Contributor
Chicago, IL
Head of debt capital markets at Northwind Capital. 15 years arranging senior and mezzanine debt for value-add sponsors.
A typical operator runs a property-management system, a separate accounting package, a leasing CRM, a maintenance app, and a handful of spreadsheets that quietly hold the truth. None of them talk to each other cleanly. The Integration Premium The companies winning in proptech…
Minneapolis became the case study everyone cites and few read carefully. The reform was real, the effects were measurable, and the lessons are more nuanced than either side admits. Supply Responds — Slowly Ending single-family-only zoning did not unleash an overnight building…
Debt service coverage ratio — DSCR — measures whether a property's income comfortably covers its loan payments. It is the first number a lender checks and the one that sizes your loan. The Cushion the Lender Wants A DSCR of 1.25 means income is 25% above the debt payment — a…
Landlords competing for shrinking tenant demand have poured capital into amenities — lounges, gyms, conferencing, food. The race is real, but the returns on it are not infinite. Diminishing Returns The first wave of amenities drove leasing. The latest wave increasingly just…
Before a single home sells in a greenfield district, someone must fund the roads, water, sewer, and power. How that upfront infrastructure gets financed quietly determines whether the whole project is viable. Districts, Bonds, and Patience Special districts, municipal bonds, and…