All 132 real estate strategies.Every room answered.
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every post in the capital rooms
I put 400k into an open-end debt fund in late 2022. Weighted average LTV on the tape was 63, average coupon 10.4, mostly bridge and a slug of construction. Target net was 8 to 9.…
Reading two offerings side by side and they're barely the same product. One is a single-asset QOF, 88 units, one tract, sponsor is local and has built four of these. I can drive t…
I've been reading a mezz loan package for practice, no money in it, and the collateral section stopped me. The senior lender has a mortgage on the property. The mezz lender has a…
The gain wasn't mine directly, it came through a K-1 from a partnership that sold an industrial building in June. My share of the gain was $237k. I'd already picked a fund, had th…
Working through something on the debt side. Say I sell a seasoned performing note portfolio at a gain and I want that gain to go into a QOF rather than pay tax on it now. Two thin…
48k had been sitting in a money market since I closed an old business account, and I wanted it in REITs without doing the thing where I dump it all in on the day I feel confident.…
I've been running short-duration debt notes across three platforms for about two years. 85k deployed, average stated rate 9.4%, average term at origination 9 months. On paper that…
I have calls booked with two sponsors next week and I've been told by everyone that the first call is mostly them talking. So I want one question I ask early that actually changes…
I've been carrying the convergence thesis around for a few months and I realized I've never actually specified how it resolves. There are at least three paths and they are not the…
For anyone who hasn't run into this yet, when you finance a sale yourself there are two common shapes and they are not the same asset. First shape. You deed the property to the bu…
I've been putting a slice of idle cash to work on the funding side of double closes for about three quarters now, and last quarter was the first one clean enough to be worth writi…
The whole pitch for the funder side rests on the end buyer's money being committed before the advance goes out. Committed isn't in the account. If that wire doesn't land, I own a…
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…
I've been reading pref documents rather than doing them, and the same negotiation appears in every one. The sponsor will concede either economic certainty or timing certainty. Rar…
I put 60k into a residential note fund last spring. Fund I was 3.8m from 22 investors and the manager told me it took him about thirteen months to fill. The reporting when I got i…
My scoring sheet has two halves and I've started to notice I only ever fill in one of them properly. The platform half is things like how many offerings they've taken all the way…
Closed on a small three-unit last month. Gain is about $310k after depreciation recapture is carved out, and my accountant is still confirming the split. I have deals in progress…
I've been reading a fund's subscription docs and the definitions section has three acronyms doing what looks like the same job. QOF is the fund. QOZB is apparently the business th…
I sold a small shop building my service business used to operate out of, held it seven years, gain after depreciation recapture worked out to $94k. My accountant mentioned opportu…
Deal in front of me is a $320k house, buyer bringing 10% down, so a $288k note. I intend to sell the note after roughly twelve months of payments rather than hold it. Two structur…