A tailored course, built for your situation
Deeper command of commercial real estate capital structuring frameworks
Master the financial architecture behind large-scale real estate investments
$199 one-time
24-hour access provisioning
30-day money-back guarantee
Hand-built implementation playbook
12 modules. 12 chapters per module. 144 chapters total.
12 modules, each with 12 chapters (144 chapters total), text-based, plus downloadable templates and a hand-built implementation playbook delivered alongside course access.
The situation this course is for
Who this is for
Senior real estate finance executive leading capital formation and structuring for large-scale commercial assets
Who this is not for
Junior analysts, asset managers focused on single-asset refinancing, or practitioners without deal-level capital stack decision rights
What you walk away with
- Confidence in designing multi-tranche capital structures from first principles
- Familiarity with institutional investor covenants across core, core-plus, and opportunistic funds
- Ability to anticipate rating agency treatment of hybrid instruments
- Precision in drafting subordination and cash flow release mechanisms
- Command of inter-creditor dynamics in co-lending and club deal environments
The 12 modules (with all 144 chapters)
Module 1. Foundations of layered capital in CRE
Understand the economic rationale behind tranched structures in commercial real estate, with emphasis on risk distribution and investor return profiles across debt, mezz, and preferred equity.
12 chapters in this module
- Capital stack hierarchy
- Risk layering logic
- Investor return waterfalls
- Debt vs. equity economics
- Mezzanine instrument types
- Cash flow priority rules
- Structuring for control
- Recourse vs. non-recourse
- Reserve mechanisms
- Trigger event design
- Amortization profiles
- Prepayment structures
Module 2. Senior debt frameworks and covenants
Break down institutional-grade senior loan agreements, focusing on covenant packages, borrowing base mechanics, and event-of-default thresholds.
12 chapters in this module
- Institutional loan terms
- Financial covenants
- Borrowing base calcs
- Cash management flows
- Control account triggers
- Reserve funding timing
- Guarantor scope
- Environmental indemnities
- Assignment restrictions
- Loan assumption terms
- Default interest rates
- Remedies waterfall
Module 3. Mezzanine and junior debt instruments
Explore the design and economic behavior of junior debt tranches, including payment-in-kind toggles, equity kickers, and subordination mechanics.
12 chapters in this module
- Mezz tranche design
- PIK toggle clauses
- Equity participation
- Interest accrual rules
- Subordination terms
- Standstill periods
- Call protection periods
- Transfer restrictions
- Default remedies
- Amendment rights
- Exit proceeds split
- Change of control
Module 4. Preferred equity and hybrid structures
Master the use of preferred equity to bridge debt capacity gaps, including yield hurdles, liquidation preferences, and governance rights.
12 chapters in this module
- Pref equity economics
- Yield waterfalls
- Liquidation prefs
- Board observation
- Transfer approvals
- Distributions block
- Conversion mechanics
- Default rights
- Call options
- Put rights
- Tag-along rights
- Drag-along rights
Module 5. Cash flow modeling and stress testing
Build and interpret dynamic cash flow models that simulate tranche behavior under varied occupancy, leasing, and market scenarios.
12 chapters in this module
- Modeling occupancy risk
- Lease rollover impact
- Rent growth assumptions
- Expense inflation
- Debt service coverage
- Cash sweep triggers
- Reserve draws
- Waterfall recalibration
- Stress testing default
- Recovery timing
- Loss severity curves
- Re-leasing costs
Module 6. Inter-creditor and participation agreements
Navigate the negotiation and drafting of inter-creditor agreements that define rights and remedies across lending tiers.
12 chapters in this module
- Payment waterfall
- Standstill clauses
- Enforcement rights
- Remedies approval
- Proceeds allocation
- Insolvency protocols
- Amendment consent
- Information rights
- Cost sharing
- Voting thresholds
- Exit coordination
- Transfer mechanics
Module 7. Rating agency considerations
Understand how major rating agencies evaluate capital structure stability, debt service coverage, and credit enhancement layers.
12 chapters in this module
- Moody's criteria
- S&P methodology
- Fitch approach
- Debt service coverage
- DSCR stress tests
- Loan-to-value limits
- Credit support
- Structural subordination
- Single asset risk
- Legal finality
- Bankruptcy remoteness
- Non-recourse carves
Module 8. Investor LP agreement alignment
Align capital stack terms with fund-level LP agreement requirements, particularly around permitted investments and risk thresholds.
12 chapters in this module
- Fund investment limits
- Concentration caps
- Geographic restrictions
- Asset class rules
- Risk rating bands
- Leverage ceilings
- Preferred return
- Carried interest
- Co-investment rights
- Side letters
- Reporting obligations
- Key man clauses
Module 9. Term sheet design and negotiation
Craft term sheets that anticipate structural challenges and position the sponsor and lender for efficient execution.
12 chapters in this module
- Term sheet scope
- Economic summary
- Conditions precedent
- Due diligence list
- Exclusivity terms
- Break fees
- Fees and costs
- Timeline commitment
- Representations
- Termination rights
- Amendment process
- Governing law
Module 10. Sponsor alignment and control provisions
Balance sponsor flexibility with investor protection through control rights, major decision approvals, and operational governance.
12 chapters in this module
- Major decisions list
- Control rights
- Operating partner
- Capital calls
- Exit approval
- Leasing thresholds
- Budget approval
- Property manager
- Insurance selection
- Financing changes
- Asset sales
- Refinancing rights
Module 11. Structuring for exit and refinancing
Design capital stacks with clear exit pathways, including takeout financing, recapitalization, and securitization readiness.
12 chapters in this module
- Exit timing models
- Takeout financing
- Cap rate assumptions
- Recap triggers
- Securitization prep
- CMBS alignment
- Rating agency prep
- Bridge to perm
- Loan extension
- Yield maintenance
- Defeasance
- Prepayment flexibility
Module 12. Real-world deal diagnostics
Review anonymized structures from recent large-scale transactions, identifying strengths, risks, and optimization opportunities.
12 chapters in this module
- Multifamily stack review
- Industrial fund deal
- Mixed-use capital
- Office refinancing
- Hospitality mezz
- Data center pref
- Retail restructure
- Land development
- Student housing
- Senior housing
- Life sciences
- Green bond alignment
How this maps to your situation
- Structuring a new fund investment
- Negotiating a co-lending arrangement
- Designing a term sheet for a $300M+ asset
- Preparing for a rating agency review
Before vs. after
Before
Reliance on precedent deals and internal templates with limited visibility into underlying economic rationale
After
Complete command of capital structure design, with confidence in every tranche's role and behavior under stress
What's included with your purchase
- 12 modules with 12 chapters each (144 chapters)
- Downloadable templates and worked examples for every module
- Hand-built implementation playbook delivered alongside course access
- 30-day money-back guarantee
Delivery and format
- Course and learning environment access provisioned within 24 hours of purchase
- Hand-built implementation playbook delivered alongside course access
Format: Text-based modules and chapters in the Art of Service learning environment, plus downloadable templates and worked examples for every chapter, plus the hand-built implementation playbook delivered alongside course access.
Time investment: 45, 60 minutes per module, designed for completion over six weeks with real-world application
How this compares to the alternatives
Unlike generic real estate finance courses, this program focuses exclusively on the decision logic and artefacts that define senior-level capital structuring in institutional-grade transactions.
Frequently asked
Is this course focused on residential or commercial real estate?
This course is designed exclusively for commercial real estate capital structuring at the institutional level.
How is the course structured?
12 modules, each containing 12 chapters (144 chapters total).
Are the templates customizable to my firm's standards?
Yes, all templates are provided in editable format and can be adapted to your internal documentation requirements.
$199 one-time. 45, 60 minutes per module, designed for completion over six weeks with real-world application.
Within 24 hours your account in the learning environment is provisioned and the tailored implementation playbook is delivered alongside it.
30-day money-back guarantee·
144 chapters·
Hand-built playbook included·
Account access within 24 hours