Real estate underwriting
How cash-flow assumptions, sensitivities, and exit expectations are tested before capital is committed.
Insights
Perspective on transactions and capital.
Original analysis on real estate underwriting, joint venture structuring, private capital, risk, and transaction execution. Articles are published selectively, and only where there is direct, relevant experience to draw on.
Articles
Published and in preparation
Each article addresses a defined question of structure, underwriting, or execution, and is published at its own permanent URL. Articles marked as drafts are outlines only: they are excluded from search indexing until the content is reviewed and approved.
- Family office considerationsDraft — under review
How Family Offices Evaluate Real Estate Development Risk
How single family offices assess entitlement, construction, capital and sponsor risk before committing to a real estate development position.
- Joint venture structuringDraft — under review
Structuring LP/GP Economics: Preferred Returns, Promote and Control
A practical look at preferred returns, promote tiers, catch-up mechanics and control rights in real estate joint ventures between sponsors and capital.
- Real estate underwritingDraft — under review
The Real Cost of Permitting and Construction Delays
How permitting and construction delay compounds through carry, escalation, financing terms and exit timing, and how underwriting can account for it.
- Transaction executionDraft — under review
What Must Be Reconciled Before Real Estate Capital Is Committed
The reconciliations between business plan, budget, debt terms and legal documents that should close before real estate capital is committed.
- Capital formationDraft — under review
Seller Financing, Land Debt and the Path to Shovel-Ready
How seller financing and land debt are structured to carry a site through entitlement and design to a shovel-ready position without impairing takeout.
Editorial scope
Subjects covered
No general market predictions, performance claims, confidential transaction detail, or promotional content.
Joint venture structuring
Promote structures, waterfalls, contribution mechanics, and governance between sponsors and capital partners.
Capital formation
Sequencing senior debt, subordinate capital, and equity against the risk profile of an asset or business plan.
Family office considerations
How single family offices evaluate direct real estate exposure alongside broader portfolio objectives.
Transaction execution
Diligence coordination, issue resolution, and the path from term sheet to definitive documentation.
Risk allocation
Where risk sits between sponsor, lender, and investor, and how documents reflect that allocation.
Miami real estate
Observations on South Florida market conditions, capital flows, and development activity.
Cross-border investment
Practical considerations for European and Latin American capital entering United States real estate.
Publication
First articles in preparation.
Articles are drafted, reviewed, and published individually. In the meantime, the real estate and transactions page sets out the scope of work, and enquiries can be directed through the contact page.