Rook
Representation & Underwriting
Each engagement draws on a tightly integrated bench of capabilities spanning acquisitions diligence, valuation, capital structuring, and ongoing portfolio oversight — across CRE, SFR, industrial, land, and special-purpose assets. Deliverables are built to the diligence threshold of professional capital.
These ten practice areas are the engine behind both of Rook’s tracks. Engaged directly, they are independent advisory work product: a fixed-scope analytical engagement that augments the client’s existing deal team — real-estate side only, not turn-key. Engaged behind a representation mandate, they are what separates a screened, underwritten candidate set from a listing pull and a tour. Highest-and-best-use drives site selection. A Broker Opinion of Value tells a buyer what to offer. The proforma answers whether the lease works. The lender package finances the acquisition.
End-to-end deal underwriting across multifamily, commercial, industrial, residential, land, and special-purpose assets — structured for capital-partner review regardless of deal size. Acquisition models cover sources and uses, stabilized cash flow, debt sizing, sensitivity tables, and closing-cost detail in a single auditable package.
Submarket fundamentals, comparable-sale studies, rental and absorption benchmarks, and demographic intelligence assembled into a defensible market view. Where the deal lives, who it serves, and how it competes.
Independent valuation opinions and Broker Opinions of Value supported by income, sales-comparison, and cost approaches as the asset warrants. Output is structured for capital-partner review, not retail consumption.
Standalone HBU analyses for land acquisitions, redevelopment plays, and repositioning decisions. Yield-on-cost comparisons across plausible programs, with the documentation and sensitivities a capital partner expects.
Rent-roll diagnostics, lease-rollover schedules, and recurring portfolio performance reviews. Tenant concentration, expense ratios, and distribution coverage tracked at the cadence required for capital-partner asset-level oversight.
Investor narrative, financial exhibits, sponsor track record, and risk-disclosure framing — drafted to support the sponsor’s capital raise. Rook can produce the materials your partners need (your securities counsel for the PPM, your accounting firm for audited financials), or provide its own. Not a PPM. Securities filings and Reg D compliance remain with the client’s securities counsel; audited financials remain with the client’s accounting firm.
LP/GP waterfall design, preferred-return architecture, promote tiering, and capital-stack structuring. Every distribution mechanic is modeled, stress-tested, and documented so general partners and limited partners hold the same source of truth.
Debt-side underwriting and lender-ready financing packages across agency, bank, debt-fund, and private-credit sources. Includes sponsor narrative, deal summary, rent roll and T-12 reconstruction, stabilized proforma, sources-and-uses, and the supporting exhibits institutional and agency lenders expect on intake.
Letters of intent — price, terms, contingency periods, deposit structure, and material conditions stated cleanly and unambiguously. Ready for transmission to sellers, brokers, or counterparties without further legal cleanup on first pass. Included with any multi-area engagement.
Occupancy-cost analysis run against a tenant’s own unit economics — rent factor benchmarked to sector norms, maximum supportable rent and walk-away rent derived from the P&L with the formula shown, tenant-improvement allowance valued against real build-out cost, and net effective rent and total occupancy cost compared across every candidate site. This is the discipline that makes a tenant or site-selection search an underwrite rather than a tour.
Engaged directly, the practice areas above are contracted under a Master Services Agreement with per-deliverable Statements of Work at fixed fees, quoted in writing before work begins. No retainers. The analysis track carries a $1,000,000 aggregate engagement minimum, applied per engagement rather than per asset.
That minimum applies to analytical engagements only. No transaction-size minimum applies to representation. Where these disciplines run behind a tenant, buyer, or site-selection mandate, they are part of the representation engagement rather than a separately priced deliverable — and where a representation engagement calls for standalone analytical work, that work is contracted separately and its fee is stated separately from any brokerage compensation. See how representation is paid for.