Practice on Real Deals

First-Time Buyer, Stabilized Multifamily

You are a loan originator at a regional CRE lending shop. Maria Chen, a first-time real estate investor, has a signed contract to purchase Sunrise Gardens Apartments, a fully-occupied 24-unit garden apartment community, and needs help qualifying for a purchase loan. Review the rent roll and trailing-12-month operating statement, then work through the underwriting math to size the loan and judge whether it belongs with Freddie Mac's Small Balance Loan (SBL) program.

~18 min

Owner-User Industrial Flex Building

You are a loan officer working with Meridian Precision Machining, LLC, a small manufacturing business that wants to buy Ridgeline Flex Business Park, a 12,000 SF industrial flex building, and move its operations into part of the space. The building's other suite is already leased to an outside tenant, so before you can size the loan you need to confirm the deal actually qualifies for SBA 504 financing.

~16 min

Self-Storage Stabilized Refinance

Ironclad Storage Partners, LLC owns a stabilized 485-unit self-storage facility in Sarasota, Florida and wants to refinance its existing bank loan with Coastal Community Credit Union to lock in updated terms and pull out cash for an expansion project. You are the loan originator reviewing the trailing 12-month operating statement and the existing loan's payoff terms to determine how large a loan the credit union can support, and whether it meets the owner's cash-out target.

~18 min

Single-Tenant NNN Retail Pad

Coldwater Pad Holdings, LLC is under contract to purchase a single-tenant retail pad in Plano, Texas leased entirely to Meridian Drug Co., a national pharmacy chain backed by a corporate guaranty from its investment-grade parent. The buyer's bank has issued an indicative term sheet for a purchase loan, and you are the loan originator who must review the lease and the numbers before recommending the deal move forward. Work through the lease excerpt, the operating summary, and the term sheet to size up the deal's return, debt coverage, and true risk profile.

~15 min

Sunrise Meadows Manufactured Housing Community Acquisition

Sunrise Meadows MHC is a 60-pad, all-age (not age-restricted) manufactured housing community at 123 Meadowlark Lane, Conover, NC, built in 1988 on 14.2 acres with asphalt roads, a small clubhouse, coin laundry, and municipal water/sewer that is master-metered and billed back to residents. It is a classic land-lease park: the operator owns the land and pad infrastructure, and most residents own their own manufactured homes and pay only a monthly pad (lot) rent. As of August 31, 2026, 57 of the 60 pads are occupied (95.0% occupancy) and 3 are vacant. Of the 57 occupied homes, 45 (about 79%) are tenant-owned (TOH) — the resident owns the home outright and pays only pad rent — while 12 (about 21%) are park-owned (POH) — the seller owns the home itself and rents the home and pad together as a bundled unit. TOH pad rent is $450/month; POH combined home-and-lot rent is $795/month. A regional MHC operator, Piedmont Land Communities, LLC, has this park under contract for $3,000,000 and plans to finance the acquisition with a Fannie Mae manufactured housing community loan at 65% loan-to-value, sized at $1,950,000, priced at 6.15% fixed for a 10-year term on a 30-year amortization schedule. The seller has provided a rent roll and a trailing-twelve-month (T12) operating statement for the period September 2025 through August 2026, and the buyer's mortgage broker has returned an indicative agency term sheet. The buyer must underwrite NOI from the T12, confirm the loan clears the lender's minimum debt service coverage requirement, and form a view on how the tenant-owned/park-owned mix affects the durability of the in-place income before proceeding to full due diligence.

~20 min

Cedar Hollow Commons FIRPTA Sale

Andres Villalobos, a Mexican citizen and nonresident alien for U.S. tax purposes, is selling Cedar Hollow Commons — a 68,400 SF grocery-anchored retail shopping center in Port Callahan, Florida — to Sunbelt Retail Partners III, LLC, a domestic all-cash buyer, for $6,400,000. Because Seller is a foreign person disposing of a U.S. real property interest, the sale triggers withholding obligations under the Foreign Investment in Real Property Tax Act (FIRPTA), IRC Section 1445. You are advising the deal team on how much must be withheld, who is legally responsible for withholding and remitting the funds to the IRS, and whether Seller should pursue an IRS withholding certificate to align withholding with his actual anticipated tax liability.

~20 min

Condo Deconversion Bulk-Sale Assembly

You are an acquisitions analyst at Beacon Hill Realty Partners, LP, a private real estate investment firm that has spent the last eleven months quietly buying individual units at Cedar Bluff Commons, a 50-unit condominium building in Thornfield built in 1978. Beacon Hill's strategy is a condo deconversion: assemble enough individually-owned units to force a statutory bulk sale of the entire building, then convert it back into a single rental-owned apartment asset and reposition it at market rents. Under Section 18.5 of the state's Condominium Property Act, that bulk sale requires owners representing at least 80% of the building's aggregate percentage ownership interest (as allocated in the original Declaration) to consent, and Beacon Hill cannot call the required owners' meeting until it has that 80% confirmed. Nora Kwan, Beacon Hill's Director of Acquisitions, wants a full read on where the campaign stands before she schedules that meeting. Using the acquisition tracker, the program term sheet, and Asset Management's per-unit valuation methodology, you need to determine how much of the building's aggregate ownership interest Beacon Hill has actually secured today, whether that clears the statutory 80% threshold (and if not, by how much and what it would take to close the gap), and what blended going-in cap rate the firm is paying across the units it has locked up at two different price tiers -- because the price Beacon Hill is paying to assemble the building unit by unit does not look anything like a normal bulk-portfolio cap rate.

~25 min

Harlow Station: A Four-Parcel Assemblage Under an Entitlement Contingency

You are an acquisitions analyst at Wrenfield Development Group, LLC, a regional developer under contract to assemble four adjacent parcels along Harlow Avenue in Deacon's Mill, PA into a single 4.00-acre development site for a proposed mixed-use project, Harlow Station. Wrenfield executed separate Purchase and Sale Agreements with four unrelated sellers on July 15, 2026 - the Kowalczyk family, Deacon's Mill Hardware Co., Redline Self-Storage Holdings, LLC, and Grace Fellowship Church - each priced independently, but every PSA is cross-conditioned on the other three closing on the same date and on Wrenfield obtaining final, non-appealable approval of a pending rezoning petition before the Deacon's Mill Borough Council. If any single seller walks away, the entire assemblage - and the entitlement application built around the full 4.00-acre footprint - collapses. In September 2026, with the rezoning hearing on the calendar for November 12 and the other three sellers already committed, Redline Self-Storage Holdings, LLC - whose parcel is the only one of the four with the Route 9 road frontage the zoning code requires for the project's main access point - notified Wrenfield that it will not proceed to closing unless its contract price is increased by $350,000. Your managing director wants to know exactly what this assemblage costs on a blended, apples-to-apples basis before and after the renegotiation, what actually happens to the other three contracts if Redline walks away entirely, and whether the numbers still make sense against an independent appraiser's opinion of the site's as-is and as-entitled value. Work through the acquisition summary, the developer's entitlement memo, and the appraiser's value opinion to answer these questions.

~20 min

Hidden Deferred Maintenance

You are underwriting Willowbrook Apartments, a 96-unit, 1986-vintage garden-style multifamily property, on behalf of a buyer deciding between CMBS and bank execution. A newly completed Property Condition Assessment (PCA) has surfaced significant near-term capital needs that don't appear on the seller's trailing-12-month operating statement. You need to determine how those findings should reshape the reserve requirement, the underwritten NOI, the choice of lender, and ultimately the deal terms.

~22 min

Meridian Street Garage: Downtown Parking Acquisition

You are an acquisitions analyst at a private real estate investment firm evaluating the purchase of Meridian Street Garage, a freestanding 650-space, 8-level parking structure at 415 Meridian Street in downtown Cedarville, one block from City Hall and adjacent to the 280,000 SF Cedarville Bank Tower office building. The garage generates revenue from two sources: monthly parking contracts (reserved spaces sold to nearby office tenants, a hotel, and individual commuters) and daily/hourly transient parking (walk-up drivers, visitors, and event traffic). The seller, a regional parking operator exiting non-core markets, has listed the asset at $7,150,000 and provided a trailing-12-month (T12) operating statement, a roster of current monthly contract holders, and a preliminary term sheet from First Cedarville Bank for acquisition financing. Your task is to underwrite the deal: calculate NOI and the going-in cap rate from the T12, assess the revenue mix and its risks, and form a view on how those risks should shape your assumptions about achievable leverage before you take the deal to your investment committee.

~22 min

Providence Trace Apartments: Bridge-to-Agency Execution and Rate Cap Sizing

You are a credit analyst at Northfield Bridge Capital, LLC, underwriting a $19,800,000 floating-rate bridge acquisition loan for Anchor Point Multifamily Partners, LLC, which has a signed contract to purchase Providence Trace Apartments, a 180-unit, 1988-vintage garden-style apartment community in Round Rock, Texas, for $23,400,000. Sixty of the property's units were renovated by the prior owner and are already achieving premium rents; Anchor Point's business plan is to renovate the remaining 120 "classic" units over the loan's 24-month Initial Term, bring them up to the same renovated rent levels, and refinance out of the bridge loan into permanent Freddie Mac agency financing once the property stabilizes. Because the loan floats off SOFR, Northfield's term sheet requires Anchor Point to purchase an interest rate cap at closing as a condition of funding. Your job is to work through the bridge loan term sheet, the current and pro forma stabilized operating statements, and the cap provider's indicative pricing to size the loan's Year-1 interest cost, calculate the required rate cap premium, size the eventual agency takeout loan, and evaluate what happens to the deal's economics if the renovation runs behind schedule and Anchor Point has to exercise the loan's extension option instead of refinancing on time.

~25 min

Tenant Concentration in a Medical Office Building

You are underwriting Meridian Medical Plaza, a 40,000-square-foot medical office building anchored by Crescent Health Partners, a multi-specialty physician group that accounts for the large majority of in-place rent. The anchor's lease expires in just 18 months and carries no renewal option, while the building's smaller medical and healthcare-services tenants are stable with leases running three to four years further out. Two lenders — a life insurance company and a debt fund — have each circulated an indicative term sheet, and you must decide which one actually fits this deal's risk profile.

~18 min

The Environmental Surprise

You are the loan originator on the acquisition of Ironclad Distribution Center, a 120,000-square-foot industrial warehouse, with Keystone Commercial Bank's bridge term sheet already in hand and a September 15 closing on the calendar. One week before closing, the Phase I Environmental Site Assessment comes back flagging a Recognized Environmental Condition tied to the site's former use as a metal degreasing operation. You need to work through what the finding means, how it affects the loan proceeds the bank will actually fund, and how you advise the borrower to keep the deal alive.

~20 min

The Grove at Millbrook Acquisition

You are an acquisitions associate at a private student housing investment firm underwriting the off-market purchase of The Grove at Millbrook, a 220-unit / 600-bed, purpose-built, by-the-bed off-campus student housing community located 0.4 miles from the main gate of Millbrook State University (MSU). Built in 2018 (8 years old), the property is Class A construction with resort-style amenities and has operated at high occupancy since delivery. The seller, a regional student housing operator, is asking $58,000,000. The trailing twelve-month (T12) operating statement for the 2025-26 lease year (August 1, 2025 - July 31, 2026) shows stabilized, strong performance. However, leasing for the 2026-27 academic year (which began August 1, 2026) has been notably slower than prior years: as of the August 15, 2026 rent roll, the property is only 91.0% leased, versus 97.3% leased at the same date in August 2025. Your firm's diligence has found that MSU's total fall headcount enrollment has declined for three consecutive years (down roughly 9.2% from Fall 2023 to the Fall 2026 projection), driven by regional demographic decline and a new competing online degree program, with the university's own strategic plan projecting flat-to-declining headcount through at least 2029. Two new competing off-campus properties (~850 beds) have also delivered within a mile of campus in the last three years. The acquisition will be financed with a bank acquisition loan from Millbrook Regional Bank per the attached term sheet. Your task is to build NOI and the going-in cap rate from the T12, size the acquisition loan under the bank's LTV/DSCR test, and determine how the enrollment and leasing-pace trends should affect the buyer's exit assumptions.

~22 min

The Kesler Building: Floor-Plate Feasibility for an Office-to-Residential Conversion

You are an underwriting associate at Cascade Bridge Capital, a regional balance-sheet lender evaluating a construction-to-permanent loan request from Kesler Reuse Partners, LLC. The sponsor has a signed contract to buy The Kesler Building, an 11-story, 72%-vacant 1978 office tower at 720 Ridgeway Avenue in Bellweather, OH, for $13,500,000 (expiring November 30, 2026), and plans to convert Floors 2 through 11 into 180 market-rate apartments while Floor 1 remains retail and lobby space. Before you can recommend the deal for the November 12, 2026 credit committee meeting, you need to independently test three of the sponsor's assumptions: whether the building's floor plate can physically deliver the 180 units the sponsor is underwriting to, given the depth of the floor plate and the code's natural-light rule for bedrooms; whether the resulting cost per unit is genuinely competitive with new construction in the submarket; and how much the city's adaptive reuse property tax abatement is actually worth to the deal's stabilized cash flow — since your credit memo has to show whether the proposed permanent loan clears its minimum DSCR covenant using the abated tax expense.

~25 min

The Rent Roll That Doesn't Add Up

You are a loan originator qualifying Meridian Office Plaza, a multi-tenant office building, for a bank permanent loan. Before the file goes to credit committee, you need to tie out the rent roll, sanity-check the T12 for expense items that don't reflect market norms, and confirm the deal still clears the bank's underwriting thresholds.

~20 min

Title Defect Before Closing: Meridian Crossing Shopping Center

You are the acquisitions associate at Beacon Retail Partners, working through the final week before closing on the purchase of Meridian Crossing Shopping Center, a 44,850-square-foot grocery-anchored strip center anchored by ValuMart Foods. Your firm signed a Purchase and Sale Agreement (PSA) on July 15, 2026 to acquire the center for $8,200,000, with closing scheduled for September 10, 2026. Financing is a $5,330,000 acquisition loan from First National Bank of the Piedmont, committed at 65% of purchase price. On September 1, 2026 — nine days before the scheduled closing — the title company issued its title commitment ahead of closing. Two Schedule B items surfaced that were NOT part of the PSA's negotiated Permitted Exceptions (Exhibit C): 1. MECHANICS' LIEN: An unreleased mechanics' lien recorded in March 2022 (roughly four and a half years ago) by Ironclad Builders LLC against the prior owner, Crossing Retail Partners LLC, in the amount of $142,500, arising from a disputed facade renovation and parking-lot resurfacing contract. Seller's counsel represents that the underlying payment dispute was settled out of court in 2022 and the contractor was paid in full, but no lien release was ever recorded. Ironclad Builders LLC dissolved as a Delaware LLC in 2023 and cannot be located to sign a release. 2. UNDISCLOSED EASEMENT: A recorded but previously undisclosed 20-foot-wide non-exclusive ingress/egress and parking easement, granted in 2010 by the shopping center's original developer to the adjacent outparcel now occupied by a Coastal Trust Bank branch with drive-thru lanes. The easement crosses the center's rear service drive and 14 parking spaces along the north boundary. It was recorded before the current seller even acquired the property, but it was omitted from Exhibit C of the PSA and was not flagged in your firm's original due diligence review. Your lender's loan commitment letter makes clear title (or resolution of all title exceptions to the lender's satisfaction) a condition precedent to funding — the bank will not close a loan with an open monetary lien on title. Under the PSA, either party may terminate if closing does not occur by September 10, though both sides have indicated willingness to discuss a short mutual extension if needed. You need to assess both title issues, determine how each should be resolved, and make a recommendation on whether to proceed to closing as scheduled, seek a short delay, or walk away from the deal.

~22 min

Airport-Adjacent Industrial: Avigation Easement Height Restriction

You are a credit analyst at Sable Ridge Commercial Bank, underwriting a $7,800,000 acquisition loan for Ironbridge Logistics Capital, LP's purchase of Falcon Crossing Logistics Center, a 145,000 SF single-tenant industrial/distribution building at 2200 Aviation Parkway in Calderwood, TX, for a contract price of $12,000,000. The building sits inside the Runway 14 approach corridor of Calderwood Regional Airport (CWR) and is encumbered by a recorded avigation easement that caps the maximum elevation of any structure on the property and imposes noise-attenuation construction standards on any new enclosed occupiable space. The building's sole tenant, Vantage Distribution Solutions, LLC, has asked Ironbridge to build out a 22,000 SF interior mezzanine for pick-and-pack operations, and the proposed loan term sheet includes a $650,000 improvement holdback that is conditioned on the completed work not violating the recorded easement. Before you can recommend approval, you need to underwrite the deal's in-place cash flow and leverage, and then use the recorded easement's height limitation together with the project engineer's site plan to determine whether the mezzanine expansion, as currently designed, can actually be built without violating the easement - and therefore whether Sable Ridge should release the holdback on the terms proposed.

~27 min

Ashford Commons Outparcel: Ground Lease Negotiation for a Retail Pad Site

Talon Family Holdings, LLC has owned a 1.10-acre outparcel at the entrance to Ashford Commons, a well-trafficked shopping center in Millhaven, GA, for three generations. Rather than sell the land outright, the Talon family has decided to explore a long-term ground lease that would let them retain ownership of the underlying land indefinitely while a developer builds and operates a net-lease retail building on top of it. Cardinal Pad Partners, LLC, a regional net-lease developer, has lined up Blaze & Barrel Burgers, Inc. — a corporate-guaranteed quick-service restaurant chain — to occupy an approximately 2,800 SF build-to-suit restaurant with double drive-thru lanes on the site, and has delivered a non-binding term sheet proposing the ground lease's initial rent, escalation structure, and a request that Talon subordinate its fee interest to Cardinal's construction financing. Talon has retained Ferris & Cole Valuation Group to appraise the land and has reviewed Solstice Retail Advisors' offering memorandum, which surveys comparable regional ground lease transactions. Before responding to Cardinal, Talon's advisors need to benchmark the proposed rent against land value, stress-test the escalation schedule against long-term inflation, and decide how to respond to the subordination request and the developer's unilateral, non-resetting renewal options — all while keeping the numbers across every document internally consistent.

~22 min

Brownfield Retail Redevelopment Remediation Holdback

You are a credit analyst at Cornerstone Bridge Capital, a regional bridge and construction lender evaluating a financing request from Meridian Retail Redevelopment Partners, LLC to acquire and redevelop the former Ironclad Metal Stamping Works, a 14.0-acre industrial site at 1400 Foundry Row in Rockville Junction that operated as a metal stamping and parts-degreasing facility from 1962 to 2009. Meridian is under contract to buy the site from Ironclad Holdings, LLC for $6,200,000 and plans to redevelop it into Foundry Row Marketplace, a 68,000-square-foot grocery-anchored retail center. A Phase I Environmental Site Assessment completed March 4, 2026 flagged historical solvent use as a Recognized Environmental Condition, and the follow-up Phase II ESA completed June 12, 2026 confirmed soil contamination near the site's former degreasing pad, with an estimated total remediation cost ranging from $850,000 (a soil-only remedy) to $2,100,000 (soil excavation plus groundwater treatment), depending on results still pending from confirmatory groundwater monitoring that will not be complete until after closing. Because the final remediation cost cannot be known before closing, Meridian and Ironclad have negotiated a $1,750,000 purchase-price escrow holdback that trues up against the actual remediation cost, and Meridian is also weighing whether to buy a Pollution Legal Liability insurance policy to cap its downside. Before Cornerstone can issue final loan approval, you need to work through what the deal actually nets Ironclad and costs Meridian under both the low-cost and high-cost remediation outcomes, whether the state brownfield tax credit meaningfully offsets Meridian's exposure, and whether the redevelopment still clears Cornerstone's minimum underwriting return in the worst case.

~28 min

Build-to-Rent Forward Purchase: Phased Takedown & Blended Yield-on-Cost

You are an acquisitions and asset management associate at Meridian Residential Partners, an institutional investor in build-to-rent (BTR) single-family rental communities. In March 2025, Meridian entered into a Forward Purchase Agreement (FPA) with Brightland Homes, LLC to acquire Foxglove Meadows, a 120-home BTR community under construction in Conroe, Texas (Houston MSA). Rather than taking down all 120 homes at once, the FPA structures the acquisition in three phases of 40 homes each, with Meridian paying a separate, pre-negotiated price per home as each phase reaches certificate-of-occupancy (CO) and is turned over rent-ready. Phase 1 and Phase 2 have already closed and are leasing; Phase 3 is still under construction and has not yet been taken down. It is now September 1, 2026. Meridian's investment committee has asked you to true up the underwriting: confirm Phase 1's actual trailing-12-month performance, build pro forma stabilized operating statements for Phase 2 (recently stabilized) and Phase 3 (not yet delivered) using the assumptions in the deal file, and calculate a blended stabilized yield-on-cost across all three phases to determine whether the community — once Phase 3 delivers and stabilizes in mid-2027 — clears Meridian's 4.85% minimum underwriting threshold for BTR forward-purchase deals. You also need to be able to explain to the committee how the phased takedown structure affects the community's overall stabilization timeline and where the remaining rent-growth risk sits.

~28 min

Cedar Pointe Apartments: Year-15 LIHTC Exit and the Nonprofit ROFR Price Fight

You are an asset manager at Alcott Capital Partners, the fund manager for Beacon Tax Credit Fund VII, L.P. ("Beacon"), the 99.99% limited partner and original 9% Low-Income Housing Tax Credit investor in Cedar Pointe Apartments, a 64-unit affordable housing community at 1180 Larkspur Way in Crestline, MV. Cedar Pointe was placed in service on January 1, 2012, and its 15-year Section 42 compliance period runs through December 31, 2026 -- the property is roughly four months from the end of its compliance period as of today, September 2, 2026. Crestline Community Housing Corp., the property's 0.01% nonprofit general partner, has sent Beacon formal notice that it intends to exercise its contractual and statutory right of first refusal (ROFR) under IRC Section 42(i)(7) to acquire Cedar Pointe at the statutorily defined 'Minimum Purchase Price' rather than at the property's independently appraised fair market value. Beacon's fund manager thinks that price is far too low and has asked you to work through the numbers on both sides before Beacon has to respond to the GP's notice by October 15, 2026. Your job is to calculate the ROFR's statutory Minimum Purchase Price from the partnership's debt and tax figures, independently verify the fair market value shown in the appraisal Beacon commissioned, and determine how much cash Beacon would actually receive -- and how large a cash loss it would realize against its unrecovered capital contribution -- under each of the two exit scenarios. You'll also need to apply the partnership agreement's sale-proceeds waterfall and assess how much real leverage Beacon has to resist the GP's ROFR exercise.

~26 min

Construction Loan Distress at Fenwick Crossing Distribution Center

You are a credit officer in the Special Assets / Construction Lending group at Anchor Peak Bank, N.A. In March 2025, the bank closed a $29,400,000 construction loan to Fenwick Crossing Industrial JV, LLC, an entity controlled by sponsor Kestrel Development Group, LLC, to fund ground-up construction of Fenwick Crossing Distribution Center, a 285,000-square-foot speculative (non-pre-leased) industrial building in Weatherby County, Texas. Eighteen months later, the project is running badly behind: general contractor Ferrous Construction Co. is now forecasting an eight-month schedule slip and a materially higher cost to complete, driven by steel price escalation, unforeseen foundation remediation, and extended general conditions, and the loan's interest reserve is down to its final weeks of runway. Kestrel's principal, Marcus Delacroix, has asked the bank to fund the overrun and extend the loan. The bank's construction consultant has just delivered an updated status report and cost-to-complete reforecast, and the file has been escalated to you to decide the bank's next move before the interest reserve runs dry. Review the construction status report, the original loan term sheet's completion guaranty and cost-overrun provisions, and the updated appraisal, then size the overrun, calculate how much runway the interest reserve has left, and recommend whether Anchor Peak should fund the overrun request, call Delacroix's completion guaranty, or force the deal into a structured workout.

~28 min

Cordova Crossing: Residual Land Value for a Self-Storage Development

You are the Director of Development at Cordova Development Partners, LLC, evaluating a 3.4-acre infill parcel at 4400 Cordova Parkway in Brightwater, TX for a ground-up, climate-controlled self-storage facility to be branded StorHouse Self Storage at Cordova Crossing. The site is owned by the Whitfield Family Trust, which has listed the parcel for sale through Meridian Point Commercial Realty at $2,150,000 -- well above the $1,650,000 value concluded by Ridgeline Valuation Group's land appraisal, which relies on general C-2 commercial land comparables (retail pads, flex/industrial, one self-storage sale) rather than this specific development's economics. Your investment committee requires a minimum developer profit of 15.0% of total (non-land) development cost before committing capital to any ground-up self-storage project. Using the development pro forma's projected stabilized NOI and cap rate, the total non-land development cost budget, and Trailhead Bank & Trust's indicative construction-and-land-acquisition loan term sheet, you need to determine the maximum price the site can support under your firm's return requirements, confirm whether paying that price still clears an acceptable yield-on-cost, size the resulting construction loan, and decide how to respond to the gap between the seller's asking price and what the deal can actually support.

~22 min

Full Recourse or Carve-Out: The Trailhead Logistics Guaranty Fight

Meridian Point Capital, LLC is under contract to acquire Trailhead Logistics Center, a 185,240-square-foot single-tenant industrial distribution building in Sparks, Nevada, for $28,500,000. Cascade Commercial Bank has issued an indicative term sheet for a $18,525,000 acquisition loan (65% LTV) built around a full recourse guaranty from the sponsor's principal, Daniel Osei, with a lower-priced non-recourse carve-out option offered as an alternative. Osei wants the loan on a standard non-recourse carve-out ('bad boy') basis and has asked Meridian Point's deal team to review the term sheet's guaranty and carve-out language, flag anything outside market norms, and recommend how hard — and on what — to push back before the term sheet is countersigned.

~22 min

Hospitality Turnaround

You are the originator underwriting a bridge loan for Riverside Suites, a 120-key branded hotel that has fallen out of compliance with its franchise's brand standards. The franchisor has issued a Property Improvement Plan (PIP) that must be completed within 18 months or the property risks losing its flag, and the sponsor is asking your lender to fund the PIP, refinance the existing acquisition loan, and carry the hotel through renovation and lease-up until it stabilizes and can be refinanced with permanent debt.

~22 min

HUD 223(f) Refinance of a Stabilized Garden Multifamily Property

You are an underwriter at Meridian Bridge Capital, a HUD-approved MAP lender. Fairview Multifamily Holdings, LLC owns Fairview Commons Apartments, a stabilized 120-unit garden-style multifamily property, and wants to refinance its maturing floating-rate bank loan into a HUD/FHA Section 223(f) insured mortgage to lock in long-term, non-recourse, fixed-rate financing. Review the trailing-12-month operating statement, the Capital Needs Assessment (PCA), and the indicative HUD term sheet to size the maximum insurable mortgage under HUD's LTV and DSCR tests, understand why the HUD process takes materially longer than a bank refinance, and judge whether this property is a strong 223(f) candidate.

~22 min

Kessington Distribution Center: Shared Access Easement & Truck Court Conflict

You are a credit analyst at Trenholm Bank & Trust, underwriting a proposed $8,500,000 acquisition loan for Ferro Industrial Partners, LLC's purchase of Kessington Distribution Center, a 180,000 SF single-tenant industrial/distribution building at 4400 Harrow Industrial Parkway in Kestrel Falls, OH. Ferro is under contract to buy the building for $14,500,000 from Harrow Logistics Holdings LP, with closing scheduled for October 15, 2026. The building is fully leased on a triple-net basis to Coastal Freight Systems, Inc. Title and survey work turned up a complication: a 1987 recorded easement gives the landlocked parcel next door — now owned by Anders Precision Machining LLC — its only truck access to the public street, and that access crosses directly over Kessington's own dock apron. The recorded instrument never fixed the easement's width, never set hours of use, and only requires that maintenance costs be split "in proportion to...use" without saying how that proportion is measured. Your engineering firm's site survey shows the easement's actual paved footprint occupies most of the apron depth Coastal Freight's own trailers need to back into their dock doors, and the title company has flagged the ambiguity as an exception it will only insure around if the parties fix it first. Before you can recommend the loan for closing, you need to underwrite the deal's cash flow and leverage, quantify exactly how much of the truck court the easement occupies and what an equitable maintenance-cost split would look like, and determine what combination of a title endorsement and negotiated easement language — if any — would actually clear this issue before Trenholm funds.

~28 min

Multifamily Acquisition Under a Rising-Rate Stress Test

You are an acquisitions associate at Harborline Capital Partners, a private multifamily sponsor under contract to acquire Meadowbrook Villas, a stabilized 96-unit garden-style apartment community, for $15,000,000. Highline Regional Bank has issued an indicative term sheet for a $9,750,000 acquisition loan at a quoted fixed rate, but the lender's rate desk has flagged that the 10-year Treasury has risen roughly 130 basis points over the trailing eight months amid persistently firm inflation data, and that the Federal Reserve's most recent policy statement signaled it may hold rates higher for longer, with room for further tightening if inflation doesn't cooperate. The rate on the term sheet is indicative only and is not yet locked. Before your investment committee will authorize moving to a signed loan commitment, you need to underwrite the deal at today's quoted rate, stress-test it 150 basis points higher, and recommend what the sponsor should do if the deal doesn't clear the lender's minimum debt service coverage covenant under that stressed scenario.

~22 min

Northgate Cold Storage: Underwriting the Refrigeration Reserve

You are a credit analyst at Lakeshore Commercial Bank, N.A., underwriting an acquisition loan request from Northgate Cold Storage Partners, LLC for Northgate Cold Storage Distribution Center, a 185,000-square-foot temperature-controlled industrial facility built in 2008 in Joliet, Illinois, along the I-55/I-80 intermodal corridor. The property is 100% leased to three tenants -- Meridian Frozen Foods Distribution, LLC, Coastal Cold Chain Logistics, Inc., and Harborview Foods Co-Pack, LLC -- all engaged in frozen or refrigerated food distribution and third-party logistics (3PL), with the largest tenant alone occupying roughly two-thirds of the building. The sponsor has a signed contract to purchase the facility for $16,200,000 and is requesting a $9,720,000 acquisition loan. Before you can size the loan, you need to work through two issues that a generic industrial underwriting checklist would miss. First, the trailing-12-month operating statement shows a very large, non-reimbursable utility expense tied to the facility's central ammonia refrigeration plant, plus a one-time emergency compressor repair buried inside Repairs & Maintenance that needs to be identified and normalized out before the NOI can be trusted. Second, the engineering firm's Property Condition Assessment addendum on the refrigeration and equipment systems shows several major components -- the ammonia compressor plant chief among them -- approaching the end of their useful lives far sooner than the building shell itself, which means the loan's capital reserve has to be structured very differently than it would be for a standard dry warehouse. Work through the rent roll, T12, PCA equipment addendum, and the bank's term sheet to normalize NOI, size the reserve, and determine whether the deal clears the bank's underwriting thresholds.

~26 min

Office-to-Life-Science Conversion

You are underwriting a debt fund bridge loan for Meridian Office Park, a 90,000-square-foot Class B office building in Watertown, Massachusetts that the sponsor plans to convert into first-generation life-science lab space. Because the building currently produces little stabilized income and requires heavy, phased capital investment before any lab tenant can move in, the deal is structured as a transitional debt fund bridge loan rather than a bank or agency loan. Review the conversion budget, the submarket market study, and the proposed loan term sheet, then work through the underwriting decisions below.

~22 min

QSR Net Lease Portfolio Disposition

You are an acquisitions analyst at Cascade Capital Partners, working on behalf of Cascade 1031 Exchange Holdings, LLC ("Buyer"). Buyer sold a 128-unit apartment community in Charlotte, NC on June 10, 2026 and is racing to redeploy the sale proceeds into replacement property before its IRC Section 1031 exchange deadline expires. Buyer has gone under contract to purchase the QSR Crossroads Portfolio - five single-tenant, net-leased restaurant properties spread across New York, North Carolina, Oklahoma, Indiana, and Kentucky - from Meridian Net Lease Income Fund II, LP for a combined $11,500,000, structured as a single all-cash transaction with no financing contingency. Your job this week is threefold: verify the listing broker's blended pricing on the portfolio by calculating the true price-weighted average cap rate (not just eyeballing the five individual numbers), confirm every property in the pool actually satisfies the 5.0-year minimum remaining lease term Buyer's exchange advisor has required as a closing condition, and calculate exactly how many days Buyer has left before its statutory 180-day exchange deadline. Buyer's counsel has already flagged one property with open due diligence items - your analysis needs to determine whether that property is also the weak link on lease term and tenant credit, and what that combination means for closing on time.

~28 min

Redbank Fuel & Mart: Gas Station Acquisition with Undocumented UST History

Bishop Capital Partners LLC is under contract to acquire Redbank Fuel & Mart, a 0.92-acre fee-simple gas station and convenience store at 4417 Route 9 North in Millbrook Township, PA, from longtime owner-operator Redbank Fuel Holdings LLC for $3,750,000. The property has operated continuously since 1988 and combines a 3,200-SF convenience store with a six-position fueling canopy. Bishop intends to continue operating the fuel and retail business directly and has approached Anchorstone Community Bank for acquisition financing. During due diligence, Bishop's environmental consultant, Meridian Environmental Consultants, Inc., completed a Phase I Environmental Site Assessment. While the property's current underground storage tank (UST) system (installed 2004) is compliant and well-documented, Meridian's review of state records found no closure documentation for a set of older 1988 USTs that were apparently replaced — no tank-pull records, no soil confirmation sampling, and no closure permit. Meridian identified this as a Recognized Environmental Condition and recommended a Phase II subsurface investigation before the property changes hands. With a closing date approaching, Bishop and Anchorstone must decide, using the seller's trailing-12-month financials, the Phase I findings, and the bank's term sheet, how to build NOI, size the loan, and whether to proceed, delay, or terminate the transaction.

~22 min

REIT Capital Recycling: Suburban Office Disposition

You are a credit analyst at Ridgeline Commercial Bank evaluating an acquisition loan request from Sentinel Ridge Capital, LLC, a private real estate investment firm under contract to purchase Westgate Corporate Center, a stabilized, 89%-leased suburban office building, from Beacon Diversified REIT, Inc. Beacon's most recent quarterly filing disclosed a strategic shift toward industrial and logistics acquisitions, funded in part by dispositions of non-core suburban office holdings, and Westgate is one of the assets Beacon has marketed for sale under that program. Review the seller's offering memorandum and the buyer's indicative bank term sheet to work through why a REIT would sell a currently cash-flowing asset, value the property from its disclosed NOI, identify the lease that drives near-term risk, and judge whether the proposed acquisition financing is properly structured against that risk.

~22 min

Retail Refinance Disrupted by Tenant Bankruptcy

You are the CRE debt advisor for Parkview Commons Owner LLC, sponsor of Parkview Commons Shopping Center, a 95,000 SF grocery-anchored community retail center anchored by FreshMart Grocers. In July 2026 you took a preliminary refinance term sheet from Meridian Capital Partners to replace the property's existing $11,200,000 first mortgage, targeting an October 15, 2026 closing. On August 18, 2026 — while the loan was still in underwriting — Cornerstone Family Apparel, the center's second-largest tenant by rent (and, since the property is almost entirely NNN-leased, by NOI contribution), filed a Chapter 11 petition, and its August rent remains unpaid. Review the rent roll, the trailing-12-month operating statement, and the lender's term sheet to work through what the automatic stay means for the landlord's options, what happens to the property's NOI and debt coverage if Cornerstone's lease is ultimately rejected versus assumed, and how the bankruptcy should change the refinance's disclosure obligations and timing.

~22 min

Senior Housing Lease-Up

You are the originator on a bridge loan for Willowbrook, a newly constructed 80-unit assisted living and memory care community that is roughly 13 months into lease-up and still below the occupancy and cash flow levels its HUD/agency takeout lender requires. The sponsor is counting on hitting the takeout lender's stabilization thresholds before the bridge loan matures, and you need to test whether the lease-up trend, the stabilized numbers, and the capital stack actually line up.

~23 min

The Foundry at Cordwell: An Opportunity Zone Ground-Up Development

It is September 1, 2026. Elena Marsh, a semi-retired biotech executive, sold a concentrated stock position on April 10, 2026, realizing a $1,000,000 long-term capital gain. Her tax advisor has flagged that a Qualified Opportunity Fund (QOF) investment could let her defer federal tax on that gain and, if held long enough, permanently exclude any appreciation earned inside the fund. Her advisor has introduced her to Cordwell District QOZ Fund I, LLC, a newly formed QOF sponsored by Anchorline Development Partners, LLC (a regional developer with 12 prior completed projects and roughly $410 million in total capitalization). The Fund's sole planned investment is The Foundry at Cordwell, a ground-up 180-unit mixed-use multifamily project with 15,000 square feet of ground-floor retail, to be built on a vacant parcel at 100 Foundry Street in Millbrace, Ohio — a federally designated Qualified Opportunity Zone tract (Ohio Census Tract 39-153-0112). Elena is being asked to commit the full $1,000,000 of her gain as a limited partner. She has three weeks before her advisor needs an answer, and the Fund's Offering Memorandum, LP Term Sheet, and an environmental due-diligence summary on an adjacent parcel the Fund is separately evaluating have all landed on her desk. She needs to work through the reinvestment deadline, the mechanics that would apply if the Fund pivots to acquiring existing property next door, and — most importantly — whether the underlying real estate actually pencils, independent of the tax treatment wrapped around it.

~23 min

The Marlowe at Ashcombe: Construction-to-Permanent Financing for a 350-Bed Student Housing Development

Bellwood Campus Partners LLC, a regional student housing developer, is seeking construction-to-permanent financing for The Marlowe at Ashcombe, a ground-up, 350-bed / 105-unit purpose-built off-campus student housing community located directly across from the main gate of Ashcombe State University (enrollment approximately 34,200). The project sits on a 6.4-acre site and will operate under an individual-lease-by-the-bed model, with construction slated to begin in September 2025 and reach substantial completion in May 2027, ahead of a planned Fall 2027 first move-in. Bellwood has approached Cornerstone Capital Bank, which has issued an indicative term sheet for a single construction-to-permanent facility: a floating-rate construction loan that converts in place to a fixed-rate mini-perm loan once the project is complete and a minimum pre-leasing covenant is satisfied. You are the credit analyst assigned to underwrite the request. Using the Sponsor's Offering Memorandum, Cornerstone's term sheet, and a leasing status report pulled 31 days before the loan's pre-leasing covenant test date, you must size the projected stabilized value, test the requested construction loan against the lender's maximum loan-to-cost constraint, and judge whether the project's current leasing pace is adequate to support conversion to the permanent loan without additional lender protections.

~22 min

Value-Add Multifamily Renovation

You are the loan originator evaluating Willowbrook Apartments, a 48-unit value-add multifamily acquisition in Mesa, Arizona. The sponsor, Sonoran Multifamily Partners, plans to renovate all 48 units and push rents to market over a 14-month business plan, financed with a bridge loan that will be refinanced into an agency permanent loan once the property stabilizes. Review the trailing-twelve-month operating statement, the sponsor's business plan and budget, and the indicative financing term sheet, then work through the underwriting decisions below.

~24 min

Willow Creek MHC Refinance: The Infrastructure Reserve Squeeze

Meridian Pad Capital, LLC acquired Willow Creek Manufactured Housing Community, a 210-pad, all-ages community in Conroe, Texas (Houston MSA), in October 2016 using a $7,850,000 interest-only loan from Heritage Life Insurance Company at a fixed 4.20% rate. That loan matures October 15, 2026. The community owns and operates its own water well system and a private wastewater treatment (package) plant serving all 210 pads -- there is no municipal water or sewer connection. In July 2026, as part of loan-maturity due diligence, Meridian commissioned a property condition assessment from Braxton Cole Engineering, which flagged accelerated deterioration in the community's original 1988-vintage water distribution mains and wastewater treatment plant, estimating $1.44 million in capital repairs over the next three years, including $770,000 of work the engineers classified as needed within 12 months. Meridian approached Prairie Trust Life Insurance Company for a replacement loan and received preliminary indicative terms. Because of the PCA findings, Prairie Trust's terms layer both an upfront escrow to fund the immediate repairs and an enlarged ongoing capital reserve deduction used to test debt service coverage -- on top of the payment shock of moving from an interest-only loan into a fully amortizing loan at a materially higher rate. Meridian's asset manager must now determine whether the quoted terms actually work, and if not, whether the community should complete critical infrastructure repairs before refinancing or refinance now and address the infrastructure with loan proceeds.

~22 min

Cedar County Justice Annex: Underwriting a Government-Leased Detention Facility

You are a credit analyst on the commercial mortgage origination team at Heartland Life Insurance Company, reviewing a $6,200,000 permanent loan request secured by the Cedar County Regional Justice Annex, a 52,000-square-foot pretrial detention and inmate work-release facility built in 2016 and leased 100% to Cedar County under a 20-year lease running through May 31, 2036. The borrower, Meridian Public-Private Partners, LLC, developed the building under a build-to-suit arrangement with the County and is now refinancing a maturing construction/mini-perm loan. Because the building was purpose-built for detention use — with secure housing pods, a vehicle sally port, and reinforced perimeter security — it has little value for any use other than as a government detention facility, and the County's lease, like most government leases, makes the County's rent obligation subject to annual legislative appropriation rather than an unconditional multi-year commitment. Your job is to work through the lease abstract, the trailing-12-month operating statement, the appraisal, and Heartland's term sheet to determine whether — and on what terms — this loan can be sized given the property's total dependence on a single government tenant whose 20-year stated lease term is, as a legal matter, renewed only one fiscal year at a time.

~28 min

CMBS Conduit Loan with Mezzanine Debt & Defeasance Exit

You are the capital markets associate advising the sponsor of the Riverwalk Retail Portfolio, a stabilized three-center grocery-anchored shopping portfolio financed in 2022 with a CMBS first mortgage and a mezzanine loan secured by a pledge of the borrower's equity. The sponsor has a signed contract to sell the portfolio this September for $46,500,000 - years before either loan's 2032 maturity. Because the CMBS loan can only be prepaid through defeasance, you need to size the defeasance cost, understand how the mezzanine lender's rights affect the closing, and tell the sponsor what net proceeds to expect - and whether paying the defeasance premium now is actually the right call.

~25 min

Distressed Data Center Recapitalization

You are the asset management analyst for the sponsor of Meridian Data Center, a stabilized colocation facility financed in 2023 with a floating-rate senior loan and a 3-year interest rate cap. The cap expired at the end of July 2026, SOFR has risen sharply since origination, and the property's debt service has jumped to a level NOI can no longer comfortably cover. Rather than pursue a full refinancing, the sponsor is recapitalizing with a partial senior loan paydown and a new preferred equity tranche - you need to size the shortfall, test the new structure against a future take-out lender's covenant, and explain how this crisis could have been avoided.

~24 min

Ground-Up Industrial/Logistics Development

You are an originator at a debt fund evaluating a request to size and confirm financing for a speculative, ground-up industrial development. The sponsor, Meridian Point Development, has already lined up a full capital stack — senior construction debt, a mezzanine tranche, and JV equity from an institutional partner — and needs your underwriting sign-off before the deal is finalized. You'll review the development budget/pro forma, the capital stack term sheet, and the appraisal, then work through the numbers a lender would check before committing.

~25 min

Helix Point Lab I: Underwriting a Speculative Wet-Lab Development in a Secondary Cluster

Meridian Life Sciences Partners is developing Helix Point Lab I, a 120,000 RSF speculative (non-pre-leased) wet-lab building in the Innovation Quarter submarket of Worcester, Massachusetts — a secondary life-sciences cluster roughly 45 miles west of the Cambridge/Boston core, anchored by UMass Chan Medical School, MassBiologics, and Worcester Polytechnic Institute. No anchor tenant is signed. The sponsor is betting that overflow demand from priced-out Cambridge/Boston tenants and continued biotech capital formation will absorb the space, even though submarket lab vacancy is currently elevated following the 2022–2024 life-science construction wave. Beacon Commercial Bank has issued an indicative term sheet for a $50,400,000 speculative construction loan, and an independent appraisal firm has delivered a market study grounding rent and cap rate assumptions. You will underwrite the deal: build the stabilized pro forma, test the development economics (yield-on-cost vs. market cap rate), and judge whether the proposed loan structure and risk mitigants are appropriate given the lease-up risk inherent in spec lab construction.

~22 min

Highway Widening Condemnation, Suburban Office Park

You are the asset manager at Highgate Commerce Partners, LLC, which owns Meridian Pointe Office Park, an 84,000-square-foot, three-story, fully-leased office building on 6.20 acres at 4400 Commerce Boulevard in Alderwood, Georgia. On July 20, 2026, the Georgia Department of Transportation (GDOT) sent a Notice of Condemnation for the SR 9 (Commerce Boulevard) Widening Project, taking a 41,800-square-foot strip of the property's frontage and a portion of its parking field via eminent domain for a new travel lane, a right-turn deceleration lane, and a stormwater retention facility. GDOT's letter offers $752,400 in total just compensation and asserts that the taking causes $0 in severance damages to the remainder, reasoning that the remaining building can simply operate as a legal nonconforming use under the city's parking code. Highgate has 30 days to respond and retained its own MAI appraiser, who produced an independent appraisal valuing both the land taken and severance damages to the remainder — including the effect of the lost parking spaces on the building's compliance with the City of Alderwood's zoning-mandated minimum parking ratio, and the exposure that shortfall creates under the anchor tenant's lease. Your job is to work through the independent appraisal and the anchor lease, determine whether the post-take property still meets the zoning parking minimum, and decide whether GDOT's offer — particularly its position on severance damages — adequately compensates Highgate before the response deadline.

~28 min

JV Recapitalization Dispute: Preferred Equity Control-Flip Trigger

You are the asset management lead at Ashford Cove Partners, LLC ("Ashford Cove"), the sponsor and Managing Member of Larkspur Row Apartments, a 168-unit value-add multifamily community in Charlotte, North Carolina. In March 2023, Ashford Cove closed a joint venture with Highgate Structured Capital, LLC ("Highgate"), which funded $9,000,000 of preferred equity into the deal alongside a $28,500,000 senior first mortgage and Ashford Cove's own $1,200,000 common equity contribution. The JV Agreement entitles Highgate to an 8.0% cumulative, compounding preferred return, paid ahead of any distributions to Ashford Cove, and grants Highgate a "Control Flip" remedy -- the right to remove Ashford Cove as Managing Member and take over the deal -- if the Accrued and Unpaid Preferred Return Balance ever exceeds a specific dollar threshold defined in the Agreement, and Ashford Cove fails to cure within 90 days of written notice. The unit renovation program has run behind schedule and rents have lagged the original business plan, so cash available to pay Highgate's preferred return has shrunk every year since closing. On May 4, 2026, Highgate's counsel sent Ashford Cove a letter titled "Notice of Control Flip Event and Removal of Managing Member," asserting that the Section 7.3 threshold has been breached and purporting to remove Ashford Cove as Managing Member effective immediately upon delivery. Your CIO has asked you to independently reconstruct the Accrued and Unpaid Preferred Return Balance from the deal's actual performance, determine whether the contractual trigger has actually been met, evaluate whether Highgate's notice is even procedurally valid under the Agreement, and recommend how Ashford Cove should respond.

~30 min

Meridian Crossing: Financing a Dispensary-Anchored Retail Center

You are a debt placement advisor working for Cascade Retail Partners LLC, which is under contract to buy Meridian Crossing Retail Center, a fully-occupied 10,000-square-foot, four-tenant retail strip in Ann Arbor, Michigan, for $3,250,000. The anchor tenant, Green Harvest Dispensary, LLC, is a state-licensed adult-use and medical marijuana retailer occupying half the building and generating well over half the property's rent. Marijuana is legal for adult use under Michigan law, but it remains a Schedule I controlled substance under the federal Controlled Substances Act -- and that conflict is about to determine how much debt this deal can actually carry. You have quotes from two very different lenders: Fieldstone Community Bank, an FDIC-insured depository institution whose credit policy requires excluding 100% of any income tied to Suite 100 from underwritten NOI, and Vantage Bridge Capital, a private non-bank debt fund willing to underwrite the dispensary's rent in full, at a materially higher rate and lower leverage. Your job is to work through the rent roll, the T12, the dispensary's lease abstract, and both term sheets to calculate underwritten NOI and maximum loan proceeds under each lender's approach, and to advise Cascade Retail Partners LLC on how to close the resulting financing gap.

~27 min

Mixed-Use Development with Preferred Equity

You are underwriting financing for Harbor & Main, a mixed-use development combining a 220-unit multifamily tower over an 18,000 SF ground-floor retail podium. The sponsor has capitalized the deal with a senior construction loan, a preferred equity tranche from an institutional investor, and common sponsor/LP equity. You'll review the sources-and-uses budget, the preferred equity term summary, and an excerpt from the anchor retail lease, then work through how the pieces fit together and what could go wrong.

~25 min

Palmetto Bay Cross-Border Blocker Acquisition

You are a structuring analyst at Meridian Sunbelt Partners, LLC, a Tampa-based multifamily sponsor under contract to acquire Palmetto Bay Apartments, a 180-unit garden-style apartment community in Tampa, Florida, for $36,000,000, with a scheduled closing of October 30, 2026. Roughly 80% of the equity capital for the deal is being raised from a consortium of eleven non-U.S. individual investors based in Brazil, the United Arab Emirates, and Singapore -- none of whom are U.S. citizens, U.S. tax residents, or green card holders. At the direction of the investors' family office advisors, their capital will not be invested directly into the deal's operating partnership. Instead it will be routed through a two-tier structure: the foreign investors will subscribe for 100% of the common shares of Coral Harbour Holdings Ltd., a newly formed Cayman Islands exempted corporation (the 'Blocker Corp'), which will in turn hold an 80% limited partner interest in Palmetto Bay Investors, L.P., a Delaware limited partnership that will own 100% of Palmetto Bay Apartments Owner, LLC, the single-purpose Delaware entity that will take title to the Property at closing. Meridian Sunbelt Partners, LLC will hold the remaining 20% of the LP interests directly and will act as General Partner. Before closing, you need to (1) confirm the underwriting supports the proposed $22,000,000 acquisition loan, (2) be able to explain to the investors' advisors -- in plain terms -- why the blocker structure is being used instead of having the eleven individuals invest directly as limited partners, and (3) walk the investment committee through a simplified after-tax return comparison, with versus without the blocker, so everyone understands the actual U.S. tax cost of the structure they are being asked to approve.

~30 min

Suburban Office Special Servicing Workout

You are an asset manager on the special servicing team handling a defaulted CMBS conduit loan secured by Westgate Corporate Center, a 180,000-square-foot Class B suburban office building in Brookhaven, Ohio. The $20,000,000 loan, securitized in Anchorpoint Commercial Mortgage Trust 2016-WC1, was interest-only for its full 10-year term and matured on 7/1/2026. Its anchor tenant, Solara Analytics Group (95,000 RSF, 52.8% of the building), vacated in full when its lease expired on 4/30/2026 and did not renew. Building occupancy collapsed from 90.6% to 37.8%, NOI collapsed with it, and the loan transferred to special servicing ahead of maturity after breaching its DSCR-based cash management trigger; the borrower, Westgate Office Partners, LLC, was then unable to refinance or pay off the loan at its July maturity. The special servicer, Highmark Special Servicing, LLC, has since ordered a new 'as-is' appraisal, calculated an Appraisal Reduction Amount, and issued a proposed loan modification term sheet. Review the trailing-12 operating statement comparison, the appraisal summary, and the modification term sheet, then work through the special servicing math: the current DSCR that explains why the loan defaulted, the Appraisal Reduction Amount and what it means for the trust's advancing and the special servicer's compensation, the economics of the proposed modification, and finally, a judgment call on whether the borrower should accept the modification or hand back the keys via a deed-in-lieu of foreclosure.

~22 min

Wet-Lab Life Science Acquisition: Tenant Credit-Weighted Underwriting

You are an acquisitions analyst at Vantage Point Life Sciences Capital, LP, evaluating the purchase of 1200 Discovery Drive, a fully-leased 120,000 SF wet-lab and office building in the Alameda Bioscience Park. The property is leased to two very different biotech tenants: Solenne Therapeutics, Inc. (NASDAQ: SLNE), a large, publicly traded, investment-grade commercial-stage biopharmaceutical company, and Anthem Cell Sciences, Corp., a smaller, venture-funded, pre-revenue cell therapy company. Vantage Point has a signed purchase and sale agreement to acquire the property for $115,000,000 and is working with Continental Pacific Bank, N.A. on an acquisition loan structured around each tenant's credit quality rather than a single blended metric. Review the tenant summary, the T12 operating statement, the Anthem Cell Sciences lease excerpt, and the bank's indicative term sheet, then work through blended NOI, a tenant-credit-weighted NOI, the going-in cap rate, and how the tenant credit mix should shape the buyer's target leverage.

~22 min

Willow Creek Apartments: Acquiring a LIHTC Property Mid-Compliance-Period

Meridian Affordable Housing Partners, LLC ("Meridian") is under contract to acquire Willow Creek Apartments, a 72-unit LIHTC property at 4400 Willowbrook Lane, Rangeview, DL, for $7,400,000. Willow Creek was placed in service in June 2018 under a 9% competitive credit allocation from the Delmar Housing Finance Agency (DHFA). Its 15-year Section 42 compliance period runs from January 1, 2018 through December 31, 2032 (today is September 1, 2026 — the property is in year 9 of 15, with roughly 6 years of compliance-period exposure remaining), and the recorded Land Use Restriction Agreement (LURA) imposes an extended-use period running a full 30 years, through December 31, 2047. Current ownership is Bellwood Community Development Corporation as 0.01% general partner and Hearthstone Tax Credit Fund XIV, L.P. (managed by syndicator Concord Housing Capital) as 99.99% limited partner and tax-credit investor. Because the property is still inside its compliance period, Meridian cannot simply buy the real estate — it must acquire Bellwood's GP interest and Hearthstone's LP interest in the existing ownership entity (subject to DHFA and investor consent), assume the recorded regulatory agreement, and either assume or refinance the existing tax-exempt-bond first mortgage. Meridian's acquisition team has pulled the rent roll, trailing-12-month operating statement, the broker's offering memorandum, and the existing lender's loan assumption term sheet to underwrite the deal.

~23 min