All 132 real estate strategies.Every room answered.
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every post in the capital rooms
Reading a subordination agreement a senior sent over for a gap piece and two clauses are doing a lot of work. One: the senior may deliver a payment blockage notice on any default…
A guy who has framed and finished work on two houses for people I know asked me for 25,000 to finish a flip. He offered 10% and said four months. What I have from him, verbally: p…
I'm the seller on a 3 bed 1 bath in a working class pocket of a mid size midwest market. Appraised style value around 240k, contract at 240k. Buyer is self employed, two years of…
I got a sample note-and-deed-of-trust package from a title company and read the whole thing. There are blanks for the late charge, the grace period, the default rate, and the ball…
I opened a small position in a mortgage REIT last month, mostly to learn how the income actually behaves before I put anything meaningful in. The brokerage is now asking me a yes…
On the last deal I put a base case and a downside side by side on the same page of the investor memo. Base was a 16.4 net IRR to LP with 2 percent rent growth and a 25 basis point…
Small town, roughly 6,200 people, one large regional employer plus a hospital. 22 units in two buildings, $1.15M, in-place rents about 22 percent under what the newer product acro…
Storage is new to me even after years of underwriting other assets, and I keep hitting the phrase portfolio aggregation in every deck I read. Sometimes it seems to mean a fund buy…
This came to me through a manager I've done small jobs for. A platform is aggregating storage in two states, 19 facilities under contract or owned, targeting around 30 by the end…
Got the PPM Friday. Two deals with this group as an LP, both mid-size value-add multifamily in secondary markets, both still holding, both roughly on plan. The next vehicle isn't…
Sold the commercial half of my service business in the spring and I've got $150k sitting in a money market while I figure out what it's for. Storage keeps coming up in conversatio…
I'm still costing out a first deal and this is the fork I can't get past. The tapes I've been sent split roughly along foreclosure procedure. In the judicial states, where the len…
Deep in a debt fund LPA and two clauses are sitting next to each other in a way I don't love. First one is in the servicing standard. The manager may grant up to two extensions of…
Pricing is what I'm wrestling with here, and I'd rather work it out than copy whatever the last quote in the market was. Deal in front of me: $40m stabilized value, $26m senior fi…
Five properties, 118 units total, all small multifamily in one metro. Blended maturing rate is 4.1%, new senior quote is 6.6% at 60% of appraised value. That leaves a $2.4M hole a…
The PPM in front of me is for a fund that buys obsolete office and converts to apartments. Target equity $180m, three year investment period, four buildings under letter of intent…
I'm walking a 1984 tower, 14 floors, 22,000 sf plates, and the distance from curtain wall to core is about 40 feet on the long elevation. Slab to slab is 12'8". Single central cor…
Twelve year hold, $2M, and I've narrowed it to two ways in. Option one is an open-end core-plus multifamily fund. 0.85 percent on NAV, no promote below a threshold I'll probably n…
Sponsor I've co-invested with twice wants me to bring the LP equity on their next one. 6.5m of equity total, they have 2.3m soft circled internally, so my piece is 4.2m. Two struc…
I'm putting together my first syndicated deal, small multifamily, about 6m of equity needed. Someone I met through a broker says he can bring 4m of it from his own investor list.…