About The Course

Top Shelf® Academy’s Real Estate Senior Living Development Certification Course is composed of 10 chapters created to teach you about topics like Revenue, NOI, and much more. By completing this certification, you will gain the knowledge required in the real estate industry as well as add value to your resume when applying for jobs.

Requirements and Benefits

  • Requirements

    Purchase the course and go through each module to review all of the provided lessons. You will be prompted to complete short quizzes for each module before going on to the next one. Once you have gone through the entire course, take the Certification exam. Good Luck!

  • Benefits

    Enhance your industry knowledge, boost your resume, and show off your new certification on your LinkedIn profile. You will even have the opportunity to upload your resume to our resume book that we will send to top private equity companies!

  • Key Notes

    In this course, we will thoroughly explain the fundamentals of senior living development in real estate. The course will also explain how to apply those fundamentals to underwriting.

Student Reviews

Flexible Learning Style

Jake K.

The quizzes are really beneficial to test your knowledge. I like that there is a quiz at the end of each section so you can recap everything you've learned.

Helped Boost My Resume!

Sarah M.

This certification really helped boost my resume! Once I added it to my resume & LinkedIn profile, more companies started reaching out to me. It has also given me an easy way to demonstrate my knowledge in interviews.

Course Curriculum

  • 1

    Welcome to Top Shelf® Academy's Real Estate Senior Living Development Certification

  • 2

    Chapter 1: Unit Mix

    • Chapter 1: Unit Mix

    • Unit Mix

    • Case Study 1

    • Case Study 1 Questions
  • 3

    Chapter 2: Construction Budget

    • Chapter 2: Construction Budget

    • Land Costs

    • Hard Costs

    • Soft Costs

    • Hard/Soft Cost Contingency

    • Case Study 2

    • Case Study 2 Questions

    • Hard Cost Curves

    • Types of Hard Costs

    • Pre-Leasing

    • Sources and Uses - Development

    • Operating Deficit

    • Development Spread and Yield on Cost

    • How to Secure Capital for Development Projects
  • 4

    Chapter 3: Lease Up

    • Chapter 3: Lease Up
  • 5

    Chapter 4: Revenue

    • Chapter 4: Revenue

    • Market Rent

    • Current Rent

    • Scheduled Base Rental Income

    • Concessions

    • Non-Revenue Units

    • Other Income

    • Bad Debt

    • General Vacancy and Credit Loss

    • Occupancy

    • Cash Flow after Vacancy and Reserves

    • Effective Gross Income

    • Case Study 3

    • Case Study 3 Questions
  • 6

    Chapter 5: Expenses

    • Chapter 5: Expenses

    • Operating Expenses

    • Operating Expense Ratio

    • Gross Profit Margin

    • Management Fees

    • Real Estate Taxes

    • Case Study 4

    • Case Study 4 Questions

    • Assessed Value

    • Millage Rate

    • Utilities

    • Wages

    • Repairs and Maintenance

    • Administrative Expenses

    • Advertising and Promotions

    • Franchise Tax
  • 7

    Chapter 6: NOI

    • Chapter 6: NOI

    • Net Operating Income

    • Going In Cap Rate

    • Core Investments

    • Value-Add Investments

    • Opportunistic Investments

    • Back of the Envelope Analysis

    • Discounted Cash Flow

    • Depreciation
  • 8

    Chapter 7: Gross Sales Proceeds

    • Chapter 7: Gross Sales Proceeds

    • Cap Rates

    • Cap Rate Compression

    • Gross Sales Proceeds

    • Disposition Costs

    • Net Exit Proceeds

    • Sensitivity Table for Cap Rate vs. Hold Period

    • How to Determine Exit Date

    • Case Study 5

    • Case Study 5 Questions

    • Verifying your Exit Assumptions Makes Sense

    • What to Look for in Your Exit Month

    • Forward 12 vs. Trailing 3 NOI
  • 9

    Chapter 8: Unlevered Cashflows

    • Chapter 8: Unlevered Cashflows

    • Acquisition Basis

    • All-in Basis

    • Closing Costs

    • Equity Placement Fee

    • Stabilized Returns

    • Sources and Uses - Acquisition

    • NOI Offset

    • Equity Market

    • Peak Capital

    • IRR

    • Case Study 6

    • Case Study 6 Questions

    • Equity Multiple

    • Net Profit

    • Cash on Cash Returns

    • Unlevered Cash Flow
  • 10

    Chapter 9: Levered Cashflows, Part 1

    • Chapter 9: Levered Cashflows, Part 1
  • 11

    Chapter 10: Levered Cashflows, Part 2

    • Chapter 10: Levered Cashflows, Part 2

    • Senior Debt

    • Construction Debt

    • Mezzanine Debt

    • Refi Debt

    • Bridge Loans

    • Mini Perm Loans

    • Land Loan

    • HUD Loans

    • Debt Proceeds

    • Levered Cash Flow

    • Drawdowns

    • Cash Sweeps

    • Loan Origination Fees

    • Amortization

    • Interest Expense

    • Exit Fees

    • Defeasance

    • Prepayment Penalty

    • Working Capital Release

    • Interest Reserves

    • How to Calculate Interest Expense

    • Fixed vs. Floating

    • LIBOR Rate

    • Debt Service Coverage Ratio (DSCR)

    • Debt Yield

    • LTV and LTC

    • Case Study 7

    • Case Study 7 Questions

    • Types of Lenders
  • 12

    Final Exam

    • Senior Living Development Certification Exam

Start the Course Today

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