A capital perspective on commercial real estate.

Understanding risk, structure, and capital decisions.

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Foundational analysis.

Valuation, market context, and underwriting fundamentals that serve as inputs to real estate capital decisions.

Real-world complexity.

Real estate decisions as they play out in practice — balancing risk, structure, and tradeoffs as markets evolve.

Built from experience.

Written from the standpoint of an active commercial real estate professional working through real transactions, not abstract theory.

Latest Insights

Recent writing on real estate capital, structure, and risk.

Recapitalizations in CRE

Feb 2, 2026

What is an IRR True-Up in CRE?

Jan 26, 2026

Analyzing Local Market Conditions for Multifamily Properties

Nov 18, 2025

About Calvin

I'm a commercial real estate professional focused on how capital decisions shape outcomes across real estate transactions. My background is in valuation and capital markets, with day-to-day exposure to structuring debt and equity and navigating complex transactions.

This site is where I document that perspective and expand on the thinking behind those decisions.

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