Underwriting
End-to-end deal underwriting across every asset class and deal size.
Rook
Representation & Underwriting
Rook
Representation & Underwriting
Representation & Underwriting
Rook is a single desk with two mandates. Representation finds the location, the asset, or the site — active side only, never the listing side. Analysis is the independent underwriting bench that proves whatever gets found. The same discipline runs both: sourced, modeled, auditable.
Most clients arrive needing one of these. Many end up using both, because the search is only as good as the underwrite behind it and the underwrite is only useful if something is actually being pursued.
Search-side representation, underwritten.
Rook represents the party doing the looking, and only that party. Other brokers’ search is a listing pull and a tour. Rook’s search is a screen with an underwrite behind every candidate that survives it.
Rook does not take listings and does not represent landlords or sellers — a structural guarantee that the other side of your table is never a client.
No transaction-size minimum. Brokerage services offered through Aterra Real Estate Partners, LLC, a licensed Florida real estate brokerage.
The resources you need to close.
Ten underwriting practice areas engaged as independent advisory work product — the diligence rigor of professional capital markets, sourced, modeled, and auditable, across CRE, SFR, industrial, land, and special-purpose assets.
Analytical engagements are not turn-key: they augment an existing deal team rather than replace one. Real-estate side only.
Analysis-track engagement minimum: $1,000,000 aggregate per engagement. MSA with per-SOW fixed fees.
The tracks are not two businesses. Highest-and-best-use is what drives site selection. A Broker Opinion of Value is what tells a buyer what to offer. A lender package is what finances the acquisition. A proforma is what answers whether the lease works. The underwriting is the engine; representation is one of the two things it can be pointed at.
Ten practice areas — across CRE, SFR, industrial, land, and special-purpose assets. Engaged directly as advisory work, or run behind a representation mandate.
End-to-end deal underwriting across every asset class and deal size.
Submarket fundamentals, comparable sales, and demographic intelligence.
Rent factor against unit economics, walk-away rent, TI valued against build-out cost, effective rent across candidates.
Independent valuation opinions and Broker Opinions of Value.
HBU studies for land, redevelopment, and repositioning decisions.
Rent-roll diagnostics and ongoing portfolio performance review.
Debt-side underwriting and lender-ready financing packages.
LP/GP waterfall design, promote tiers, and capital-stack structuring.
Investor narrative, financial exhibits, and risk-disclosure framing. Not a PPM.
Letters of intent drafted to institutional standard, ready for transmission.
Rook engagements deliver to a single standard: institutional. Models are source-cited. Assumptions are documented. Reporting is LP-syndication-ready on day one. A representation candidate set is held to the same evidentiary bar as an analytical deliverable — every candidate that survives the screen survives it for a stated, documented reason.
Discuss a transaction ›A short tour of the questions we hear most — on both tracks. Full answers on the Q&A page.
The same sequence runs on both mandates. What differs is how the work is engaged and how it is paid for. The full representation sequence — requirement, engagement, sourcing, screen, negotiate, close — is set out on the Representation page.
Brief introduction call or written exchange. Asset type, deal size, target timeline, and scope of work clarified up front.
Scope confirmed in writing before work begins. Representation is engaged under a written brokerage agreement and compensated by commission on a closed transaction — customarily paid by the landlord or seller, and negotiable in every deal. Analytical work engaged on its own is quoted as a flat fee against a defined deliverable list and turnaround. No retainers either way.
Representation runs to a signed lease or a closed purchase. Analytical work delivers an audit-ready package on schedule, one round of revisions standard. Either way, every assumption is documented and source-cited.
The parameters below govern analytical engagements only. Representation is engaged on different terms and carries no transaction-size minimum — see representation engagement criteria.
Commercial · Residential · Industrial · Land · Special-Purpose
Multifamily, office, retail, NNN, warehouse and flex, single-family and small residential, raw and entitled land, hotels, self-storage, medical office, and adjacent specialty assets.
$1,000,000 & above
Applies to analytical engagements only. Minimum applied per engagement, not per asset. Individual SFR transactions are accepted in portfolio bundles that meet the $1M aggregate threshold. No transaction-size minimum applies to representation.
MSA + per-SOW fixed fee
Master Services Agreement governs analytical engagements; deliverables contracted via separate Statements of Work with fixed fees, quoted in writing before work begins. No retainers. NDA accommodated as standard. Independent — Rook does not take principal positions in client transactions. Representation is contracted separately, in writing, through the brokerage — and where Rook represents you, this analytical work is included in that engagement, not billed as a separate fee.
Representation inquiries and analytical engagements route separately.
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