From property to equity, step by step.
A disciplined, downside-first process. Nothing is binding until both sides agree the deal is right and the definitive documents are signed.
Six steps, one accountable operator.
Submit the property
Send a Crexi, LoopNet, or Zillow link — or just the street address. No cost, no obligation, no commitment to proceed.
Diligence & feasibility
Engineering and permitting review zoning, density, approval path, and constraints. We pressure-test whether the site, market, timing, and construction reality can work together — before anyone relies on the opportunity.
Valuation & structure
Your land is valued, and a project-specific JV concept is modeled — capital stack, budget, schedule, and the waterfall position your land would hold. Owner economics are modeled before the developer's carry.
The honest comparison
We show you sell vs. hold vs. contribute, side by side, with the assumptions stated. If a straight sale is the stronger move for you, we say so.
Documents & protections
If you proceed, counsel and CPA review the contribution, tax treatment, obligations, control rights, and milestone-reversion remedies. Terms live in the definitive documents — not a pitch summary.
Build, report, exit
The licensed contractor builds; you receive milestone updates and reporting through completion and exit, when proceeds flow through the waterfall.
The four-tier waterfall — a floor, not a stack.
Senior construction debt is repaid first (a lender precursor, not an equity tier). Then proceeds flow through four equity tiers. Each member receives the greater of pro-rata participation or their preferred return — never the sum.
Specific preferred-return rates, splits, hold periods, and dollar outcomes are set per deal by a deterministic underwriting model and disclosed only in the per-property materials and definitive documents — never advertised on this site.
Every property is modeled in three cases — never best-case only.
When we present a specific property, the economics are shown across three scenarios so you see the range, not a single rosy figure. The figures themselves live in the confidential, per-property materials.
Downside first
A stress case below the realistic baseline. Your preferred floor is modeled to apply before the developer earns.
The likely case
The base underwriting on stated assumptions — the number we plan around.
If it goes well
Stronger participation if pricing, absorption, and timing outperform the base case.
What can go wrong — and who carries it.
Real estate development is speculative. We don't hide the risks; we document them and assign mitigation.
| Risk | Mitigation | Who bears it |
|---|---|---|
| Market downturn / pricing | Three-case underwriting; conservative case stress-tested; preferred floor ahead of developer | Shared; developer carry absorbs first |
| Construction cost overrun | Licensed GC, budget controls, in-house execution to reduce hand-off margin | Per contract; developer skin-in-the-game |
| Entitlement / permit delay | Engineering & permit-path review before capital is locked; timeline built around real approvals | Shared; documented in JV terms |
| Sponsor non-performance | Milestone-reversion remedies and defined cure rights in the definitive documents | Developer (reversion to owner) |
| Illiquidity | Disclosed up front; participation is a multi-year hold to a defined exit | All members |
Mitigations describe intent and structure; they are not guarantees. Specific remedies are governed by the definitive documents for each project.
Ready to see your property modeled?
Send the address or a listing link and we'll run the comparison. You review the work and decide.