development Modeling Basics

7 Truly Understanding Capitalization Rates

8 Apartment/Multi-Family Building Acquisition

and Individual Unit Renovation Modeling

8 Excel Data Mining, Formula Scrubbing and

Basic Macros

9 Excel For Real Estate (Level 1) Bootcamp

9 Multi-Tenant Commercial Property Acquisition

Modeling With ARGUS Cash Flow Projection

Customization

10 Mixed-Use Apartment/Multi-Family Building

Development Financial Modeling

10 Mixed-Use For-Sale Condominium Building/

Housing Subdivision Development Modeling

10 Mixed-Use Office/Industrial Building Development

Financial Modeling

10 Modeling Real Estate Development Transactions

For Multiple Property Types

11 Principles of Commercial Real Estate Finance

(11 Modules)

11 Real Estate Analysis Excel Toolkit

12 Real Estate Finance (Level 2) Bootcamp

12 Real Estate Private Equity Fund Modeling

12 Truly Understanding Internal Rate of Return (IRR)

13 Distressed Commercial Mortgage Note Modeling

13 Single Transaction Equity Joint Venture Partnership

and Waterfall Modeling (Level 3) Bootcamp

Additional Information:

14 About REFM

15 Instructor Biographiesp

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Popular 2-Day Courses

Beginner / AdvancedPage

No.

Session

Length

(hours)

Slide

Lecture

Hands-On

Exercises

Level of

Difficulty

Applicable Real Estate

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

“The New York Course”Page

No.

Session

Length

(hours)

Slide

Lecture

Hands-On

Exercises

Level of

Difficulty


Property Types

DAY ONE


Real Estate Analysis Excel Toolkit 11 2.0 Medium 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


Multi-Tenant Commercial Property Acquisition Modeling With ARGUS Cash Flow Projection

Customization

9 2.0 Medium Office, industrial, retail

Real Estate Private Equity Fund Modeling 12 2.0 Medium All income-producing and unit-sales based

Intermediate / AdvancedPage

No.

Session

Length

(hours)

Slide

Lecture

Hands-On

Exercises

Level of

Difficulty


Property Types

DAY ONE


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


Customization


Distressed Commercial Mortgage Note Modeling 13 2.0 Highest All income-producing

TOPIC TITLE

TOPIC TITLE

TOPIC TITLE

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Topic TitlePage

No.

Session

Length

(hours)

Slide

Lecture

Hands-On

Exercises

Level of

Difficulty


Property Types


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


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


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


REFM Corporate and University Training Offerings At A Glance :: By Level of Difficulty

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REFM Corporate and University Training Offerings: Course Descriptions

Demystifying the Excel Pro-Forma: What It Is and How You Can Begin To Master It

How Real Estate Developers Price The Dirt: Residual Land Valuation and Comparable Sales

HP 12c Financial Calculator Skills For Real Estate Analysis

Identifying Risks and Opportunities in Commercial Real Estate

Difficulty:

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1-hr | Applicable Real Estate Property Types: All income-producing and unit-sales based

45-min | Applicable Real Estate Property Types: All income-producing and unit-sales based



In this 1-hour session, you will learn how to break down the real estate pro-forma

into its essential components, analyze the pieces individually in easy-to-understand

language, and then re-assemble them into the original whole. The relationships

between the constituent parts are explained so that you will intimately understand

the entire spreadsheet and its various functions.

Topics covered include:

What is financial modeling?

The importance of timing

Time value of money/discounted cash flow model

“Cardinal rules” of financial modeling

In this 45-minute session, you will learn how developers solve for what they should

pay for a development site. You will learn the basics of real estate development

residual land valuation for both income-producing assets and unit sales assets, as

well as the principles of valuation through comparable sales (comps).


Developer control of project variables

How land is different from other development costs

Using residual land valuation and comparable sales in concert

In this 1-hour session, you will learn how to leverage the most popular financial

calculator for real estate analysis. Topics include: financial registers, simple and

compound interest, periodic and annual interest rates, nominal and effective interest

rate conversions, present value (PV) and future value (FV), how to discount cash

flows and calculate the net present value (NPV) and internal rate of return (IRR),

loan annual percentage rate (APR), and mortgage acquisition pricing.

In this 1-hour session, you will learn about the real estate cycle and how it creates

risks and opportunities related to acquiring, operating and developing commercial

real estate in the U.S. and internationally.


Where the primary risks lie

The biggest risks of all

The primary ways to realize value

Slide Lecture Only

Slide Lecture and Hands-On Exercises


Slide Lecture Only

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Introduction to the Real Estate Business

Truly Understanding Capitalization (Cap) Rates

Real Estate Development Modeling Basics

Difficulty:

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45-min | Applicable Real Estate Property Types: All income-producing


In this 1-hour session, you will learn about:

The different types of real estate properties

The different types of real estate investors and capital providers

The various elements of real estate investment

The types of investment capital

Real estate investment objectives and investment methods

The main methods of valuing income-producing real estate

These elements are introduced and discussed within an easy-to-understand

proprietary framework.

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?

In this 1-hour session, you will learn the fundamentals of financial modeling

specifically for real estate development transactions.

Participants are encouraged to ask their questions in real time to have them

answered by the instructor on a rolling basis.


What is financial modeling?

What makes ground-up development different

Development project timelines

Development pro-forma components

Slide Lecture Only Slide Lecture Only


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Apartment / Multi-Family Building Acquisition & Individual Unit Renovation Modeling

Excel Data Mining, Formula Scrubbing & 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

In this 2-hour session, you will learn the collection of technical skills for the pro-forma

(projection) modeling for the acquisition and individual unit renovations (with

continued operation) of a rental apartment building. The principles and skills taught

apply equally to duplexes and 1,000-unit portfolios.


Integration of historical property data and existing rent roll into your pro-forma

Modeling of future lease expirations and renewals

Modeling of the unit renovation program

Modeling of operating expense savings gained from the renovation/greening

of apartment units

Modeling of acquisition loan financing, residual equity requirement,

and permanent take-out loan/refinancing

Property disposition

Sensitivity analysis around key variables

In this 3-hour session, you will learn how to leverage Excel to its fullest with respect to

presenting, finding and quality-checking data and formulas, and in creating basic macros.


Charting and graphing

Leveraging pivot tables

Setting up quality control checks

MATCH function

VLOOKUP function

Arrays

Combining IF, AND, OR with MATCH and VLOOKUP

Embedded statements

INDEX function

Combining and nesting IF statements

Named ranges

Debugging solutions for errors

Basic macros

Difficulty:

p Slide Lecture and Hands-On Exercises Hands-On Exercises


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Excel For Real Estate (Level 1) Bootcamp Multi-Tenant Commercial Property Acquisition Modeling w/ ARGUS Cash Flow Projection Customization


In this 3-hour session, you will learn the basics of operating in Excel, as well as

advanced techniques, specifically as they relate to real estate analysis.

Topics covered include *:

* All Topics Include Exercises

Excel techniques and functions taught include:

2-hr | Applicable Real Estate Property Types: Office, industrial, retail

In this 2-hour session, you will learn the collection of technical skills for the modeling

of the acquisition, operation and disposition of an existing multi-tenant commercial

(office, industrial or retail) property. You will also learn the mathematical mechanics

behind how ARGUS Valuation DCFTM works, and how to integrate an ARGUS

cash flow projection into Excel to perform levered, equity partnership and

sensitivity analyses.


Integration of historical property data and existing rent roll into your pro-forma

Modeling of weighted average expected values based on probability assumptions

for future lease expirations or renewals

How to quickly build a live Excel-based pro-forma valuation model that links

directly to a 11-year cash flow projection from ARGUS

Modeling of acquisition loan financing, residual equity requirement, and

permanent take-out loan/refinancing

Equity partnership modeling

Sensitivity analysis on key variables

Property disposition

Presentation of transaction performance indicators in an institutional

investor-friendly format

Arithmetic and rounding

Statistics

Relative vs. absolute cell references

Inserting and deleting rows and

columns

Creating summary tables

Formatting numbers

Conditional cell formatting

Data table lookup functions

Custom formatting

Format painting

Paste special

Transpose

Avoiding error messages

Dates and timelines

Conditional statements

and how to nest them

Financial functions for

compounding and discounting

Internal rate of return (IRR)

Mortgage payment calculation

Formula auditing

Data tables for sensitivity analysis

Circular references

Keyboard shortcuts

Best practices

SUM

ROUND, ROUNDUP,

ROUNDDOWN

MAX, MIN, AVERAGE, MEDIAN

Cell anchoring using dollar signs

EOMONTH, EDATE

IF, AND, OR, and combinations

thereof

SUMIF, SUMIFS

COUNTIF, COUNTIFS

VLOOKUP, HLOOKUP

IFERROR

RATE

PV, FV

NPV and XNPV

IRR and XIRR

PMT, PPMT, IPMT

Difficulty:

Hands-On Exercises Hands-On Exercises


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Mixed-Use For-Sale Condominium Building / Housing Subdivision Development Modeling

4-hr | Applicable Real Estate Property Types: Condominium, retail, single family housing

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 mixed-use

residential condominium buildings and housing subdivisions.


Site and building information and

subdivision phasing

Housing unit mix details

Project timing elements

Capital structure

Uses of funds

Sources of funds

Pre-sales, market sales, closings,

cash flows and returns

Mixed-Use Office / Industrial Building Development Financial Modeling Training

4-hr | Applicable Real Estate Property Types: Office, industrial, retail


pro-forma (projection) modeling for the ground-up development of a commercial

(office or industrial) building (with a ground-floor retail component for office

building) and income-producing parking component.


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.

Site & building information and

construction type


Capital structure

Uses of funds & sources of funds

Cash flows and returns

Capitalized valuation

Hands-On Exercises

Modeling Real Estate Development Transactions For Multiple Property Types

4-hr | Applicable Real Estate Property Types: All but hotel


pro-forma (projection) modeling for the ground-up development of the following

property types: apartment, self-storage, office/industrial/retail, and condominium/

single family housing.


Site and building information and

construction type


Capital structure

Uses of funds

Sources of funds



Difficulty:

Mixed-Use Apartment / Multi-Family Building Development Modeling

4-hr | Applicable Real Estate Property Types: Multi-family, retail

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 mixed-use rental

apartment building with ground-floor retail and income-producing parking.


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.

Site and building information

Apartment unit and mix details


Capital structure

Uses of funds

Sources of funds



Hands-On Exercises Hands-On Exercises

p Slide Lecture and Hands-On Exercises


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Principles of Commericial Real Estate Finance (11 Modules)

Real Estate Analysis Excel Toolkit


This multi-session, semester length-equivalent course provides you with a critical

solid foundation in commercial real estate finance and investments. Among many

other things, you will learn about discounting property cash flows, commercial real

estate leases, pro-forma (projection) modeling, and how to think critically about

real estate and real estate transactions. The required text is Real Estate Finance & Investments: Risks and Opportunities, third edition by Peter Linneman, the top

graduate-level real estate finance textbook.

Students will perform individual and group case study assignments.

The course segments are:

Module 1: Risks and opportunities; what is real estate?; global real estate

Module 2: Time value of money and discounted cash flow; real estate cycles

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


In this 2-hour session, you will learn the top 25+ Excel functions, tools and

techniques that are most used in real estate analysis.

Specific Excel functions, tools and techniques covered include:

Conditional statements: simple, and

involving AND / OR

VLOOKUP / HLOOKUP

PV, FV, RATE, NPV, XNPV

IRR, XIRR

PMT, PPMT, IPMT

MAX, MIN

SUMIF, COUNTIF

EDATE, EOMONTH

Data tables

Goal seek

Auditing and debugging tools

Macro basics, and more!

Difficulty:

p Slide Lecture and Hands-On Exercises Hands-On Exercises


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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

In this 3-hour session, you will learn the foundations of real estate finance as well

as advanced techniques and topics.


The time value of money model

The discounted cash flow model

Internal rate of return (IRR)

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

Financing development transactions

Multiple equity investors discussion

Profit sharing discussion

Preferred return, internal rate of return waterfall and promote theory basics

Excel techniques and functions taught include:

Compounding and discounting

Net present value (NPV) and XNPV

Internal rate of return (IRR) and XIRR

Conditional statements

Mortgage payment (PMT)

Principal payment (PPMT) and interest payment (IPMT)

IFERROR

Minimum (MIN) and maximum (MAX)

In this 2-hour session, you will learn big picture real estate private equity fund

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

covered include modeling a typical investment’s net cash flow, rolling up of

multiple investments, projection of management fees, and the partitioning of cash

flows to the limited and general partner ownership interests based on a typical

fund catch-up structure. Also includes modeling of individual transaction partner

promote structure, and a fund-level claw-back.

Truly Understanding Internal Rate of Return (IRR)

45-min | Applicable Real Estate Property Types: All income-producing and unit-sales based

In this 45-minute session, you will learn about the nature of the IRR calculation,

and why it reacts the way it does in the various acquisition and development cases

that are presented in spreadsheet form.


Time value of money basics

How IRR changes over the transacation timeline

What the IRR does not tell us

Difficulty:

Hands-On Exercises p Slide Lecture and Hands-On Exercises

p Slide Lecture and Hands-On Exercises


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Distressed Commercial Mortgage Note Modeling

Single Transaction Equity Joint Venture Partnership & Waterfall Modeling (Level 3) Bootcamp


In this 2-hour session, you will learn about this less visible but potentially highly

profitable way of investing in real estate, and how to properly model the acquisition

of a distressed mortgage note.


What makes a commercial mortgage note distressed in nature

The various elements that comprise a mortgage note investment, including:

Collateral value and note face value at original underwriting

Current remaining loan principal

Nominal and default interest rates

Receiver collections

How to model the acquisition of a mortgage note:

All cash or with acquisition debt

With and without ongoing debt service

With and without cash flows after foreclosure but before final sale

How to model exit opportunities:

Sale of note

Partial pay down

Sale of the underlying collateral


In this 4-hour session, you will learn about equity joint venture partnerships for

individual property transactions.


Rationale behind targeting disproportionate returns to the sponsor

How to achieve disproportionate returns through fees and cash flow partitioning

Preferred return overview

Preferred return variations with respect to priority of payment

Preferred return in context (Payment types A, B and C)

Nature of preferred return (Non-compounded and compounded,

non-cumulative and cumulative)

Waterfall distribution overview

Promote mechanism overview and modeling

Look-back internal rate of return (IRR) method

3-Tier waterfall modeling

Double-promote, 5-tier waterfall modeling

Double-promote exercise

Alternate compounding periods: monthly, daily, quarterly

Sample partnership structures

Difficulty:

p Slide Lecture and Hands-On Exercises p Slide Lecture and Hands-On Exercises


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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

REFM

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INSTRUCTOR BIOGRAPHIES

Bruce Kirsch

President & CEO

Bruce Kirsch began his real estate career at CB Richard Ellis, where he marketed

high-rise New York City office buildings for re-development in the top-producing

Midtown Manhattan Investment Properties Institutional Group. After CBRE, Kirsch

was recruited to be the director of acquisitions at Washington, DC-based Metropolis

Development Company, a cutting edge local developer of urban infill design-forward

residential lofts. While at Metropolis, Kirsch sourced, analyzed and negotiated the

acquisition of three privately-owned District of Columbia sites to support the development

of 500,000 SF of mixed-use condominium, multi-family and retail product.

After leaving Metropolis, Kirsch engaged in his own urban and suburban condominium

and single family detached housing ventures. Kirsch was then selected as one of

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.

Bulkeley Banks

Senior Director

Bulkeley Banks joined REFM in 2010 and develops

REFM financial models, spearheads consulting client

engagements and instructs. Mr. Banks holds a Masters

in Professional Studies in Real Estate from Georgetown

University, where he served as the finance co-chair on

the Student Advisory Board in Real Estate. Prior to joining

the company, Mr. Banks worked at the University of

Chicago’s Evolution and Ecology Lab analyzing genetic

variation in botany. He also holds a BA in Philosophy

from the University of Chicago, where he was awarded

the Herman S. Dunlap Scholarship.

GetREFM.com

Tel 703-243-2896

Offices:

2000 Clarendon Boulevard, Suite B1

Arlington, VA 22201

226 Fifth Avenue, Third Floor

New York, NY 10001

Documents

REFM 2013-2014 Training Offerings Brochure