Comprehensive underwriting for acquisitions, refinancing, and dispositions, built around investor, lender, or broker requirements. This includes validating assumptions, reviewing pricing, sizing debt, analyzing returns, and identifying key risks before capital is committed.
Underwriting ground-up, redevelopment, Build-to-Rent (BTR), and Build-to-Suit (BTS) projects by modeling development budgets, sources and uses, construction timelines, lease-up or pre-leasing assumptions, and stabilization outcomes to assess feasibility, capital needs, and risk-adjusted returns.
High-level underwriting to rapidly screen new opportunities using key assumptions, return benchmarks, and downside checks. Designed to help teams quickly decide whether to pursue, renegotiate, or pass on a deal without over-modeling.
Reviewing T12s and rent rolls to normalize income and expenses and assess true in-place performance. This includes analyzing recent leasing activity by comparing average rents from the last 30, 60, or 90 days to in-place and market rents, along with lease expirations, rent growth, concessions, vacancy, and delinquency, to evaluate loss-to-lease burn-off and near-term revenue potential.
Building new underwriting models or modifying existing sponsors, brokers, or lender models to reflect deal-specific assumptions, capital structures, debt terms, and exit strategies. This includes modeling complex and non-standard financing structures commonly used in development and value-add projects, as well as custom waterfall modeling for tiered profit distributions (e.g., preferred returns, IRR hurdles, promotes, and splits between sponsors/GPs and investors/LPs). Models are tailored to the client’s investment criteria and reporting style.
Analyzing market and submarket fundamentals such as rent levels, vacancy, absorption, and supply pipeline. Comparable analysis includes both rent comparable and sales comparable review, followed by evaluating interior photos, renovation scope, unit layouts, amenities, lease terms, and recent leasing performance to identify true comparables and support accurate rent, expense, and pricing assumptions in underwriting.
Evaluating income levels, job stability, population and household growth, renter profile, and lifestyle trends to assess tenant demand. This also includes reviewing crime levels, school quality, neighborhood safety, and overall livability to validate achievable rents, absorption assumptions, and long-term asset viability across U.S. markets.
We help you size debt optimally by analyzing loan proceeds, DSCR, LTV, interest rate scenarios, and lender constraints, while assessing how your capital structure influences both risk and equity returns.
We run comprehensive downside and upside scenarios to show how changes in rents, expenses, interest rates, cap rates, exit values, timelines, and lease-up assumptions impact cash flows and investor returns. This analysis helps investors clearly understand risk exposure, break-even points, and margin of safety across a range of market conditions supporting more confident, data-driven investment decisions.
Helping investors make confident sell vs. refinance decisions by evaluating future cash flows, market conditions, and lender or buyer expectations. We analyze exit cap rates, refinance proceeds, timing scenarios, and sensitivity to key assumptions to help optimize returns and reduce risk at exit.
Centralized tracking of deal assumptions, returns, and status across your pipeline helping investment teams compare opportunities quickly, stay consistent, and make faster capital allocation decisions.
We support underwriting with detailed real estate tax research to understand how property taxes and related fees impact cash flows and investor returns. Our work includes validating tax assumptions through direct outreach to county tax assessors, reviewing historical tax records, and analyzing post-acquisition reassessments, reset timing, millage rates, exemptions, and pending appeals. For development and redevelopment projects, we also analyze tax comparables and assessor treatment of similar assets to estimate stabilized tax levels and understand potential downside risk to NOI and debt coverage.
