Applied Project in Strategic Real Estate Management

This document discusses an applied project in strategic real estate management, focusing on topics such as loan selection, leasing strategies, and management plans. It provides detailed information on the pros and cons of different loan options, the tools and methods for leasing vacant space, and the components of a management plan. The document also includes a case study analysis on dealing with cash flow deficits and funding requirements for a real estate project.

NAME:________________________________
APPLIED PROJECT IN STRATEGIC REAL ESTATE MANAGEMENT
EXAMPLE Applicable to the next three questions
A class B-/C office building located in a Class A location in mid-town Phoenix constructed in 1960, is
40 % vacant. Market vacancy is 12% for Class A buildings and 20% for class B. The prospective new
Buyer in under contract to buy this property for $27 million. The gross area of the property is 150,000SF
distributed on ten (10) floors. The developer wants to reposition the property into a Class A-/B+ office
building and sell it once stabilized within 5 years.
Purchase Price $180/SF X 150,000SF $27,000,000
Building CapEx $ 80/SF X 150,000SF $12,000,000
TI –New Leases $ 60/SF X 60,000SF $ 3,600,000
TI- Renewals $ 20/SF X 90,000SF $ 1,800,000
Commissions $ 10/SF X 60,000SF $ 600,000
Soft Costs $ 100/SF X 150,000SF $ 15,000,000
Total Project Cost $400/SF $ 60,000,000
QUESTION 1 ( 10 Points )
What kind of loan for this property in Phoenix would you select, a CMBS conduit loan or one from a
portfolio lender?
Discuss in detail the pros and cons of each kind of loan. (Use a grid format with bullet points).
A loan from the portfolio lender is that type of loan which is posed on the individual property and is
collateralized by the underling real estate and is generally held by the lender if the portfolio. One of the
feature that is risky in this loan is that this loan possess high rate of interest unlike in the CMBS loan,
but the best feature of the loans is that it has the facility of the renegotiation during its life cycle as the
owner of the loan still has the loan on its name in his books as full. There type of loans are not easy to
acquire, despite having enough flexibility in the hands of the borrower and also as it becomes riskier on
the fact that this loan can be availed only on one property1.
CMBS conduit loan on the other hand is normally known as the Commercial Mortgage Backed Security
is a type of the commercial loan where the similar loans are pooled together with the other commercial
loans and the securitization so that they are available for sale for the institutional investors in the
secondary market. The pooling is based on certain factors amongst one of the most crucial one is the risk
factors into trochees that are the sole in the market. This loan product is formed generally for the middle
market properties where the traditional lenders and the investors holding the debt are not allowed to
invest at all2. The generation of the lower interest fees and presence of the low risk factor of the
investment is the major reason. Further, there are several properties in the pool which would have to go
in default before the whole investment vehicle is ceased permanently. At times it becomes really
1 Adam B. Ashcraft, Kunal Gooriah and Amir Kermani, "Does Skinninntheegame Affect Security Performance?
Evidence From The Conduit CMBS Market" [2014] SSRN Electronic Journal.

difficult for the property to jump towards the next loan, after once pooled, securitized and sold into the
market because the owner of the loan by the tile has taken the loan amount out of the books and what
remain are the pieces of the troche which he owns.
In the position of the manager of the property of the Phoenix I the best plan that would fit all the
requirements is the loan from the portfolio lender. This option is choses as it has the ability to
renegotiate during its life cycle if in case the property is not meeting the targeted expectations as set.
While if the CMBS conduit loan is used for the property of the Phoenix than there are chances that the
property would fit into the pool of collateralized debt, yet this project is risky and not being able to
extend the terms of the payment will create a challenge for the developer, also if he is not able to comply
with their five year exit program3.
QUESTION 2 ( 10 points )
What tools and methods would you use to lease the vacant space in the Phoenix building example in the
above question? How would you structure your Leasing Campaign?
In the event that I was in charge of the renting of this Phoenix building I would gothoruhg the following
steps:
1. Analyzing the market date to comprehend the general market, submarket of property and any
contending submarkets.
2. List inborn attributes of the subject property, for example, its physical angles, mechanical
frameworks, subjective qualities, area and pleasantries.
3. Create grid of properties regarded to contend dependent on inherent attributes with data, for
example, complete area, accessible area, roof statures, year built and so on. This will enable us to more
likely see how our property is in competition with other property in the market.
4. Review inhabitants and new tenants in the market to comprehend whose lease or rent may come
up and what is the normal impression of occupants that are renting in the market is one of the core
information in the market.
5. Determine the value of the tenants and what they are searching for when hoping to lease new
space.
6. Re-look at rivalry to perceive what they are putting forth to meet these occupant needs.
2 Raja Almarzoqi, Samy Ben Naceur and Alessandro Diego Scopelliti, How Does Bank Competition Affect
Solvency, Liquidity And Credit Risk? (International Monetary Fund, 2015).
3 Joseph Philip Forte and Meredith J Kane, CMBS And The Real Estate Lawyer, 2016.

7. Look at moves up to build rivalry favorable position, for example, new entryway, façade
redesign, and expanded civilities and so on4.
8. Determine if consumption accelerates the competition so that there shall be no investment in the
areas which are potentially low and might not pay off.
9. Determine technique to comprehend what work will start things out, position occupants in
market, build up a rundown by sort of inhabitant use, build up a rundown of merchants regularly speak
to your objective occupants and set your normal lease, work, free lease, misfortune factor, accelerations,
administrations, electric and some other arranged things5.
10. Develop advertising technique to incorporate posting signs, web media, handouts, flyers,
occasions, letters, renderings, floor plans photographs and building determinations.
This would set an unmistakable spotlight on the best way to turn this structure around and what is should
have been effective. These features all the real areas in structure a leasing strategy, getting new
occupants into a structure and guaranteeing the returns of the investors must meet6.
QUESTION 3 ( 10 Points )
a) Discuss in detail why would you do a Management Plan for the Phoenix office building? (Use a
bullet format).
The management plan for the Phoenix office building is required as all the parties must be on the
parallel phases as this deal will have the enormous number of the parties involved right from the
lenders to attorneys, to lease agents, managing agents, asset managers. This plan will guide all
the investors with regards to the financial strategies, the alternatives if any available, gives an
insight of the relevant information of all the parties and also shares the strategy to move forward.
Moreover this plan also caters the incremental level of the financial analysis, how much capital
or the funds are required and for the same the write approval is received7.
b) Name the major components of a Management Plan. (Use a bullet point format)
The major components of the plan are divided into the different factors. These factors include the
analysis of the market, the estimation of the costs and the condition in which the inventory is or
the condition of the apartment, recommendation how the plan shall be operated and in what
manner, conducting the valuation process of the building before and the after and thereafter
4 Campaign Name Game" (2016) 18(4).
5
5"Tips For New Commercial Builds", BDC (Webpage, 2019) <https://www.bdc.ca/en/articles-tools/money-
finance/buy-lease-commercial-real-estate/pages/tips-new-commercial-builds.aspx>.
6 "3 Types Of Construction Management Plans", The Balance Small Business(Webpage, 2019)
<https://www.thebalancesmb.com/what-is-a-construction-management-plan-845376>.
7 Elements Of A Marketing Plan To Sell Or Rent Your Building - Fmlink", Fmlink(Webpage, 2019)
<https://fmlink.com/articles/elements-of-a-marketing-plan-to-sell-or-rent-your-building/>.

providing the recommendations and the conclusions8. After analyzing these factors it can be
stated that it is necessary to know all these factor and include them in the management plan as
this would deliver the answers to how the expectation of the owners will be facilitated, how
much capital investment is required in order to reach the desired position and how all the assets
will be managed.
Using the Harvard Business School Case Study for Busse Place please answer the
following three questions:
QUESTION 4 ( 10 Points ) HBS
What are the three most likely scenarios that the investors must face to deal with the pending cash flow
deficits? Discuss each scenario in detail. (Use a bullet point format)
The three major scenarios that are likely to be faced by if there is no increment in the cash flow are
outlined below.
Continuous funding of the deficit in the ray of hope that the cash flow will turn into the positive figure
soon
The regular attempts with the CMBS loan provider to set the structure of the loan according to the
situation
Lastly the default on the loan is so high that walking away is the only option left9.
Detailed Analysis
The bad thing on the part of the continuous invested in the project is that the investor keeps on investing
without even figuring out as to whether the returns are going to be availed on this particular investment.
This reflects that the continuous payments are made from the pockets of the investors and specially the
debt payments, leasing material and any other remaining operating expenses. Eventually there will a fall
in the return on equity, internal rate of return will also be suffered from such a situation and the assets
being overleveraged will affect the expected returns or deliverables of the investors10.
The difficulty in Endeavor to consult with the CMBS credit servicer again to rebuild the loan means
returning to Chesapeake Loan Services and making them aware of the fact that there was a default on
the loan unless there was a change in accordance with its terms. This could be troublesome as this credit
was made as a CMBS and has just been sold off into the market and now has a few proprietors. On the
8 Describe The Five Major Components Of A Project Management Plan", Parallel Project Training (Webpage,
2019) <https://www.parallelprojecttraining.com/blog/describe-the-five-major-components-of-a-project-
management-plan/>.
9 "Before You Sign That Lease…", Harvard Business Review (Webpage, 2019)
<https://hbr.org/1988/05/before-you-sign-that-lease>.
10 "Scenario Analysis - How To Build Scenarios In Financial Modeling", Corporate Finance
Institute (Webpage, 2019) <https://corporatefinanceinstitute.com/resources/knowledge/modeling/scenario-
analysis/>.

off chance if this system was taken, at that point, an exceptional servicer would need to be utilized and
for this situation the special servicer is Midwest Asset Management. They would acquire an autonomous
examination of the property and assess the components of the defaulted loan and decide if to rebuild the
loan or dispose of and liquidate the property. The documents of the government showcases that the
modifications on the loan is possible only when the NPV of the alteration was more prominent for all
classes of bondholders than the NPV of a dispossession11.
Turning the property over to its banks would account for the discharge of responsibility of the building
back to the originator of the loan and once the property is sold than only the capital return will be
received and the underlining obligation is satisfied. This would stop the "seeping" of "good cash" yet,
ought to be the absolute last choice as it very well may be a destruction of the goodwill of oneself and
give other bank the possibility that you can't reimburse your obligation commitments12.
QUESTION 5 ( 15 Points ) HBS
If the equity investor, Fairchild, decides to fund its share of the deficits and necessary capital to go
forward. Spreadsheet is required for the 4 questions below.
a) State your leasing assumptions in order to do the calculations. (Use a bullet point format)
Identify occupancy and rent scenarios to enable the building to produce positive cash flow.
b) How much TI will you need to lease the vacant space using the leasing assumptions in question
a) above? (Show Calculations).
On the basis of the remaining space 63892 square foot of space is required as the occupancy in
comparison to the total building is 38.4% and an average total investment will be $71.52 and the
required total investment is equal to $1757669. Furthermore the responsibility of the Fairchild
also moves forward towards the funding of $175767 which accounts for 10% of the total
investment.
c) How much equity will be required to fund deficits until building produces positive cash flow?
(Create an excel spreadsheet showing income and, expenses, debt service, TI from new and
existing leases, and )
On the basis of the assumptions relating to the occupancy of the building, it can be observed that
the building will not be able to generate sufficient cash until the year 2010. Therefore the
Fairchild during the year 2009 will be required to fund 10% of the carrying cost and the amount
equivalent to the 10% is $175767 for the overall total investment. Further if in case during the
year there is vacancy of 55% in the building the cash flow that will be produced will account for
only $474775 alongside the debt payment of $985781. In this manner the rent role will be
11 Legal documents, "Lease Assumption Agreement Form For Tenant And
Rental", Rocketlawyer.Com (Webpage, 2019) <https://www.rocketlawyer.com/document/lease-assumption-
agreement.rl#/>.
12 "Project Management For Construction: Construction Planning", Cmu.Edu (Webpage, 2019)
<https://www.cmu.edu/cee/projects/PMbook/09_Construction_Planning.html>.

shorten at $511006. Therefore the recovery of the 10% of the $511006 is required by the
Fairchild, or the 10% of the debt payment, thereafter totals to $226867 which is a total of both
the expenses.
QUESTION 6 ( 5 Points ) HBS
a) Assume Marisa Sanchez is able to lease to the Northwest Trust Company 13,650 SF for $24 per
SF for a five year term. What is the amount of commission that Marisa would earn if there is no
outside broker involved? ( Show all calculations).
On account of ability of Marisa to lease Northwest Trust Company for 13,650 SF for $24 per SF
for the period of 5 years, then the amount of the total lease payment would be $1,638,000. Also,
Marisa would receive 1.5% of commission which equals $24,570.
b) Let’s say that Marisa Sanchez strikes a deal Meike & Bock, represented by Jim Portillo, the local
broker, at $24 SF for 8,000 SF with a 10 year term. How much commission would be paid to
(Show all calculations)
On account of ability of Jim Portillo to lease Meike & Bock for 8,000 SF for $24 per SF for 10
years, then the total lease payment would be $1,920,000. Also a 3% commission of $57,600 is to
be received by Jim. However, since name of Marisa is listed as the lead broker, therefore she is
entitled to 25% of the total commission which equals $14,400 and would leave Jim with $43,200
only.
QUESTION 7 ( 10 Points)
An investor is looking to buy a property with an NOI of $407,000 for $11,750,000. A term sheet was
presented by the mortgage broker with a competitive interest rate. The investor wants to borrow
$6,000,000. The term sheet has the following clause:
(the loan is subject to a max 60% LTV and a min Debt Yield of no less than 8.5%).
(Show your calculations for each of the 3 questions below).
a) What is the LTV? _____Does it meet the requirement of the term sheet? Y/N____________
The term LTV is used to describe as the loan to value and it is the amount for which the oan is
placed on asset after dividing the asset price.
b) What is the Debt Yield? _______Does it meet the term sheet requirement? Y/N__________
The Debt Yield represents the income by dividing the asset from the amount of the loan. This is a
measure is set to guarantee that the advantage will produce the expected come back to meet the
obligation commitment on the advance. This lessen the hazard for moneylenders of credit default at
the same time, puts more necessities in the borrower. In this precedent the Debt Yield won't be
meeting at either the quoted loan value of $7,050,000 as it creates an obligation yield of 5.77% or
the soliciting advance sum from $6,000,000 which produces an obligation yield of 6.78%13.
13 C. Capuano, E. Meinkow and S. Suponcic, "LONG-TERM VALUE IN A SHORT-TERM MARKET: HOW
EXCHANGE BUSINESS TURNOVER IS IMPACTING THE PHARMACEUTICAL VALUE EQUATION"

c) What can the investor do to qualify for this loan if it does not meet loan requirements?
All together for the speculator to meet all requirements for this advance they have to either diminish
their credit add up to around $4,755,000 to produce an obligation yield of 8.56% which would
create a LTV of 40% or bring the obligation yield rate down nearer to their approaching advance
measure of $6,000,000 for a 6.8% obligation yield14.
QUESTION 8 ( 10 Points )
Why is selecting and buying a property so difficult?
a) Please discuss in detail at least seven attributes for meeting an owner’s investment criteria.
At the point when a proprietor is hoping to purchase an asset there are several characteristics that
must be meet which have been outlined below
 Debt Service Coverage Ratio
 Loan-To-Value
 Equity Multiple
 Net Operating Income
 Likelihood of Refinancing
 Underlining lease and Going in and Exit Cap Rate.
Debt Service Coverage Ratio (DSCR) is calculated by dividing the income of the asset by the debt
payment. These various reflect how frequently the funds of the property come over the obligation
commitments. This is both imperative for the borrower and the loan specialist. Regularly, DCSR
are 1.5x and includes a dimension of hazard relief.
Loan To-Value (LTV) is the percentage of the asset that is placed on the assets in contrast to the
appraised value. While, this rate is ordinarily put by the loan specialist it is essential for the
borrower to not be overleverage on a single asset. Land works in a repeating nature, in this way;
resections are unavoidable. An over leveraged asset with high LTV could locate its self not being
going to make obligation installment when opportunities are running high at the highest point of the
cycle. This spots borrowers helpless before their moneylenders and might need to consult for an
early renegotiate that could accompany overwhelming punishments15.
(2016) 19(3) Value in Health.
14 Stéphane Guibaud, Yves Nosbusch and Dimitri Vayanos, Bond Market Clienteles, The Yield Curve,
And The Optimal Maturity Structure Of Government Debt (National Bureau of Economic Research, 2013).
15 C. Capuano, E. Meinkow and S. Suponcic, "LONG-TERM VALUE IN A SHORT-TERM MARKET: HOW
EXCHANGE BUSINESS TURNOVER IS IMPACTING THE PHARMACEUTICAL VALUE EQUATION"
(2016) 19(3) Value in Health.

Equity multiple of a venture is a proportion used to help comprehend complete money return over
the life of a speculation. The proportion is value to add up to net benefit in addition to the absolute
value contributed isolated by the complete value contributed. Equity Multiple is one instrument
used to assess a venture opportunity, especially speculations with longer hold periods. It doesn't
limit the present esteem and does not consider chance or different factors and ought not to be taken
a gander at in disconnection.
Net Operating Income (NOI) The NOI is the benefit that an advantage creates subsequent to paying
all cost yet before expenses and obligation installments. The NOI is one of the variables that is
accustomed to deciding resources esteem and with an expanding NOI implies an expansion cost for
future mien by the proprietor/financial specialist. Purchaser hopes to perceive what the NOI of a
current resource is and on the off chance that it has been developing or withdrawing under its
previous possession to anticipate future returns.
Probability of Refinancing the proprietor/speculator needs to comprehend capital markets and if
after the main credit term of the benefit can be renegotiated however the present loan specialist or
another portfolio moneylender. Something else, the proprietor will have an extensive credit
installment due toward the finish of its advance cycle and could be driving to sell the advantage or
reimburse the equalization of its advance.
Underlining Leases When a proprietor/financial specialist buys another benefit they ought to do as
much due perseverance on the underlining leases joined to an advantage. The purchaser should
know when the leases are required to end, the measure of notice the inhabitants needs to give, if the
occupants are exceptional on their rent installments. Moreover, what sort of security store did the
present possession gather from the occupants. The leases are what drive an incentive for resources
and before purchasing another advantage a proprietor/financial specialist has to realize everything
they can.
Going In and Exit Cap Rate When a proprietor/financial specialist buy a benefit they purchase with
a high top rate and would like to sell at a lower top rate. The Cap Rate is a blend of the hazard, fluid
and the going loan cost of the market. This rate duplicated by the NOI decides resource esteem.
Proprietors/speculators need to keep a nearby see this number as it will help figure out what they
will pay for a benefit and what they will offer it for.
b) As a buyer, how can you afford to bid more than competing buyers and still meet your return
hurdles? (Use a bullet point format).
If there is a strong business idea or a plan along with the skill and the knowledge of the market the
buyer can afford to bid more than the competitors? If there is an in-depth knowledge of how market
moves it becomes easier for the buyer to trade assets as the buyer is aware of how trends of the
stocks are moving and in which direction. The buyers can generally spend more on the asset
provided they are aware of the fact that of the relationship between the tenant is strong the things
can work out easily. In order to maintain the relationship the tenant’s needs must be understood and
the preleasing agreement shall be signed to walking into the process of the negotiation with the
buyer. This not only waved off the pressure for the new owner but the sound epilogue is built for
the investors to sell to the relevant financing partner by deterring the need to borrow the money side

by side. A longer return would also allow the buyer to pay back the investors along with the interest
amount and the while there are some competitors that need a 5year return, in that scenario one can
expand the self-return to 10-15 years if there is an ample of time to increase the value of the asset
and generate more returns.
QUESTION 9 ( 10 Points )
Discuss the benefits of using a Purchase Money Mortgage (PPM) for a potential transaction?
(Use a bullet format for each of the 3 questions below).
a) For the Buyer
When there is an acquisition of the asset through the Purchase Money Mortgage the buyer has the
lower barrier to entry. For instance the seller might pose certain requirements on the part of the
buyer which the buyer needs to fulfill. These requirements start with when the seller wants the
buyer to authenticate himself by opting the process of the due diligence, the buyer shall get dine
with the credit report to ensure he is credible in nature. Down payments are subjected to the
negotiations and where the negotiation can be as little as possible or a set of the lump sum
payments. Moreover it can be understood that the closing costs are lower and quicker as the
involvement of the third party is null for the case of the approvals. Further the options of the
payment are out for the negotiations and there is a proper agreement here the payments are of
definite types such as the interest based the fixed rate amortization and less than interest or balloon
payment. The benefit of all these options is that the buyer has lots of options to choose and this way
the buyer can select either the single options or the mixture of some to deal with the situations
accordingly16.
b) For the seller
The seller decides to opt for the self-financing method by selling its assets at the negotiated price.
The general notion is that the buyer normally acquires the asset at cost or the market value as there
is no involvement of the third party financing. Once the seller indicates that he/she is going to
refinance on his/her own the number of buyers increase from normal situation. In this scenario the
best benefit the seller could opt for is to charge the interest rate higher than the normal rate and this
would eventually help in reduction of the seller tax bill, if sold as an sale on installment, which
would otherwise have been created due to the asset sold in the open market. This will help the
sellers to generate the fixed income and this relatively increases the monthly cash flow17.
c) How should Seller protect his/her rights?
There are several methods designed and various techniques and strategies that can be used by the
seller to protect the right and the same have been outlined below. The sellers can protect their rights
by conducting the process of the due diligence of the potential buyer before selling the property.
The buyers are required to make a down payment of 10-30% of the agreed and the buyer are also
required to give the personal guarantee on the assets along with the agreed price to state that the
16 "Mortgage Glossary - Findlaw", Findlaw (Webpage, 2019) <https://realestate.findlaw.com/mortgages-equity-
loans/mortgage-glossary.html>.
17 "Doubleline Funds Trust", Sec.Gov (Webpage, 2019)
<https://www.sec.gov/Archives/edgar/data/1480207/000119312514222949/d738277dposami.htm>.

buyer is in a position to meet its obligations on time or he will be able to pay back the debts on time
without any hassle. Seller can also mention the clause into the agreement of the buying that allows
them to take back to the position of the asset in case the buyer cannot make the payment the seller
has the authority to forfeit all build in equity. The sellers have the legal representation that has hard
penalties as this will require some of the standards that are applicable on the buyer in case the buyer
is not able to meet the debt obligations are not met18.
QUESTION 12 ( 10 Points )
Look a Street Stack Plan dated July 1, 2009
It is January 15th, 2012 and your Advisory Firm tenant on the 15th floor wants to take the balance of the
floor in June 2012.
a) As a Landlord what should you offer the 3,755 SF Financial Firm who occupies space on that
floor until 6/30/14 to move? ( Use a bullet format ).
b) What floor(s) could you move the existing 3,755 SF Financial Firm?_________________
As the Landlord in my opinion the Financial firm with a plan to move to the 18th floor by giving them
the option to negotiate with a new lease. Also this kind option must be made available only when the
financial firm agrees to move with the earlier pace. The 18th floor can not only accommodate the space
but also gives them the opportunity to grow if the Telecom Firm movers are out but if not there will be
additional 3000 square feet on the floor. Further I think the best strategy as landlord because in my
opinion the 4th 5th and 11th floor must be empty in the hope that the tenant can take a full floor or require
the continuance of the floor19.
Look at Elevator Stacking Plan
A major bank is willing to execute a lease prior to the construction on a new office building enabling
the developer to secure financing. The tenant need about 265,000 SF in this 714,000SF building.
The tenant wants the lowest rent possible, but wants to be primarily concentrated within one elevator
bank.
a) What floors should the developer offer this tenant to maximize the buildings profitability and
still satisfy the tenant’s space requirements? _________
b) Note elevator bank(s) you would offer.______________
Based on the Elevator Stacking Plan there are three phases for the elevators A, B and C. After adding up
all the space in terms of the square foot between the three sections as none of them individually will
meet the 100% requirements. Therefore, to ensure that the proposal receives the financing the tenant the
entire section A which is equivalent to 2245345 square feet and along with the floor number 9 in section
18 Rights Of Unpaid Seller Against Buyer: Suit For Price, Damages Etc.", Toppr-Guides (Webpage, 2019)
<https://www.toppr.com/guides/business-laws/the-sale-of-goods-act-1930/rights-of-unpaid-seller-against-buyer/>.
19 Katie Williams, "Regenerative Design As A Force For Change: Thoughtful, Optimistic And Evolving Ideas"
(2012) 40(3) Building Research & Information.

C. Now only the plan B is left and this would be at the market rent to satisfy the requirements for the
majority of the needs20.
20 Richard L Daft and Dorothy Marcic, Building Management Skills (South-Western Cengage Learning, 2014).

References
1. Ashcraft, Adam B., Kunal Gooriah and Amir Kermani, "Does Skinninntheegame Affect Security
Performance? Evidence From The Conduit CMBS Market" [2014] SSRN Electronic Journal
2. Almarzoqi, Raja, Samy Ben Naceur and Alessandro Diego Scopelliti, How Does Bank Competition Affect
Solvency, Liquidity And Credit Risk? (International Monetary Fund, 2015)
3. Forte, Joseph Philip and Meredith J Kane, CMBS And The Real Estate Lawyer, 2016
4. "Tips For New Commercial Builds", BDC (Webpage, 2019) https://www.bdc.ca/en/articles-tools/money-
finance/buy-lease-commercial-real-estate/pages/tips-new-commercial-builds.aspx
5. "Elements Of A Marketing Plan To Sell Or Rent Your Building - Fmlink", Fmlink(Webpage, 2019)
https://fmlink.com/articles/elements-of-a-marketing-plan-to-sell-or-rent-your-building/
6. "Before You Sign That Lease…", Harvard Business Review (Webpage, 2019)
https://hbr.org/1988/05/before-you-sign-that-lease
7. "Project Management For Construction: Construction Planning", Cmu.Edu(Webpage, 2019)
https://www.cmu.edu/cee/projects/PMbook/09_Construction_Planning.html
8. "3 Types Of Construction Management Plans", The Balance Small Business(Webpage, 2019)
https://www.thebalancesmb.com/what-is-a-construction-management-plan-845376
9. "Campaign Name Game" (2016) 18(4)
10. "Describe The Five Major Components Of A Project Management Plan", Parallel Project
Training (Webpage, 2019) https://www.parallelprojecttraining.com/blog/describe-the-five-major-
components-of-a-project-management-plan/
11. "Scenario Analysis - How To Build Scenarios In Financial Modeling", Corporate Finance
Institute (Webpage, 2019) https://corporatefinanceinstitute.com/resources/knowledge/modeling/scenario-
analysis/
12. documents, Legal, "Lease Assumption Agreement Form For Tenant And
Rental", Rocketlawyer.Com (Webpage, 2019) https://www.rocketlawyer.com/document/lease-
assumption-agreement.rl#/
13. Capuano, C., E. Meinkow and S. Suponcic, "LONG-TERM VALUE IN A SHORT-TERM MARKET: HOW
EXCHANGE BUSINESS TURNOVER IS IMPACTING THE PHARMACEUTICAL VALUE EQUATION"
(2016) 19(3) Value in Health
14. Guibaud, Stéphane, Yves Nosbusch and Dimitri Vayanos, Bond Market Clienteles, The Yield Curve, And
The Optimal Maturity Structure Of Government Debt (National Bureau of Economic Research, 2013)
15. "Mortgage Glossary - Findlaw", Findlaw (Webpage, 2019) https://realestate.findlaw.com/mortgages-
equity-loans/mortgage-glossary.html
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