Blog
Senior Housing Is an Operations Business with Real Estate Around It
Once you compare expense ratios across senior housing tiers, the asset class stops looking like real estate. The building is the container; the care is the business — and lenders, operators, and absorption math all reflect that.
Building for People Who Don't Want to Leave
Senior housing development requires solving an unusual problem — your target resident isn't looking for you yet, but a specific event will change that.
Tax Credits and Density Bonuses Are How Affordable Housing Actually Closes
LIHTC syndication, California density bonus law, and Transit Priority Area programs — the layered tools that close the financing gap on affordable housing, and what each one trades.
Affordable Housing Is a Financing Problem Before It Is a Building Problem
Why affordable and market-rate multifamily share the same construction process but completely different economics — and how layered financing, tax credits, and California density tools change the math.
Multifamily Feasibility Runs on Absorption and Developer's Cap Rate
Two pro forma inputs decide whether a multifamily project actually pencils — how fast it leases up, and whether the developer's cap rate beats the market by enough to justify the construction risk.
The Pro Forma Is Where Multifamily Development Actually Happens
How feasibility decides whether a multifamily project moves forward — site selection, density calculations, impact fees, absorption risk, and the developer's cap rate.
Apartment Development Is a Long Game, and Everything Follows From That
How the rent-or-sell decision shapes apartment development, why homeownership is your real competition, and what building codes reveal about construction economics.
Listening to a Hines Managing Director Explain How a $3B Project Actually Moves
I joined a UC San Diego conversation on real estate planning and development, and one guest talk completely changed how I picture a large mixed-use project coming to life. 👋
Office Development Looks Simpler from Far Away
A practical look at office development, product types, leasing, effective rent, supply and demand, and why office real estate is really a team sport. 👋
Building Homes Means Building Through Time
The third binding test in residential master-planned development — beyond feasibility math and entitlement, can the coalition behind a project hold together for the 20–40 years it takes to deliver? Worked cases (Irvine, Summerlin, Woodlands, Reston, Tejon, California Forever) and the strongest counterarguments (Tokyo, Abundance, Strong Towns, Demsas).
Real Estate Development Only Works If the Rules Let It
A practical look at land residual pricing, entitlements, CEQA, zoning, and why real estate development is as much about approvals and constraints as it is about design. 👋
The Capital Stack Is Where Real Estate Deals Actually Get Decided
Debt and equity want different things, leverage amplifies both ways, and lender ratios — LTV, DSCR, debt yield — are how lenders translate risk into hard caps on what a deal can carry.