This entry treats adaptive reuse from the institutional capital-deployment angle: significant capital deployed to acquire and convert obsolete commercial buildings, principally office, into residential or mixed-use at scale, often through funds or large development platforms, to earn returns...
Log in to followA friend forwarded me a conversion fund package, 340 pages, and I've been reading it in the wrong order for a week. The PPM is long and mostly risk factors written to protect the…
Two conversion decks came my way this month and they argue for the same strategy in opposite ways. The first one spends most of its pages on basis. Secondary office is distressed,…
Working through a sponsor's model on a 165,000 sf mid-block office going to 190 apartments, and the exit assumption is doing more work than anything else in the file. The base cas…
The two doors I keep getting shown for conversions are pretty different, and I'm not sure conversions are somewhere I belong at all with a small portfolio of ordinary rentals. Doo…
Came from the construction side and I'm learning the capital side, and this is the line I can't get comfortable with. Every conversion pro forma I've been handed in the last year…
I've been sitting in on sponsor interviews for a conversion allocation and the split in the room is sharper than I expected. Candidate A has done four office-to-residential projec…