All 132 real estate strategies.Every room answered.
Start with a RE category
Next, pick a strategy
Then pick the type of post
every post in the capital rooms
A friend from my old job runs finance at a small hospitality sponsor and offered me a $50k slot in their next fund. Three assets, all select service, two secondary markets and one…
Been reading hospitality term sheets from the credit side rather than the equity side and something has hardened. Nobody sizes off cap rate or even off DSCR as the binding test an…
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…
Reading my way through an offering document for the third time and writing down every place money leaves before an LP sees a dollar. 8.4m equity raise, 22m purchase, industrial fl…
Doing diligence on a sponsor's fourth offering, 12m equity target. Their prior three deals list one family office as the largest investor, and from the capital account detail they…
A small group I have done GC work for wants to buy an 8 story office building and convert it. They asked me to do a first pass because I know how buildings go together, and I am l…
Working through an offering memo where the sponsor isn't buying the building at all. They're buying the mortgage at roughly 55 cents on the dollar and describing the conversion as…
I asked to see documents on a deal a friend's family is in, mostly to practice reading them. 240 units, $34M purchase, $12M equity, five to seven year hold, $4.8M of hard costs in…
Sold a small duplex last spring and carried $148,000 of the price. Since June the payments have landed in my personal account by transfer, and I track them in a spreadsheet with c…
I'm working out where I fit on a deal a local sponsor brought me. They're building 22 townhomes inside a designated tract and they want a $400k second position piece at 12% with a…
Reading through the new QOF reporting obligations that came in with the permanence legislation, and the framing everywhere is that this is a fund-level compliance burden. Fine. Ex…
Two funders quoted the same deal for me last month. One at a flat 1,750, one at 1.25% of the A leg with a 1,500 floor. On a 96k purchase that's close enough to the same money that…
Purchase $18.2M, 152 units built in 1984, $3.1M of capex over about 30 months. Total equity $6.9M with $500k of that mine. Waterfall is 8% pref, 70/30 to a 13% LP IRR, then 50/50…
The redemption notice came back with a line saying quarterly repurchases are limited to 5 percent of NAV and this quarter's requests exceeded that, pro rated. So I got about $2,40…
Writing this down because I made the mistake that everyone warns about and I want to be specific about how it actually felt from the inside. I put 26k into a single REIT last year…
Opportunity funds have been my reading material for a few weeks and I've hit a fork I can't resolve, so I want to see how the room splits. Setup for anyone else new: opportunity z…
A private lender I know is selling a note on a house I did the kitchen and bath on a couple of years back. Owner-occupied, borrower has apparently paid every month since. He wants…
Closed this one out last month after 19 months, so the numbers are final. What I bought: performing second lien, UPB 41,000, coupon 10.5%, P&I 402, 27 consecutive on-time payments…
I've been an LP in five deals with the same sponsor, all one-off syndications, all fine. They're now raising a $40M value-add multifamily fund and sent me the PPM. I've read it tw…
Diligencing a first-time value-add multifamily fund. Terms are 2% on committed capital during a three-year investment period, stepping to 1.5% on invested capital after, 8% pref,…