This Training is For You: 1772 Foundation's Historic Real Estate Finance Training Program
By National Trust Staff | From Forum Bulletin | August 9, 2012 |
It’s one thing to read about or listen to a presentation on real estate finance. But it’s quite another thing to apply that knowledge to an actual restoration project. What seems so clear in the classroom gets a little overwhelming when people start talking about syndication proposals, cash flow analysis, and appraisals.
No need to be overwhelmed any longer. The National Trust for Historic Preservation and the National Development Council have teamed up to provide an opportunity for you to jump right in to the world of real estate finance. 1772 Foundation’s two-part Historic Real Estate Training Program will kick off with Part 1: Development Finance, September 24 – 27 in Salem, Mass. This high-level, fast-paced, intensive workshop is based on the National Development Council’s highly-regarded real estate finance modules and has been specifically tailored to address historic preservation projects.
Here’s what you can expect:
A homework assignment. Yes, there is assigned reading even before you arrive.
Coffee. And plenty of it.
Lectures and discussions. Learn about lender ratios, operating pro forma, depreciation, rate of return, passive income, and much more.
Case Studies. This is where the rubber meets the road. You will take what you learned from your background reading and classroom discussions and apply it to real life projects.
For example, let’s say there’s a 19th-century hotel in your town in terrible condition. It’s historic, everyone agrees on that. But restore it as a hotel? Office space? Apartments? Affordable housing? Then there is a developer, full of ideas and energy. But do his financial projections make sense? Do his plans for restoration respect the history of the building? Do his plans comply with existing city regulations for land-use and zoning? What about the asbestos remediation? Things are starting to get messy.
Now it’s up to you to apply what you have learned and to figure out how this project might—or might not—work. Ready for the challenge?
This training will be followed in the spring with Part 2: Problem Solving and Deal Structuring. To be eligible to attend Part 2, you must have completed Part 1.
Space is limited. Participants will be chosen through a competitive application process and are expected to possess either experience in historic preservation or in real estate development. Priority will be give to National Trust Statewide and Local Partners and Preservation Leadership Forum members.
To find out more about scholarship information and how to apply visit www.preservationnation.org/plt.
Applications must be received by August 17.