Docstoc

Syllabus-REAL157-Krill-Spring2009

Document Sample
Syllabus-REAL157-Krill-Spring2009 Powered By Docstoc
					          BUILDING PROFESSIONALS
  MARQUETTE UNIVERSITY REAL ESTATE PROGRAM
                                      SPRING 2009
                                     SYLLABUS
                               REAL 157
               REAL ESTATE CASES AND EQUITY INVESTMENT

MU MISSION AND REAL ESTATE PROGRAM:
The mission of Marquette University and the College of Business
Administration is to provide a quality education that is grounded in Catholic,
Jesuit, Ignatian values. The goal of the Real Estate Program within the School
of Business is to provide decision-makers whose decisions are built on
integrity and uncompromised professional conduct; where the real estate
professional is accountable to not only current real estate professionals but to
the community at large.

Course Objective:
REAL 157 is a case-based course that will emphasize applied real estate analysis as it takes
place in the REAL world on a day to day basis. The focus of the course is on the analysis of
real estate for purchase, financing, development, and analysis. The objective of the course is
to take conceptual real estate knowledge and apply it to Harvard Business School Real Estate
Cases and Midwest Area Cases. Many of the finance, marketing, accounting, legal and other
business and economics course will be used in analyzing the cases discussed in this course.

INSTRUCTOR: Professor David G. Krill, CMB
                Office: Room 324 Straz Hall College of Business Administration
                Telephone: (Home) if necessary 262-285-4544
                E-mail: David.Krill@marquette.edu or dbkrill@aol.com
CLASS HOURS:        11:00AM – 12:15PM Tuesdays and Thursdays
OFFICE HOURS: 10:00AM – 10:50AM Tuesday and Thursday
(Or by appointment, all students are encouraged to make at least one appointment to visit
with Mr. Krill)
REQUIRED MATERIALS:
               The Real Estate Challenge – Capitalizing on Change (William Poorvu)
               The Real Estate Game (William Poorvu and Jeffrey Cruikshank)
               A Note on Case Learning – Hand Out – Harvard Business School
               Associated Bank/ US Bancorp Underwriting Guidelines
               Weekly Reading Materials/Articles distributed in Class
               Emerging Trends 2009
               All Cases in Case Book and Distributed in Class

CLASS FORMAT: Class Participation will be major emphasis especially Case Study work.
            Students are encouraged to take an active role in the learning process.
            Students should come to class prepared by reading all assignments
            prior to class in order to benefit from lectures and discussions.
            Students are also encouraged to participate and ask questions of
            presentations and instructor. Please note that 25% of your grade
            is based on your participation in class and in your team.

TEAM FORMAT: The Class will be divided into teams of four or five students to work
together on each case to present and discuss in class. Your grade will be based on your
participation in class and in your team. This will be a challenging opportunity to use applied
real estate analysis as it happens in the “real world.”
GRADING:         25% Class Participation
                 10% Quiz at any time
                 25% Mid-Term Exam
                 40% Final Exam
                 (Grading may be curved based upon class results. A>90%, AB>88%,
                  B>80%, BC>78%, C>70%, CD >68%, D>60%)

ATTENDANCE: The College of Business Administration class attendance policy will be
adhered to. That policy is outlined in the Undergraduate Bulletin on p.47. A student will be
automatically withdrawn upon fourth absence. Please be in your assigned seats at 11:00AM
sharp and ready to participate in discussions.

EXPECTATIONS FROM THE STUDENT: All students will prepare for class by reading the
materials (cases) which are covered in class. Quizzes both oral and written will be used to
be certain that the reading is done before the class time. Also, students should develop an
agreed upon and acceptable resolution to situations of missed classroom activities or
attendance and missed work for university sanctioned events.
College of Business Administration Assessment Statement:

The fundamental mission of the College of Business Administration is to provide a quality
education grounded in Catholic, Jesuit intellectual values. Students are expected to learn how
to function effectively in a diverse and global economy and develop into responsible members
of the business community. As one of the many methods of assuring that the goals of our
educational mission are successfully met, the college regularly and systematically engages in
the assessment of these competencies. Students in the Bachelor of Science in Business
Administration program are assessed on their ability to reason ethically, communicate
effectively, analyze critically, and understand local, national, and global business and cultural
issues.

Assessment takes place each semester in all programs and settings using quantifiable
measures to gather and analyze information to help continuously to improve the educational
process. The College of Business Administration is dedicated to successfully providing a
quality education for all students. Assessment is the continuous improvement process of
evaluating our success.

The Undergraduate Assessment goals are:
  i.    Apply effective written and oral communication skills to business situations
  ii.   Analyze the global business environment
  iii.  Analyze the local business environment
  iv.   Use critical thinking skills in business situations
  v.    Apply an ethical understanding and perspective to business situations


LEARINING OUTCOMES ASSESSED IN THE COURSE:
#1 Understand Underwriting policies and standards used by banks and other lenders and
how to apply them to commercial property types.
#2 Understand a detailed commercial property proforma, cash flow statement, and ratios and
principles used in the valuation of commercial real estate.
                     Curriculum January 10, 2009
                 (Subject to Minor Changes during Semester due to Scheduling)

January 13     THE REAL ESTATE PROCESS /PROFESSOR KRILL
Case Book:    Ch. 1 and 23 Management of the Real Estate Process
R.E. Game:    Introduction and Ch. 1
Handout:      A Note on Case Learning – Harvard Business School

January 15    THE NUMBERS – PROFORMA; DEBT SERVICE;CONSTANT
Case Book:    Ch. 24, Financial Analysis of the Real Estate Process R.E. Game
Ch. 2 –       Using Numbers in Real Estate
              ESTABLISH TEAMS WITH NAME – SIX TEAMS
              ULI EMERGING TRENDS IN REAL ESTATE 2009

January 20    UNDERSTANDING THE NUMBERS – RATES AND RATIOS
              Underwriting Guidelines – Associated Bank Real Estate Division
              US Bank Guidelines/US Bank Underwriting Guidelines
              The Commercial Real Estate Loan Underwriting Process

January 22    ATTY NANCY LEARY HAGGERTY – Michael-Best, Milwaukee
              Commercial Real Estate Workouts, Asset Recovery
R.E. Game:    Appendix A and B – Property Types, Due Diligence Check List

January 27    ANDERSON STREET – CLASS DISCUSSION
              TEAM GIVE ME EQUITY OR GIVE ME DEATH
R.E. Game:    Ch. 3 – From Concept to Commitment – Review Commitment and Application

January 29    ASSOCIATED BANK DETAILED LOAN PRESENTATION TO
              FINANCE COMMITTEE FOR LOAN APPROVAL – LOAN
              APPROVAL AND FUNDING PROCESS – UNDERWRITING
              GUIDELINES – US BANK & ASSOCIATED BANK

February 3    ASSOCIATED BANK CASE #1
              TEAM PRO-FORMERS
R.E. Game:    Ch. 4 – From Commitment to Closing

February 5    503 CRICKET ROAD – CASE DISCUSSION
              TEAM THREE
Case Book:    Ch. 14 – Cricket Road Case

February 10    ASSOCIATED BANK CASE #2
              TEAM KAN’T BEAT THE BEST -HILLTOPPERS
February 12   TYSONS CORNER – CLASS DISCUSSION
              TEAM KRILLESTATE
Case Book:    Chapter 21

February 17    MILLEGAN CREEK APARTMENTS –
              (LOAN OFFICER, BANK OFFICER, DEVELOPER)
              TEAM STIMULUS PACKAGE
Case Book:    Ch. 4 – Millegan Creek Apartments

February 19   SOUTH PARK IV – CLASS DISCUSSION
              TEAM NO NAME
R.E. Game      Ch. 5 p. 108-109 only
Case Book:     Ch. 6 – South Park IV

February 24   Daniel Jessup, Bell Chair Advisor, MU Alumni
              President, Apex Commercial, Inc/ Grubb and Ellis
              Commercial Real Estate Brokerage

February 26   ASSOCIATED BANK LOAN CASE #3
              TEAM GIVE ME EQUITY OR GIVE ME DEATH

March 3        CONCORD CENTER
               TEAM PROFORMERS
R.E Game       Chapter 6, Development
               Mid-Term Exam Review Outline

March 5       MID-TERM EXAM

March 8-15     SPRING BREAK

March 17      THE BREWERY – STATUS REPORT
              DAN MCCARTHY – THE ZILBER GROUP

March 19      ANGUS CARTWRIGHT – Case Discussion
              TEAM KAN’T BEAT THE BEST - HILLTOPPERS
Case Book:    Ch. 7 – Angus Cartwright

March 24      ASSOCIATED BANK LOAN CASE #4
               TEAM KRILLESTATE
March 26     THE REAL ESTATE CLOSING – LEGAL
             Attorneys Jon Herreman and Doug French
             Mallery &Zimmermann, SC
             Real Estate Game p. 101,244

March 31     LAND DEVELOPMENT AND MARKETING
             Jim and John Seipmann
             SIEPMANN REALTY CORP – WAUKESHA, WI

April 2      CASE TO BE ASSIGNED – CASE DISCUSSION
             TEAM STIMULUS PACKAGE
R.E. Game:   Ch. 6 – Development

April 7      JAMES DEVINE, Principal, Newcastle Properties
             President, NORCOR Investments, MU Alumni
              Founding Member MU Center for Real Estate

April 9      NO CLASS – Easter Break

April 14     JOHN AMMAN – Price Waterhouse Coopers
             MU Real Estate Alumni 2003
             National Real Estate Overview/Trends

April 16     GROSVENOR PARK – CASE DISCUSSION
             TEAM NO NAME
R.E. Game:   Ch. 8
Case Book     Chapter 16

April 21     PAUL KLISTER – COMMERCIAL HORIZONS, INC
             FOX RIVER VALLEY OFFICE/ RETAIL DEVOLOPMENT
             MU REAL ESTATE CENTER MEMBER AND ADVISOR

April 23     ASSOCIATED BANK LOAN CASE #5
             TEAM THREE
             R.E. GAME – CHP 9

April 28     TO BE ANNOUNCED BASED ON MARKET CONDITIONS

April 30     REVIEW FOR FINAL EXAM

May 5         FINAL
                       REAL 157 – SPRING 2009
             REAL ESTATE CASES AND EQUITY INVESTMENT
                     TEAM CASE ASSIGNMENTS:
 Anderson Street p. 530
 Cricket Road p. 248
 Five Associated Bank Cases – Provided by Mr. Krill #1,2,3,4,&5
 Millegan Creek Apartments p. 42
 South Park IV p. 91
 Angus Cartwright, Jr. p.103
 Concord Center p. 263
 Grosvenor Park p.282
 Tysons Corner p. 37
 One Case To Be Assigned

TEAM CASE SCHEDULE:
TEAM PRO-FORMERS – Concord Center, Associated Bank #1
 Antonio Schaffer
 Sean Aldridge
 Jesse Genova
 Austin Guy

TEAM NO NAME – South Park IV, Grosvenor Park
 Michael Angeli
 Matthew Kreikemeier
 Brendan Whalen
 Kaitlynn Koeppler

TEAM THREE – 503 Cricket Road, Associated Bank #5
 Brad Schwei
 Barry Stokes
 Jermaine Buckner
 Drew Kreikemeier

TEAM KAN’T BEAT THE BEST – HILLTOPPERS – Angus Cartwright, Associated Bank #2
 Kevin Boraca
 Bridgette O’Connor
 Hunter Dowd
 William McDonald

TEAM GIVE ME EQUITY OR GIVE ME DEATH – Anderson Street, Associated Bank #3
 Bryan VanStippen
 Amy Wright
 Daniela Cinfio
 Dan Romero
TEAM STIMULUS PACKAGE – Milligan Creek, To Be Assigned
 Taylor Vigeland
 David Martin
 Cynthia Cieslak
 Samuel Jackson III
 Peter Young

TEAM KRILLESTATE
 Joe Powers
 Mike Thomas
 Robert Mueller
 Alyssa Nagel

				
DOCUMENT INFO