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CRE Finance World Summer 2015
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early one year ago, CREFC launched an ambitious initiative
to revamp our education platform and integrate, in a
strategic and structured way, young commercial real
estate finance professionals into CREFC.
A strategic plan was developed which specifically focused on providing
quality and innovative educational content to the commercial real
estate finance space.
Our goal is to broaden the competency levels of our industry’s
young professionals with respect to many different aspects of
CRE finance.
The first step in revamping the platform was to produce educational
materials that provided a comprehensive overview of different types
of CRE lending products. Guiding us in this process is an education
survey of CREFC members conducted in 2014 which probed the
level of demand for educational products and programming and
the best format in which to deliver them .
The survey results clearly indicate that the robust demand for
professional development and education materials in the CRE
finance space. The best place to begin reaching our goal was to
improve upon existing education content. That led to our decision
to re-write the CREFC CMBS E-Primer and develop a series of
E-Primers on other types of lending within the CRE finance industry.
These E-Primers are timely, comprehensive educational resources
in a convenient e-book format. CREFC contracts with graduate
school professors from some of the leading real estate programs
in the country to prepare the materials. The professors are guided
by subject matter experts from our Education Committee.
The educational content will be hosted on a new education learning
management system platform. This system will allow us to sell the
products on an individual basis or as a company license so they can
be incorporated into firm employee training programs; particularly
the CMBS E-Primer.
The E-Primers will eventually become program content for our
breakfast and after work education events for young professionals.
CREFC members are a crucial part of the development and review
of these E-Primers. Representatives of the High Yield Distressed
Realty Assets Forum and the GSE Multifamily Forum serve in an
advisory capacity to address critical topics and issues to include
in our educational materials. They also guide the professors in
the shaping of the E-primer content and presentation as well as
provide editorial oversight.
This summer, we will develop an Underwriting Principles E-Primer
based off of the existing CREFC – Principles-Based Underwriting
Framework resource. The E-Primers are intended to benefit: those
who are relatively new to this industry; new entrants to the market
who may be seasoned investors in other asset classes; more expe-
rienced employees who wish to improve their competency across
a wide variety of disciplines within the industry, or professionals
seeking to fill a knowledge gap.
The CREFC Education Series will cover the following:
CREFC CMBS E-Primer
• An Overview of CMBS
• CMBS History and Evolution
• Originating and Underwriting Commercial Mortgages for CMBS
• Structuring
• AAA Rated CMBS Securities
• Investing in Mezzanine CMBS
• Investing in IO
• Investing in B-Piece CMBS
• Closing CMBS Transactions, Parties, Key Documents and Servicing
• An Overview of the Taxation Of REMICs
• CMBS Subordinate Debt
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CREFC Education: Where
We Are…Where We’re Going
Sara Thomas
Director, Education Initiatives
CRE Finance Council
CREFC FOCUS