The Advanced Real Estate Equity Waterfall Modeling Class

Advanced Real Estate Equity Waterfall Modeling: Master JV Structures & Investor Returns

Learn to build sophisticated financial models for common commercial real estate JV equity partnership structures in this comprehensive course. Understand how different waterfall models impact returns for all investors in a deal.

This course is led by Justin Kivel, a seasoned professional with over $1.5 billion in closed commercial real estate transactions, having worked with leading investment, brokerage, and lending firms. Justin has spent nearly a decade in the industry and has trained tens of thousands of students in real estate financial modeling and analysis through Break Into CRE.

This practical, hands-on guide provides a deep understanding of how JV equity waterfall structures function in real-world scenarios and teaches you how to build financial models to accurately allocate cash flows between investors.

What You'll Learn:

• Cash-on-Cash Waterfall Model: This model incorporates a preferred return and promoted interest using cash-on-cash hurdles during operations. Explore the GP's opportunity to earn promoted interest upon property sale.
• Dual-Preferred Return Waterfall Model: Understand how two preferred returns, utilizing IRR and equity multiple hurdles, impact distribution structures. Learn when the GP earns promoted interest.
• GP Catch-Up Waterfall Model: Master the "Catch-Up" clause, distributing distributions above an IRR-based preferred return hurdle based on defined terms. See how this impacts maximum GP allocation.
• GP Catch-Up With Clawback Waterfall Model: Explore the "Catch-Up" structure combined with an LP clawback mechanism. Learn how promoted interest is returned to the LP if preferred return hurdles aren't met.

Who Should Take This Course?

This course is ideal for:

• Individuals seeking a job at a real estate private equity firm and needing to model various waterfall structures.
• Those raising capital for their own real estate deals and seeking the optimal partnership structure.
• Anyone wanting a deep dive into real estate financial modeling and investment analysis.

What Students Are Saying:

• "Very clear explanations! I like the repetition through the different examples to embed learning. It's also helpful to say which shortcuts you are doing so that this becomes second nature."
• "This is amazing training. It covers those hands-on things which are hard to get without being into the CRE business. Very detailed, error-less explanation of complex scenarios."
• "Unbelievable course. I spent the weekend working through this and the prerequisite Equity Waterfall Modeling Master Class. This was the practical deep dive I needed to compliment my real world and academic exposure to Real Estate Private Equity."
• "Fantastic course, and just like with Justin's other courses: crammed with great content and hands-on application. No fluff. Just into the materials and the mechanics. This course is rather advanced, but it covers a lot of different techniques, methods, and concepts."

Ready to master real estate equity waterfall modeling? Click "Buy Now" to get started!