This course deals with the purchase and development of commercial real estate. Mortgage financing is at its core, since purchase, construction and take-out financing, as well as mortgage securitization, are lawyer-intensive aspects of real estate development. The course also focuses on issues concerning the development and management of subdivisions, condominiums, timeshares and shopping centers, with some discussion of hotels and resorts as well. Hawaii's experience with ground leasing is considered. The course goal is to prepare new lawyers to begin practice with law firms, lenders and developers active in commercial real estate.