Kuhn Real Estate Center
“Real estate has gone from being a second class citizen in the academic world to a more defined area of study since its entry into the public debt and equity markets. Although finance is still the foundation for all business, those who come out of school with expertise in both will be invaluable to the real estate community.” –James D. Kuhn
Mission
The James D. Kuhn Real Estate Center:
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Serves as an inspirational catalyst for faculty activities in the discipline of real estate
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Gives students the opportunity to integrate their education in finance with an education in real estate
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Provides real estate professionals with indispensable training and resources to support and facilitate research on real estate.
The skills needed to succeed within the real estate industry are now adapting into international networks, and the study of finance and real estate are merging to produce optimal results. With activities and scholarship from the Kuhn Real Estate Center, Whitman students will have the understanding of how these two fields integrate, making Whitman graduates potential innovators in the field.
The James D. Kuhn Real Estate Center at the Whitman School of Management was inaugurated in 2006 by a generous donation from Whitman alumnus James D. Kuhn ’70 BS ’72 MBA, president of Newmark Knight Frank, the fourth largest global real estate brokerage firm in the world. Kuhn also established the Leo and Sunnie Kuhn Scholarship for students interested in the studies of real estate.
Real Estate Courses
Real Estate Finance and Investment
Real Estate financial markets are rapidly changing, with new instruments and ideas introduced every day. The emphasis of this class it to prepare students to tackle any new instrument and understand any new innovation that might be introduced to the market, understanding why and how people make money in the field. The course provides a broad coverage of real estate investment, finance, and valuation information, including different measures of investment performance, the impact of the financing decision on real estate investment risks and return, and various real estate financing techniques.
Real Estate Capital Markets
Real Estate Capital Markets surveys real estate debt and equity instruments. Students enrolled in the course analyze primary and secondary mortgage markets, mortgage banking, loan instruments, mortgage securitization, and lender and borrower decisions regarding real estate financing. In this course, students gain a thorough understanding of the use of debt to finance property investments, the measurement of the returns and risks of mortgage instruments, and the securitization of residential and commercial mortgages.
Real Estate Principles
The emphasis of Real Estate Principles is on developing valuation and decision-making skills, introducing students to the business of real estate, including roles, activities and players, terminology, transaction processes, and how the tools, concepts, and models in real estate are used in decision-making.
The Real Estate Development Process
Topics include market studies; project site selection; feasibility analysis; sources of capital and various financing structures; the pro forma; legal concepts; design; land use review; governmental agencies; project management; and marketing, leasing, and tenant placement. Case studies are used throughout the seminar.
Capstone Project
This course integrates and applies all of the prior course work taken, engaging the student in the production of a professional quality project or proposal. Capstone projects are the principal assessment device to evaluate each student’s understanding of the discipline. In each case actual market data and industry resources are researched and employed in the creation of an investment-related product specific to real estate concentration.
International Real Estate
This course studies the ownership, transfer, and use of real estate in an international context. Problems of site selection, brokerage, risk management, and asset maintenance in countries representing various political ideologies and differing stages of economic development are considered. Variables examined include systems of ownership, customs, the respective roles of public and private sectors, taxation, finance, development controls, development patterns, and market data. Selected examples are used to demonstrate the processes and risks involved in international transactions and investments in real estate.
Special Topics in Real Estate
Group study of selected topics from the field of real estate such as real estate law, real estate management and marketing, and real estate economics.
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