Rook
Representation & Underwriting
Rook
Representation & Underwriting
These are the deliverables an engagement produces, built end to end on invented clients, invented tenants, and invented sites so the standard can be shown without showing anyone’s deal. Every party and every client-side figure is fabricated. The market data around them is real, sourced, and cited with the date it was pulled.
Rook does not publish client work as an example — not named, not anonymized, not redacted, not summarized. Client engagements are confidential and are not used as marketing material. That is why these exist.
Tenant, buyer, and site-selection engagements: the requirement, the screened candidate set, the economics that decide it, and the reason each rejected site was rejected.
A 4,200 SF second location with a courtyard, four candidate sites, and a landlord asking $8.08/SF above what the P&L supports.
What it turns on. The trophy site earns the most revenue and the second-worst return. The winner is a dark second-generation restaurant nobody else wanted.
A multi-unit franchisee entering the county under a four-unit development agreement, with a drive-thru as a hard requirement.
What it turns on. Queue math requires a 12-car stack. Miami 21 requires five. A site can be fully code-compliant and commercially unusable.
Nine chairs in 1,950 SF, a second location for an operator whose first shop is physically full.
What it turns on. The second-generation build-out credit is worth 3.7× the entire tenant-improvement allowance — and more than twice the ten-year rent negotiation.
A 1.42-acre infill parcel tested across seven programs for a builder-developer, asking $8.25M.
What it turns on. Land residual says $6.35M. Five of the seven programs have no residual at zero land basis. At the ask, the deal returns +91 bps and fails.
Acquisition packages across multifamily, industrial, scattered-site residential, a fund vehicle, and hospitality — proforma, waterfall, valuation, and risk register in each.
A $6,250,000 acquisition at $173,611/unit, underwritten below replacement cost and below the CMA midpoint.
What it turns on. A 37% NOI lift carries the deal. The replacement-cost arbitrage is the clearest single value statement in the package.
$8,575,000 at roughly $89/SF in the Spartanburg inland-port corridor.
What it turns on. A 6.65% NNN coupon today, marked to market in Year 4 — credit income with a built-in step-up.
$3,200,000 across eighteen houses at $177,778 per home, modeled as one yield engine rather than eighteen deals.
What it turns on. Below-market rents marked to market on turn. The diligence burden is the portfolio, not the house.
A diversified value-add multifamily fund with a European waterfall, full LP/GP distribution mechanics modeled.
What it turns on. Diversification plus a 33% blended NOI lift — and every distribution tier stress-tested so GP and LP read the same source of truth.
$13,500,000 for a flagged select-service asset carrying an 8.3% trailing coupon.
What it turns on. A PIP-driven RevPAR ramp is the thesis. Hospitality underwritten for margin expansion, not just going-in yield.
Each package opens in a new tab. Every page of every package carries an illustrative-sample notice. The full engagement file behind each one — requirement or market study, scored matrix, the model with live formulas, and the letter of intent — is available on request.