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  Center for Real Estate News Bulletin Fall 2009
Quick Links
Year in Review
2009-2010 Mentorship Program
Outstanding Design award Winner
CRE-NAIOP Socal Fellowship
Decoding CMBS: Fall Breakfast Speakers Event
Spotlight on Real Estate Curriculum
Center for Real Estate in the NEWS
Spotlight on our Research
Spotlight on our Students
Merage Real Estate Association in the Community
Spotlight on our Alumni
UCI Real Estate Alumni Association
First Annual UCIREA Golf Tournament
Day in the Life Real Estate Series
Events

Real Estate Breakfast Series 2
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.

Center for Real Estate Academic Research Symposium
Surf & Sand Hotel
Laguna Beach
UCI Real Estate Alumni Event:
Boss Talk 2

UCI Campus
Center for Real Estate Spring Board Meeting & Symposium
Location TBD
Real Estate Breakfast Series 3
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.
Please visit our website at www.merage.uci.edu/GO/CRE for updates on our calendar of events.
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kerry Vandell

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Message from Kerry D. Vandell
Director & Dean’s Professor of Finance

Dear Friends of the Center for Real Estate:

As the fall quarter winds down, we thought it would be timely to share some news and developments about the Center's recent activities. Despite California's budget issues and the resulting short-term resource challenges with which our University and Center have been faced, I am very pleased to report that with the real estate community's continued support, we are both maintaining a steady path of progress and building upon our existing program.

One new and important endeavor intended to support our students and bring visibility to UC Irvine's real estate program is the 2009-2010 CRE-NAIOP SoCal Fellowship, which is a prestigious award that offers one promising MBA candidate a significant monetary stipend and an internship at a member company of the NAIOP SoCal Board. Please read our bulletin below for more information about the Fellowship and this year's recipient.

Additionally, the Center is currently working on sponsoring a student team to compete in the eighth annual ULI-Hines Student Urban Design Competition. This prestigious competition offers graduate-level students the opportunity to form their own multidisciplinary teams and engage in a challenging exercise in the design of a responsible urban land-use project. The Center has assembled the required five- member multi-disciplinary team comprised of two MBAs and one Urban Planning student from UC Irvine, plus one Architecture and one Urban Design student from the prestigious Southern California Institute of Architecture in Los Angeles (SCI-ARC). Kevin McKenzie (one of our Center supporters and course lecturers), and I will act as professional and faculty advisors to the team through this rigorous national competition which takes place in January 2010.

Further, as we continuously strive to enhance our curriculum to reflect the dynamic changes of the real estate world, the Center is embarking upon the second year of its unique International Real Estate course, which will build upon its successful maiden voyage last year. Again, we will make use of our Center Conference Room's superb technological features by "bringing the world to us" through our Polycom Videoconferencing system. Guest lectures are planned with the Director of Global Research with Jones Lang LaSalle, the top real estate attorney in Vietnam with Baker & McKenzie, the Executive Director of the Association of Foreign Investors in Real Estate (AFIRE), and others. Center Board members who have an interest in offshore real estate investments are welcome to sit-in on these guest lectures.

Finally, in an effort to keep our donors and key supporters thoroughly informed of their important contributions and the Center's progress, we have published an inaugural 2008-2009 Year in Review. Should you be interested in receiving a copy of this printed report, learn more about the Center and opportunities to join the Center's Board, or support our efforts in any way, please contact Associate Director, Sharon Nakamura-Brown.

On behalf of the Center for Real Estate, I hope that you enjoy reading our Fall Electronic Bulletin. Please note that there are many links to other content located on various websites, so we invite you to click on them. Thank you and as always, please feel free to provide us with any feedback or contact Sharon or me if we can provide you with any assistance.

Sincerely,

Vandell Signature

Kerry D. Vandell
Director
Deans Professor of Finance

YEAR IN REVIEW

year in Review

Over the summer, the Center for Real Estate published its inaugural 2008-2009 Year in Review report to keep its donors and key supporters informed of their contributions and the Center's progress. In addition to a complete summary of our activities over the past year, we are pleased to report the following major milestones.
  • The UC Irvine Paul Merage School of Business now has a real estate specialization which consists of 7 electives within the MBA curriculum. Furthermore, the school is ranked along with USC and UCLA as a "Top Business School with a real estate focus in Southern California" in US News & World Report magazine.
  • In only 2 years, the Center's research program has achieved national recognition through the impressive sponsorship by The Catherine and John D. MacArthur and Rockefeller Foundations of its Housing Symposium which took place this past February.
  • The Center produced and sponsored close to 30 events for its students, faculty, alumni, and industry professionals. These events include our most successful fundraiser to date with the 2008 Real Estate Awards Dinner, our popular Breakfast Meetings, our exclusive board member events including our one and a half-day Spring Board Meeting held at the Resort at Pelican Hill, and the new Distinguished Executive in Residence program.
Should you be interested in receiving a copy of this printed report, learn more about the Center and opportunities to join the Center's Board, or support our efforts in any way, please contact Associate Director, Sharon Nakamura-Brown at Sharon.nakamura@uci.edu.

2009-2010 MENTORSHIP PROGRAM

2009-2010 mentorship program

The Center for Real Estate is kicking off the 2009-2010 school year with the continuation of the Real Estate Mentorship Program. Since its conception three years ago, the Real Estate Mentorship Program has been the largest subscribed mentorship program of its kind at The Paul Merage School of Business. 140 Merage School student applicants were interviewed last October by the Merage School's Center for Leadership and Team Development to determine which industry area would be best suited for them, with a large number of very good applicants expressing interest for placement within the real estate industry. We are now in the process of procuring real estate board members and industry leaders to serve as committed mentors to these select real estate mentees. We want to invite and encourage you and/or your co-workers' participation in this program, as it has proven to be one of the most valuable experiences that our students take away. The pairing of the mentors and mentees should be completed by mid-January. This year's Mentorship Program will be integrated once again into The Paul Merage School of Business' School-wide Mentorship Speakers Series. This three-part program consists of a Program Kick-Off event in January featuring networking, a guest speaker and a detailed orientation; the second Mid-Point Mixer event in the spring will feature a guest speaker addressing leadership and team development; and their final Appreciation Breakfast in October will review the year and acknowledge participants for the work they have done. For more information about the Mentorship Speakers Series please contact Melissa La Puma at mlapuma@exchange.uci.edu. To become a real estate mentor, please contact Megan at Zfaty mzfaty@uci.edu.


OUTSTANDING DESIGN AWARD WINNER

out standing design award winner

We are pleased to announce that the recently built Center for Real Estate facility was recognized by the American School and University publication as an "Outstanding Design" Award winner. The Center was designed by HMC Architects of San Diego. The publication noted the Center's new facilities which display the progressive office environment through its flexible multi-use spaces, high-tech resource library, and its open area flow-thru transitions. The publication also praised the Center's design for its excellent use of light and its subtle architectural design. Special thanks to John Clarke, Assistant Dean & CIO at the Merage School of Business, who chaired the School's Building Committee and made this award possible.


CRE-NAIOP Socal Fellowship

CRE-NAIOP Socal Fellowship

The Center for Real Estate and NAIOP SoCal, the region's leading commercial real estate organization, are pleased to present Josh Needle, a Fully-Employed MBA student specializing in real estate and finance, as the first recipient of the 2009-2010 CRE-NAIOP Fellowship. Josh will receive a tuition award of $7,500 and will have the opportunity to become an intern at a NAIOP SoCal member company. We are especially thankful for the commitment of NAIOP and Tom Sherlock – President of NAIOP SoCal – in supporting the Center's important student development and recruitment efforts and making this fellowship a reality. Please CLICK HERE to view news and press on the 2009-2010 CRE NAIOP Socal Fellowship.


DECODING CMBS: FALL BREAKFAST SPEAKERS EVENT

DECODING CMBS

The Center for Real Estate hosted its first Breakfast Series of the academic year on October 7, 2009 at the Pacific Club in Newport Beach. The topic was titled "Decoding CMBS: A Primer for Borrowers and Buyers" and featured panelists: Warren de Haan – Partner of Coastal Capital Partners, Thomas F. Nolan – Senior Managing Director of CW Capital Investments, LLC, Richard P. Ormond – Shareholder of Buchalter Nemer, and Gregg Williams - Principal Receiver of CWP Advisors. The first of the three-part series was moderated by Frank Jansen – Senior Vice President of Chicago Title Company. The event provided great insight into the structure of CMBS securitization, loan sales, and workout strategies. The panelists discussed opportunities in the CMBS market and detailed strategies to profit from them. The Center would like to thank the panelists and moderator for the informative dialogue they provided. For more information about our next Breakfast Series event on January 20, 2010, please contact Cynthia Fusco at 714/979-9131, ext. 227 or via email at cfusco@cgfassoc.com.


SPOTLIGHT ON REAL ESTATE CURRICULUM

spotlight on real estate curriculum

Over the last several decades, securitization has played an increasing role of importance in the real estate world. As such, the Paul Merage School of Business offers the Mortgage-Backed Securities and Structured Debt course in the 2010 Spring Quarter taught by Professor Kerry Vandell. The purpose of the course is to provide students with a solid understanding of the theoretical and institutional developments in the securitization market. The first section of the course focuses on the technical analysis of mortgages and mortgage products, including the estimation of prices, yields, and various other measures of investment performance. The primary focus of the course is to provide an in-depth analysis of the operations of both the residential and commercial mortgage-backed securities markets (RMBS, CMBS). The course also covers the investors in MBS products, and the evolving structured finance market, including mezzanine financing, collateralized debt obligations, and related vehicles. The course concludes with a class examination of the future opportunities that currently exist in today's market and reviews the recent events that indicate the type of change most likely to occur. Additionally, guest lecturers from PIMCO and other institutions who are closely involved in the MBS securities market are brought in to provide their perspective on selected industry topics. To view a complete description of our real estate course offerings, please CLICK HERE.


CENTER FOR REAL ESTATE IN THE NEWS

center for real estate in the NEWS

The Center for Real Estate has received the following recent media coverage from a number of sources. We invite you to read the full stories by clicking on the titles, which are hyperlinked to the source websites. The articles range in topic from Dr. Kerry Vandell's perspective on home price trends to coverage on the creation of the CRE-NAIOP Fellowship Award. We also invite you to read the 2009-2010 issue of the School's Merage Magazine which includes a number of articles related to the Center for Real Estate. Please
CLICK HERE to download a pdf copy of the 2009-2010 Merage Magazine.

SPOTLIGHT ON OUR RESEARCH

SPOTLIGHT ON OUR RESEARCH

The Center is completing a white paper of the research findings from our second Annual Research Symposium -"Housing after the Fall: Reassessing the Future of the American Dream," which took place last February. The synthesis will take a comprehensive look at the symposium's findings and distill it to discern the most desirable future structure of the housing and mortgage markets, neighborhoods, and cities. The paper provides recommendations for each topical area of discussion – secondary markets, derivatives, mortgage products, and homeownership policy, among others. The intended audience for this paper is not simply the academic and policy research communities; it is hoped that it will be of direct use to professionals in the housing and mortgage sectors, legislators, officials of the executive branch, and other policy makers.


SPOTLIGHT ON OUR STUDENTS

SPOTLIGHT ON OUR STUDENTS

Josh Needle is a fully-employed MBA student at the Paul Merage School of Business. Josh is Co-Founder of UCI's Real Estate Alumni Association (UCIREA), serves as the organization's Co-Chair, and has been honored as the first CRE-NAIOP Fellow. He graduated from the University of Colorado, Boulder where he received a BS in business and was selected to join Beta Gamma Sigma – an international honor society for business scholars. He holds a certification in Light Construction and Development Management, as well as his Series 6, 26, 63, and 65. Following his graduation from the University of Colorado, Josh worked as a financial advisor to families and small businesses and as a management consultant to Fortune 500 companies. Josh currently is a Senior Analyst for Business Development at the Bascom Group, LLC – a private equity firm specializing in value-added multi-family real estate investments. In his role at Bascom, Josh is responsible for the growth of new business models and ventures under the umbrella of, and as an extension to, the Bascom brand.


MERAGE REAL ESTATE ASSOCATION IN THE COMMUNITY

real estate assocation

The Merage Real Estate Association (MREA) and UCI's Real Estate Alumni Association (UCIREA) organized a team for the 9th Annual Buchanan Street Partners' Challenge for Children event on September 18, 2009. The multi-sport competition drew in over 400 real estate professionals including real estate programs from USC, UCLA, UC Berkeley, and UCI. The event raised hundreds of thousands of dollars to raise awareness and financial support for children in need. This is the second year that UCI had a team participate in the competition, and already it was able to reach the quarterfinals of the basketball tournament. The MREA/UCIREA team looks forward to participating again next year and would like to thank its team's sponsor, Ranney Draper and his firm, Spring Creek Investors, without whose support UCI's participation in this event would not be possible.


SPOTLIGHT ON OUR ALUMNI

SPOTLIGHT ON OUR ALUMNI

Sara Rollins received her BS from the School of Social Sciences and MBA from the Paul Merage School of Business at UC Irvine. Following graduation, she began her career working as a financial analyst for McDonnell Douglas Finance Corporation. During her time there she worked in a variety of areas including finance, strategic planning, and real estate as Director of Real Estate Finance. In Sara's real estate finance role, she oversaw a portfolio of real estate loans and foreclosures in excess of $300 million. She was responsible for loan servicing, property disposition, and asset management of real-estate-owned property. After ten years, Sara moved over to Douglas Aircraft Company where she also held a number of esteemed positions including Director of Aircraft Sales and Finance, Director of European Commercial Aircraft Sales, and in 1997, Sara joined CB Richard Ellis as Managing Director of the Financial Consulting Group in their Newport Beach office. Sara is responsible for providing financial and analytical corporate advisory services to clients. The primary services her group provides are financial impact modeling, accounting and tax issues, and the production of documented support on lease analysis, lease comparisons, and valuation for disposition. Over the last year, Sara has assisted with closing over $1 billion in transactions – with properties ranging in size from 2,000 ft2 to 600,000 ft2 with all asset classes represented.


UCI REAL ESTATE ALUMNI ASSOCIATION

UCI REAL ESTATE ALUMNI ASSOCIATION

The UC Irvine Real Estate Alumni Association (UCIREA) presented its first "Boss Talk" event of the academic year on December 9, 2009 at the UC Irvine campus. The event is titled "Grinding it Out: Operating and Leasing Real Estate in Today's Market." The event features panelists: Barry Katz – Senior Managing Director of Asset Service (Western Division) CB Richard Ellis, Jeff Ingham – Executive Vice President, Jones Lang LaSalle, and Brad Neglia – Senior Vice President LBA Realty. The Boss Talk series provides the opportunity for alumni, students, and local real estate professionals to network as well as receive perspectives from real estate executives on issues impacting the local real estate industry. The series is one of several events planned by UCIREA to provide the real estate community with an opportunity to connect with the university. To learn more about UCIREA, which is open to all members of the real estate community, please visit: www.ucirea.org, or
e mail: alumni@ucirea.org.


FIRST ANNUAL UCIREA GOLF TOURNAMENT

FIRST ANNUAL UCIREA GOLF TOURNAMENT

On October 14, UCIREA organized its first annual alumni and friends tournament which took place at Tijeras Creek Golf Club in Rancho Santa Margarita. This fun and successful event was attended by close to 80 alumni, current students and friends who enjoyed the beautiful surroundings and a leisurely golf outing with new and old friends. The tournament was extremely well organized and concluded with a reception and Mexican dinner buffet at the club house overlooking the golf course. Special thanks to Pacific Life and Alex Rapoport for their valuable assistance on this event. To learn more about UCIREA, which is open to all members of the real estate community, please visit: www.ucirea.org, or e-mail: alumni@ucirea.org.


DAY IN THE LIFE REAL ESTATE SERIES

DAY IN THE LIFE REAL ESTATE SERIES

The Center for Real Estate organized the School's first "Day in the Life (DITL)" session which took place on October 31 at UC Irvine's Paul Merage School of Business. The DITL series provides MBA students with the opportunity to clarify their career goals through exposure to successful professionals from a variety of industries, functions and career paths. Together with the School's MBA Career Center, the Center for Real Estate presented a real estate panel which included David Kim, Co-Founder of The Bascom Group, Susan Vavak, Director of Receivership Management at Thomas Seaman Company and James Gergurich, Senior Tax Associate at KPMG. Approximately 40 students participated in this informative session where they had the opportunity to gain personal insights and poignant advice on career development and trends in the industry. DITL is a great way for companies and organizations to get involved on campus, to gain exposure to students, and participate in a meaningful program at UC Irvine. For more information about the School's Day in the Life Series, please contact Josie Tran at jtran@merage.uci.edu.


2009-2010 CALENDAR OF EVENTS

January 20, 2010:

Real Estate Breakfast Series 2
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.

February 18 -19 2010:

Center for Real Estate Academic Research Symposium
Surf & Sand Hotel
Laguna Beach

February 2010:

UCI Real Estate Alumni Event: Boss Talk 2
UCI Campus

March 18-19, 2010:

Center for Real Estate Spring Board Meeting & Symposium
Location TBD

May 5, 2010:

Real Estate Breakfast Series 3
Pacific Club, Newport Beach
7:30 a.m. – 9 a.m.


Please visit our website at www.merage.uci.edu/GO/CRE for updates on our calendar of events.