Columbia
Business
School


Real
Estate
Finance
(B8314)

Professor
Neng
Wang

Fall,
2010



CASE
3:
Graybar
Syndications

Due
date:
December
6,
Monday
in
class

TA:
Brendan
Fay

Office
hours:
TBA



Assignment:
Perform
your
analysis
using
the
top‐down
(“box/balance
sheet”)
approach

as
in
your
other
cases.
Describe
the
financial
structure
of
the
deal
and
understand

financial
positions
(risk
&
return
properties
of
cash
flows
rights)
for
various
parties

involved
in
the
deal.
Analyzing
the
payoffs
of
other
parties
makes
your
analysis
for
the

GBA
easier
and
more
transparent.
You
do
not
need
to
answer
the
questions
asked
in
the

case.
Make
your
recommendations
as
if
you
were
investing
for
yourself.




The
case
write‐up
is
to
be
no
more
than
two
pages,
single‐spaced,
plus
up
to
four
pages

of
exhibits.
(Font
must
be
at
least
11
point
and
pages
must
have
1"
margins.)
At
the

front
of
the
write‐up,
you
should
have
a
cover
page
with
an
executive
summary
of
your

recommendations.
This
cover
page
does
not
count
in
the
page
limits.
The
executive

summary
can
be
in
a
paragraph
form,
or
have
a
number
of
bullet
points
(preferred

format).
It
should
be
short,
no
longer
than
about
one‐third
of
a
page
of
text,
or
about
5

bullet
points.
This
front
section
should
summarize
your
view
about
this
deal
in
a
concise

manner.
The
text
of
your
write‐up
should
explain
the
deal
structure,
the
financial
claims

for
various
players,
specific
financial
calculations,
as
well
as
a
set
of
specific

recommendations
based
on
the
qualitative
and
quantitative
aspects
of
the
case.
Be
sure

to
provide
recommendations,
not
just
a
general
analysis
of
the
case.
Exhibits
can

contain
specific
financial
information
and
calculations,
(boxes
and
diagrams
if
you

choose
so)
but
should
not
include
any
extensive
text
and
is
intended
strictly
to
support

the
main
arguments
and
analysis
in
the
text.
All
financial
information
in
the
exhibits

should
be
clearly
presented,
along
with
all
relevant
assumptions.