PRE Students Secure Summer Internships
One of the advantages of the two year structure of the Program in Real Estate (PRE) at Cornell University that it enables students to participate in summer internships in fields such as private equity, investment banking, commercial and residential development, securitization, and others. The PRE class of 2012 is busy securing internships for this summer, and many have accepted positions that provide for excellent future opportunities. Connor MacLennan, PRE 2012, commented, “I was able to find exactly what I was looking for in a summer internship. Although it took a lot of phone calls, emails and informational interviews, the process of creating a strong professional network has been highly rewarding.” Highlighted below are three students, Connor MacLennan, Hugo Medina and Leonard DeStefano, who have obtained internships in private equity, commercial lending and CMBS lending respectively.
Connor MacLennan - 2012 PRE
Company: Real Capital Solutions
Location: Denver, Colorado
Company Description: Real Capital Solutions is a real estate private equity firm that adds value to distressed real estate assets using capital infusions and solving cash flow problems through years of on the ground experience. They have an excellent history of strong returns with investments in retail, office, multifamily, condo conversions and since 2008 have been actively acquiring land and residential community assets in special situations.
Position Description: Connor will be providing acquisitions support to the Homebuilder Capital Solutions (HCG) group. HCG provides solutions to lenders which want (or are required to get) problem loans off their books, investment banks which have homebuilding clients in need of capital, and homebuilders in need of working capital or new management blood to help them manage land inventory. Connor will research markets and local partners, source distressed residential opportunities, underwrite potential transactions, and provide due diligence on potential investments.
Hugo A. Medina – PRE 2012
Company: Wells Fargo - Real Estate Capital Markets
Location: New York, New York
Company Description: Wells Fargo Real Estate Capital Markets offers financing for stabilized properties to individual and institutional real estate investors and developers. This includes flexible financing for a variety of stabilized properties and customized permanent debt financing options through portfolio and CMBS-executed loans.
Position Description: Hugo will be working with the Real Estate Capital Markets Group in the role of Summer Analyst. His primary responsibilities will include: Analyzing deal structures and providing pricing guidance for complex multi-million dollar transactions. Researching specific real estate markets to assess market demand, potential for demand and rate growth, competitiveness of comparable properties, and risk presented by new supply. Assembling complex financial models that identify the potential financial performance of an asset, underwriting risks associated with demand, rate, expenses, and supply. Reviewing and assisting in negotiating loan agreements and ancillary documents related to the closing of transactions.
Leonard DeStefano - 2012 PRE
Company: UBS
Location: New York, New York
Company Description:
UBS’s Investment Bank provides securities and other financial products and research in equities, fixed income, rates, foreign exchange and precious metals. It also provides advisory services as well as access to the world’s capital markets for corporate, institutional, intermediary and alternative asset management clients.
Position Description:
UBS’s Summer Internship Program lasts 10-12 weeks and begins in June. Lenny will be exposed to loan origination, underwriting, and securitization of commercial real estate loans in UBS’s commercial mortgage backed securities group. In addition to the experience and education acquired on the job, Lenny will also have the opportunity to participate in educational seminars, weekly classes, networking events, and a division-wide speaker series which gives interns insight to various areas of the bank.
For more information on internship opportunities available to PRE students please visit http://realestate.cornell.edu/index.php/career/placement_services/internship.