資源描述：
《real estate projects and mezzanine finance》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫(kù)。
1、7RealEstateProjectsandMezzanineFinanceInreality,abigchunkofwhathasbeendiscussedinthecontextofprojectfinanceandmez-zanineproductsisvalidinthecontextofrealestatefinanceaswell.Atleastaslongasitisdirectlylinkedtotheparticularitieswhicharetheconsequenceofaproject’screditwo
2、rthinessanditsexclusivedependenceonthecashflowsoftheprojectcompany.Theequityownersarethesponsorsoftheproject,potentiallycomplementedwitheternalequityinvestors.Wewillthereforebuildontheprinciplespreviouslydiscussedandfocusmoreontherealestate-specificfeaturesofadeal.How
3、ever,thesystemicapproachwilldefinitelyfeelfamiliarafterhavingreviewedtheprojectfinancechapter.Let’sstartwithanexample:Youaretryingtomodelthedistributionofcashflowsfromarealestateinvestment.Itisessen-tiallyaseriesofcashflowsafterpaymentofdebtservicefrommonth0(closing)t
4、omonth36.Therealestateprojecthastwoinvestors,theInstitutionalInvestorandtheDeveloper.Inthiscase,theInstitutionalInvestorcontributes90%oftherequiredprojectequityandtheDevelopercontrib-utestheremaining10%.Thecashflowisdistributedaccordingtoasetofparametersspecifyingcash
5、flowpercentageallocationsandIRRtargets,knownasthecashflowwaterfall.Aswithallfor-saledevelopmentdeals,theearlycashflowsarenegativeandthenturnpositiveasunitsalesoccur.Inmorerecenttimes,lendershavetendedtostepinonlyifthereis50%pre-sold.Theorderofdistributionofthecashflow
6、remainingafterdebtserviceispaidisasfollows(thewaterfall):Bothinvestorsreceivethereturnoftheirinvestedcapitalfromcashflowdistributions.1.Hurdle1(afterthereturnofequitytobothinvestors),theInstitutionalInvestorreceives90%ofthemonthlycashflowsandtheDeveloper10%,proportion
7、altotheirrespectiveoverallequitycontributions,untilbothinvestorsachievea12%IRR(allIRRstobecalculatedfromdealinception/firstdollarinvested).2.Hurdle2,(afterHurdle1issatisfied),theInstitutionalInvestorreceives60%ofthemonthlycashflowsuntiltheInstitutionalInvestorachieves
8、an18%IRR.3.TheFinalSplit(aftersatisfyingHurdle2)allocatesmonthlycashflow50%toeachinvestor.Onanoverallprojectbasis,theDevelop
