Case Studies

Realized work. Defensible discipline.

Four deals that closed because the assumptions held up, the five-step engagement behind every one of them, and a journal of the questions every investor should be asking before they wire.

How an engagement runs

Five steps. The depth varies. The discipline doesn't.

Hover any step to see what happens at that phase.

01
Scoping call
02
Engagement letter
03
Underwriting & analysis
04
Findings & memo
05
Execution support

Begin

How a Calturas engagement runs.

Hover any of the five steps above to see what happens at that phase, and how the discipline scales with the deal in front of you.

Step 01 · Scoping call

A fit check, not a sales pitch.

Bring your asset, your timeline, and your goals. A principal gives you a direct read on whether the strategy, the market, and the execution model is a fit with Calturas services, and points you elsewhere if they don't. Thirty minutes. No runaround.

Step 02 · Engagement letter

Scope, fee, and deliverables, in writing before the work begins.

A one-page engagement letter states exactly what gets done, what you'll receive, and what it costs. A secure data room opens for the source documents, leases, T-12s, OMs, sponsor materials.

Step 03 · Underwriting & analysis

The model rebuilt from your data, not the broker's.

The deal gets modeled ground-up. Rent and exit assumptions get validated against actual comps inside the submarket. The capital stack gets stress-tested. You see drafts as the work progresses, no black box, no surprise at the end.

Step 04 · Findings & memo

A written go / pass / negotiate, and the model is yours to keep.

You receive a written recommendation in plain language, the Excel model in editable form, and a live working session with your team or investment committee to walk every assumption.

Step 05 · Execution support

From LOI through close, when you want us in the room.

If you proceed, the engagement extends into diligence, coordinating with brokers, lenders, counsel, and your operating partner so the deal closes on the terms you underwrote. Scoped separately or on retainer.

That's the full engagement. Step 01 is a 30-minute call, and it's complimentary.

Book your scoping call

What a CIO-level read does to deals like yours.

Each card opens into a deal that closed because the assumptions held up, and because a sounding board was in the room before the wire. Read what was different, and what could change on the deal you're looking at right now.

Your situation

You're looking at an asset priced below replacement cost because the market's soft and the building has a problem, a single large undivided space, a configuration that scares off conventional buyers. The basis looks compelling. The question is whether you're buying a discount or a trap.

What changes for you

You get the read that prices the problem, not just the discount. The reconfiguration cost gets estimated before you commit, not after. The exit pool gets defined up front, who buys this, at what basis, in what window. The downside gets underwritten as hard as the upside, so the entry basis is a genuine margin of safety and not a story you tell yourself. When the entry is the thesis, the discipline is refusing to overpay for it.

What this deal delivered

99%Realized IRR

3.72×Equity Multiple

~2 yrsShort realized cycle

Looking at an asset that's cheap for a reason and need to know if the basis protects you?

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Your situation

You're looking at a single-tenant or special-purpose building (auto, big-box, flex) at a price that's hard to ignore. The temptation is to run the business inside it. The discipline is to underwrite it as a pure real-estate investment, multi-tenant optionality, residual value, and an exit that doesn't depend on you operating anything.

What changes for you

You get the read that keeps the deal a real-estate decision instead of an operating one. The building gets underwritten for its highest-and-best multi-tenant use, not its current single use. Residual and re-tenanting scenarios get modeled. The structure (often seller-financed on these) gets stress-tested so leverage works for you, not against you. The lesson baked into this one: the money is made as a landlord, not as an operator.

What this deal delivered

33%Realized IRR

1.73×Equity Multiple

Seller-financedStructure-driven return

Looking at a special-purpose building and not sure if it's a real-estate deal or an operating one?

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Your situation

You're looking at a multi-tenant office asset at a compelling price per square foot in an undersupplied submarket. The leases are gross and below market, so the upside is a mark-to-market plus a move toward net. But it's multi-tenant office in a high-rate environment, and the location isn't on the main thoroughfare, so the exit is the question, not the entry.

What changes for you

You get a read that weighs the rent upside against the exit risk honestly, the part most pro formas skip. The below-market, loosely structured gross leases get re-underwritten to a realistic mark-to-market and gross-to-net path. The deferred maintenance gets priced before close, not discovered after. And the exit gets stress-tested for a market that's wary of multi-tenant office, who buys it, at what cap, in what rate environment. You learn whether the entry basis is a deep enough cushion to carry the thesis through a soft window.

What this deal is delivering

22%Current IRR (est., active hold)

1.40×Equity Multiple to date

Below-marketMark-to-market upside in progress

Looking at a multi-tenant office at a basis that's hard to ignore and need the exit pressure-tested?

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Your situation

You're looking at a medical or professional office asset with rents well below market and a tenant base anchored by a nearby demand driver, a hospital, a campus, a civic center. The upside is a mark-to-market story, but it hinges on whether that demand is structural or just current, and on what it really costs to capture it.

What changes for you

You get a CIO-level read on the two things that actually decide this deal: durability of the demand, and the true cost to reposition. The rent mark-to-market gets modeled against real renewal and re-leasing comps near the demand driver. The renovation budget gets underwritten with the contingency the seller's pro forma never includes, the unplanned capex is what quietly turns a 33% deal into a breakeven one. The refinance gets stress-tested so the equity-out event clears at lender-real coverage, not pro-forma coverage. And tenant rollover gets mapped, so a single default doesn't sink the plan.

What this deal delivered

33%Realized IRR

2.40×Equity Multiple

Reposition + refiEquity returned mid-hold

Holding an asset with below-market rents and a durable demand driver next door?

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A selection of realized deals from the principals' track record. Past results are not a guarantee of future performance and are presented for context, not as an offer of any security.

From the Journal.

Long-form reads on the questions every investor should be asking before the wire goes out.

Underwriting & Deal Review

What a sponsor's pro forma doesn't tell you about your deal.

A pro forma is a marketing document. Here's what an independent, CIO-level read catches that the sponsor never shows you, and why a second opinion has become the cheapest insurance on a multi-million-dollar decision.

8 min read Read article

Coming soon

The 12 questions a CIO would ask about your deal.

The diligence checklist Calturas runs on every engagement, and what it catches that the LOI doesn't.

Coming soon

Adaptive reuse: when the tenant strategy is the deal.

How to underwrite a repositioning project where the rent roll has to prove itself first.

Ready to put a deal in front of us?

The scoping call is free. If it's not a fit, we'll say so on the call.

Book a consultation