Syndicators and funds
Multifamily acquisitions in the $20 million range, where the model has to survive an investment committee and the LPs reading the deck.
COMMERCIAL REAL ESTATE ADVISORY
Underwriting, financial modeling, due diligence, and investor materials across commercial real estate.
For funds, investors, and operators who have more deals than bandwidth and need the numbers to hold up, whether that's in front of an investment committee or a credit officer.
SEND ME A DEALWHO HAS TO SIGN OFF
The useful question is never whether a model is optimistic. It's whether it survives contact with the person who has to approve it. For a fund that's an investment committee, for an operator borrowing against a building it's a credit officer with a coverage test, and for a syndicator it's the LPs reading the deck. All three open the file and go line by line. I build for their stamp of approval.
What I do
ALL SERVICES →Deal Review
A written verdict on a live deal.
Acquisition Underwriting
A full model built from your source documents, plus the live Excel file.
Independent Underwriting Review
A fresh underwriting from the source documents, compared line by line against yours.
Due Diligence Support
Leases abstracted, census and payer mix tested, trailing financials rebuilt, expenses repriced.
Lender and SBA Projections
Multi-year projections, debt service coverage, and the working capital it actually takes to get to stabilization.
Waterfall and Structure Modeling
Promote, pref, and refi sized against real lender constraints.
Offering Memorandum and Investor Presentation
Built by the person who built the model, so every number ties.
Monthly Retainer
Ongoing underwriting for firms reviewing more deals than their team can get through.
Priced up front
Every engagement is scoped and quoted before any work begins.
Who I work with
The deals run from $20 million apartment acquisitions to a first-time buyer's SBA application for a small care home. The work is the same either way: numbers that hold up when someone else checks them.
Assisted living and senior housing operators
Acquisitions, refinances and expansions underwritten on census, acuity and payroll rather than square footage.
First-time care home and adult day buyers
Nurses, administrators and caregivers buying a first facility or opening a center, who need projections a lender will take seriously.
Owners applying for SBA loans
Business buyers and operators who need the projections, business plan and coverage math an SBA lender will sign off on.
Worked examples
ALL CASE STUDIES →MULTIFAMILY
Rebuilding the Underwriting
The model showed a 15.4% return, but four assumptions that each looked reasonable on their own were all leaning the same direction, and once they were rebuilt the deal came in at 5.1%.
Read the case study →ASSISTED LIVING
The Ramp Nobody Funded
The plan had the building full in six months with $420,000 set aside to get there, but nothing in that market has filled in under fourteen months, and on a realistic ramp the number was closer to $1.34M.
Read the case study →RECAPITALIZATION
A Refi That Couldn't Be Sized
Investors were told they'd get almost half their capital back in year three, but the refinance was sized in a way no lender would size it, and the partnership agreement quietly decided who absorbed the difference.
Read the case study →INDEPENDENT LIVING
Underwritten Like an Apartment Building
The model ran a 48% expense ratio on a building with a commercial kitchen and a transportation program in it, and once the margin got rebuilt at 58% the 23% return came in at 1.9%.
Read the case study →