Encyclopedia Topics

ENCYCLOPEDIA TOPIC A

Buying

  1. Actual Versus Potential/Pro Forma Numbers
  2. Affordable and Subsidized Housing
  3. Auctions, Buying At
  4. Break-Even Ratio
  5. Building Class
  6. Buyer's List of Property Objectives
  7. Buyer's Pro Forma
  8. Cap/Capitalization Rate (Buyer's Perspective)
  9. Cash on Cash Return (CCR)
  10. Commercial Properties' Four Income Streams
  11. Contingency Clauses in the Sales Contract (Buyer's Perspective)
  12. Cost per Unit Analysis
  13. Deferred Maintenance (Buyer's Perspective)
  14. Double Closing
  15. Earnest Money: How Much and Is It Refundable? (Buyer's Perspective)
  16. Effective Gross Income
  17. Gross Rent Multiplier (GRM)
  18. Healthcare Property
  19. Industrial Property
  20. Internal Rate of Return (IRR)
  21. Letter of Intent/Interest (LOI) to Purchase
  22. Master-Metered Property
  23. Mixed-Use Property
  24. Mobile Home Park
  25. Multifamily Property
  26. Nondisclosure Agreement (NDA)
  27. Office Property
  28. Preapproval Letter/Letter of Interest for Financing
  29. Proof of Funds Letter
  30. Purchase and Sale Agreement (PSA) (Buyer's Perspective)
  31. Real Estate Owned (REO) Properties for Sale
  32. Rent Concessions (Buyer's Perspective)
  33. Rent Control
  34. Replacement Cost
  35. Retail Property
  36. Return on Investment (ROI) after Value-Adding
  37. Self-Storage Property
  38. Senior Housing
  39. Single-Purpose/Single-Tenant Property
  40. Student Housing

ENCYCLOPEDIA TOPIC B

Due Diligence

  1. Buyer's or Seller's Market
  2. Cap/Capitalization Rate
  3. Capital Improvement/Replacement Reserves/Cap-X
  4. Collections Verification Report
  5. Commercial Property Purchase or Finance Evaluator
  6. Commercial Property Quick Analysis Calculator
  7. Crime Rate Analysis
  8. Due Diligence Checklist
  9. Environmental Concerns
  10. Estoppel Certificate or Letter
  11. Estoppel and Lease Review Checklists
  12. Expense Checklist
  13. Expenses, Variable and Fixed
  14. Historical Financials
  15. Loss to Lease Ratio
  16. Market and Competition Analysis
  17. Millage Property Tax Rate
  18. Mold Assessment Report
  19. Net Operating Income (NOI)
  20. Parking Ratio
  21. Preliminary Title Report
  22. Property Condition Checklist
  23. Radon Gas Report
  24. Rent Comparable Report
  25. Seismic Report/Seismic Risk Assessment
  26. Stabilized Occupancy
  27. Survey, ALTA
  28. Tenant Rollover Risk
  29. Title and Survey Objection Letter
  30. Trailing 12-Month Report (T-12)
  31. Transfer Tax
  32. Vacancy Rate: Physical, Economic, and Market
  33. Wood-Destroying Insect Report

ENCYCLOPEDIA TOPIC C

Raising Investor Partners

  1. Accredited Investor
  2. Cash Calls
  3. Crowdfunding for Raising Equity
  4. Equity Multiple
  5. Executive Summary for Raising Investors
  6. Exit Strategy
  7. Expenses Incurred by the Sponsor
  8. Joint Venture Institutional Capital Partner
  9. Investor Qualification Form
  10. Letter of Intent to Invest
  11. Pari Passu (in Commercial Real Estate Partnerships)
  12. Peer-to-Peer Funding for Gap Equity Raising
  13. Preferred Equity
  14. Preferred Return
  15. Private Investors
  16. Private Placement Memorandum (PPM)
  17. Real Estate Investment Company and Branding
  18. Securities Attorney
  19. Self-Directed IRA Investment in Commercial Property
  20. Sophisticated Investor
  21. Sponsor, of a Commercial Real Estate Investment
  22. Sponsor Promote
  23. Syndication
  24. Tax Shelter for Investors
  25. Waterfall

ENCYCLOPEDIA TOPIC D

Property Ownership Entity

  1. C Corporation
  2. Delaware LLC
  3. Delaware Statutory Trust (DST)
  4. General Partnership (GP)
  5. Individual Ownership/Sole Proprietorship
  6. Joint Venture Agreement
  7. Limited Liability Company (LLC)
  8. Limited Partnership (LP)
  9. Multiple or Layered Ownership Structure
  10. S Corporation
  11. Single Asset Ownership Entity
  12. Tenants in Common (TIC)

ENCYCLOPEDIA TOPIC E

Selling

  1. 1031 Exchange Checklist
  2. As-Is Clause
  3. Broker Cooperation Agreement
  4. Cap/Capitalization Rate (Seller's Perspective)
  5. Commercial Real Estate Buyer Types
  6. Commissions, Commercial Real Estate Brokers
  7. Confidentiality/Nondisclosure Agreement (NDA), Sellers
  8. Contingency Clauses in Sales Contract (Seller's Perspective)
  9. Depreciation Recapture
  10. Letter of Intent/Interest (LOI) (Seller's Perspective)
  11. Listing Agreements/Contracts
  12. Loan Assumption
  13. Negotiating Repairs with the Buyer
  14. Online and Multiple Listing System (MLS) Marketing
  15. Owner's Title Insurance Policy
  16. Private Sale
  17. Property Condition Inspection Report
  18. Realized Gain
  19. Time Is of the Essence Clause

ENCYCLOPEDIA TOPIC F

Repositioning

  1. Absorption
  2. Adaptive Reuse (Repurposing)
  3. Appreciation, Forced
  4. Ballpark Quotes
  5. Building Codes and Permits
  6. Competition Analysis
  7. Constructional Repositioning Checklist
  8. Cosmetic Repositioning Checklist
  9. Design Drawings Versus Architectural Drawings
  10. Distressed Property
  11. Economic Obsolescence
  12. Energy Management System (EMS)
  13. Functional Obsolescence
  14. Master Lease Agreement
  15. Nonperforming Mortgage Note Purchasing
  16. Operating Budget Pro Forma
  17. Operational Repositioning Checklist
  18. Raising Rents
  19. Ratio Utility Billing System (RUBS)
  20. Rebranding
  21. Rehab Construction Contract
  22. Repositioning Pro Forma
  23. Re-Tenanting Plan for Retail Repositioning
  24. Revitalization Zones/Urban Revitalization
  25. Tenant Profile
  26. Variance Analysis
  27. Water Management/Conservation Program

ENCYCLOPEDIA TOPIC G

Development

  1. Absorption Schedule
  2. Bid and Award Process
  3. Bike Score
  4. Brownfield
  5. Buildout
  6. Build-to-Core Strategy
  7. Car Stack Parking
  8. Certificate of Occupancy (C of O)
  9. Conceptual Design
  10. Construction Contract Pitfalls to Avoid
  11. Construction Monitoring
  12. Cost per Square Foot
  13. Cost-Plus Construction Contract
  14. Density
  15. Development Fee
  16. Developer's Responsibilities
  17. Elevation Drawings
  18. Energy Star Rating
  19. Entitlement Process
  20. Furniture, Fixtures, and Equipment (FF&E)
  21. Hard Costs
  22. Hydrologists
  23. Impact Fees
  24. Land Assemblage
  25. Land Use Attorney
  26. LEED Certification
  27. Lump Sum Construction Contract
  28. Modular Construction
  29. New Urbanism
  30. Off-Street-Parking Requirements
  31. Opportunity Zones
  32. Performance Bond
  33. Planned Unit Development (PUD)
  34. Predevelopment—20 Steps
  35. Preliminary Drawings
  36. Pro Forma Rent Roll
  37. Punch List, End of Construction
  38. Raw Land Development
  39. Schematic Design
  40. Setbacks
  41. Single Room Occupancy (SRO)
  42. Site Plan
  43. Soft Costs
  44. Specifications/Specs
  45. Stabilized Value, Newly Constructed Properties
  46. Subterranean Parking
  47. Transit-Oriented Development (TOD)
  48. Urban Infill
  49. Value Engineering
  50. Walk Score
  51. Zoning Variance

ENCYCLOPEDIA TOPIC H

Financing

  1. Adjustable/Floating Rate Commercial Mortgage
  2. Appraisal (Three Approaches to Commercial Appraisals)
  3. Bad-Boy Carve-Outs
  4. Blanket Mortgage
  5. Bridge Loan
  6. Capital Improvement Reserves/Cap-X
  7. Capital Stack
  8. Cash-Out Refinancing
  9. Closing Cost Checklist (Commercial Loan)
  10. Commercial Construction and Bridge Loan Programs
  11. Commercial Loan Submission Checklist
  12. Completion Guarantee (Construction Loans)
  13. Construction Loan Submission Checklist
  14. Construction Rollover to Permanent Loan
  15. Coterminous Loan
  16. Cumulative Loan to Value (CLTV)
  17. Debt Service Coverage Ratio (DSCR)
  18. Debt Yield
  19. Declining Prepayment Penalty
  20. Defeasance Prepayment Penalty
  21. Earn-Out Provision
  22. Environmental Report (Required by Lenders)
  23. Equity Participation Loan
  24. Estoppel Certificate (Required by Lenders)
  25. Executive Loan Summary
  26. Fixed-Rate Commercial Mortgages
  27. Forbearance Agreement
  28. Foreign National Loan
  29. Global Ratio
  30. Index
  31. Interest-Only Mortgage
  32. Key Principal
  33. Land Acquisition Financing
  34. Letter of Interest/Intent (LOI) (Lender)
  35. LIBOR (London Inter-Bank Offered Rate)
  36. Loan Extension
  37. Lockout Prepayment Penalty
  38. Market Size
  39. Mezzanine Debt
  40. Mini-Perm Loan
  41. Multiple Residential Investment Property Loan
  42. No Money Down Commercial Loan
  43. Non-Recourse Loan
  44. Operating Budget Pro Forma
  45. Owner-Occupied Commercial Mortgage
  46. PACE Financing
  47. Poor-Credit Commercial Mortgages
  48. Portfolio Loan
  49. Private Debt Fund Lender
  50. Rate Lock and Rate-Lock Deposit
  51. Rehab Loan (Best Programs)
  52. Replacement Reserves
  53. Second Mortgage/Subordinate Loan
  54. Secondary Market
  55. Self-Directed IRA Commercial Loan
  56. Springing Lock Box
  57. Stated Income Commercial Loan
  58. Supplemental Financing
  59. Swap Rate
  60. Tax and Insurance Escrow/Impound
  61. Third-Party Report
  62. Underwriting Interest Rate
  63. Upfront Fee
  64. Wraparound Mortgage
  65. Yield Maintenance Prepayment Penalty

ENCYCLOPEDIA TOPIC I

Commercial Loan Programs

  1. Commercial Mortgage-Backed Security (CMBS) Loans
  2. Community Banks
  3. Credit Unions
  4. Crowdfunding Loans
  5. Fannie Mae Multifamily Loans
  6. Freddie Mac Multifamily Loans
  7. Hard Money Bridge and Construction Loans
  8. HUD/FHA Multifamily and Healthcare
  9. Large Commercial Banks
  10. Life Companies
  11. National Bank Capital Divisions
  12. Poor-Credit Secondary Market Loans
  13. Private Debt Funds
  14. Regional Bank Income Property Divisions
  15. SBA for Hospitality, Self-Storage, and Owner-User

ENCYCLOPEDIA TOPIC J

Managing and Leasing

  1. Absolute Triple Net Lease
  2. Americans with Disabilities Act (ADA) Compliance
  3. Assignment of Lease Clause
  4. Audit Rights for Landlords
  5. Audit Rights for Tenants
  6. Base Rent
  7. Buildout
  8. Common Area Maintenance (CAM) Fees
  9. Credit/Investment Grade Tenant
  10. Creditworthy Tenant
  11. Double Net Lease
  12. Effective Rent
  13. Escalation Clause (Rent)
  14. Estoppel Letter (Lease Clause)
  15. Eviction Process
  16. Expense Stop and Fully Serviced Leases
  17. First Right of Refusal
  18. Furniture, Fixtures, and Equipment (FF&E) (Commercial Lease)
  19. General Vacancy and Credit Loss
  20. Go Dark Clause (Lease)
  21. Gross/Full Service Lease
  22. Lease-Up Fee (Leasing Commission)
  23. Letter of Intent (LOI) to Lease
  24. Management Duties for Commercial Property Managers
  25. Modified Net Lease
  26. Net Lease
  27. Off-Site Management Fees
  28. On-Site Management Cost
  29. Operating Expense Caps
  30. Option Clauses (Leases)
  31. Percentage Lease
  32. Property Management Contract (Protections for the Property Owner)
  33. Property Management Software
  34. Rent Abatement
  35. Rent Concessions
  36. Rent per Square Foot
  37. Request for Proposal (RFP) (Leases)
  38. Security Deposits
  39. Single Net Lease
  40. Sublease Clause (Leases)
  41. Subordination, Non-Disturbance, and Attornment Agreement (SNDA)
  42. Tenant Allowance (TA)/Tenant Improvement Allowance (TIA)
  43. Tenant Improvements (TI)/Leasehold Improvements (LI)
  44. Tenant Mix
  45. Tenant Relocation Clause
  46. Term of Lease
  47. Triple Net Lease
  48. Turnkey
  49. Useable Square Footage Versus Rentable Square Footage
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