Real Estate
Current performance. Downside case. What it does when the market turns. We do not buy pro formas.
The test
What it earns now.
What it bears under pressure.
What remains when the market turns.
Product Suite
For the operators who own the asset and the investors who back it — underwritten to the real number, structured to close.
Buy right, sell right — sourced, underwritten, and run to a close.
Find, underwrite, and close the right income asset.
Investment
Retainer + success on close
Average (Av.) timelines shown are typical estimates and may run longer depending on scope, market, and deal complexity. This document summarizes capabilities only and does not constitute an offer to sell or a solicitation of an offer to buy any security, nor investment, legal, or tax advice. Where investment opportunities are offered, they are available only to qualified investors pursuant to definitive offering documents. SEC Regulation D, Rule 501 defines accredited investor criteria; prospective investors should consult their own legal and tax advisers. Underwriting standards and economic terms are indicative and are set per engagement. Speak with your Smith & Maye advisor to scope a specific mandate.
Two Paths
When we advise a business, we often find the owner also owns the ground it sits on. Most firms ignore that. We don't.
Acquired properly, the property and the business are two liquidity events, not one — structured separately, timed separately, and taxed separately. For an owner, that is real money he was never going to see.
For our capital partners, it is a hard asset underwritten against a tenant whose books we have already been through, line by line. We know what the tenant earns because we spent six months finding out.
Multifamily. Mixed-use. Assets that clear our underwriting on their own merits.
The test doesn't change. What does it earn today. What does it earn at 80% occupancy. What does the debt look like when rates move against us. If those three answers hold, we're interested. If the case depends on rent growth we can't see yet, we're not.
Underwriting Standard
Trailing cash flow. Verified, not represented.
We size the loss before we size the gain.
Structures that survive a rate environment we didn't forecast.
If the deal requires the future to cooperate, it isn't a deal.
Alignment
The firm invests alongside its partners. We hold our own capital in the assets we underwrite. We are not paid to place money. We are paid when the asset performs.
We underwrite the real number
A clear conversation begins with the asset and the numbers as they stand — no pro-forma games.
