Boutique investment bank advising real estate operating companies and GPs on capital raises.
Most pro formas built between 2015 and 2021 carried one silent assumption: exit cap rates at or below entry. That assumption is gone, and the models that still lean on it are producing fiction. Three Inputs to Re-Examine Start with the exit cap — underwrite it flat to entry at…
Two years ago, the median emerging manager ran their entire acquisitions pipeline out of spreadsheets and a shared inbox. Today, the best of them have something closer to a quant desk: automated comp pulls, AI-drafted investment memos, and underwriting models that update…
Hard costs spiked, partly retraced, and settled into a new normal that is neither the old baseline nor the peak. Underwriting either extreme gets you a wrong number. Labor Is the Sticky Part Material prices are volatile but mean-reverting. Skilled labor is the structural…
Landscape hotels, glamping clusters, twenty-key design resorts: demand is documented, returns are strong, and yet the category sits in a capital no-man's-land — too small for institutional hospitality money, too operational for most real estate funds. Who Fills the Gap The…
The distribution waterfall is where the money is decided, and it is written in language designed to intimidate. Strip the jargon and it is just a set of priority rules for who gets paid in what order. Return of Capital, Pref, Promote First, investors get their money back. Then…
When deals routinely cleared high hurdles, promote was an afterthought. With returns compressed, the promote structure is once again a live negotiation between sponsors and LPs. Lower Hurdles, Tighter Tiers LPs are pushing for higher preferred returns before any promote, and…
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