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Real estate finance, as commonly understood, is about the capital that transforms development ideas into the built form. But in this course, we will focus on real estate finance as a dynamic and significant industry and explore the internal language, norms, and practices of financiers, ranging all the way from hedge funds seeking returns rivaling those of Wall Street, to those backing community redevelopment and affordable housing projects. It will begin with an overview of the industry and introduce common tools of finance such as pro forma, then move on to sources of finance, from hedge funds to commercial banks and community-based lenders. We will be visited by finance practitioners, including several operating in the Twin Cities, as well as their development clients. There is an entire real estate finance ecosystem to explore, and students will leave the class with an understanding of its products, sources, and roles while developing facility with its analytical tools.

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