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Real engagements. Real results.

Every case study below is a real client engagement. Names are used with permission or anonymized by client preference.

Hospitality · Small Family Office

Mid-construction boutique inn: sell at a loss or complete and operate?

8 Suites
Boutique Inn, Virginia
$207K
Year 1 NOI
$346K
Year 2 NOI (13-suite)
5
Sensitivity Analyses

The Problem

A small family office owned an 8-suite boutique inn in Virginia that had stalled mid-construction after a contractor change. A cash offer of $983K was on the table against $1.19M owed — selling meant a $271K out-of-pocket loss.

The Solution

We modeled two complete paths: selling at 7 different price points, and completing construction with a $2.325M hard money loan at 12.99% followed by a conventional refinance at 6.75%. The work included a Year 1 monthly pro forma, 5-year projections, five sensitivity analyses, and an 8-suite vs. 13-suite expansion scenario with a $500K additional budget.

The Result

The 8-suite completion scenario showed $207K Year 1 NOI with positive free cash flow by Year 2; the 13-suite expansion showed $346K Year 2 NOI. The client gained clear, data-driven conviction to complete construction rather than sell at a significant loss.

Deliverables: Multi-scenario pro forma, 5-year projections, 5 sensitivity analyses, expansion feasibility, sell-vs-complete decision framework
Senior Living · Conversion

ILF to ALF conversion: capturing 5x revenue potential.

11 Units
12,183 SF, Washington
$120K → $640K
Revenue Potential
3
Structures Modeled
15pp
Final Presentation

The Problem

Turning Tree Properties was evaluating an 11-unit senior living facility operating as independent living at 100% occupancy and $120K annual revenue — but originally built and licensed as assisted living with $640K revenue potential.

The Solution

We modeled three acquisition structures side by side: a ground lease ($0 upfront), conventional financing ($689K down at 6.0%), and seller financing ($429K down at 9.0%) — each with 10-year free cash flow projections, an occupancy ramp, and a $142.5K ILF-to-ALF conversion budget. The deliverable was a 15-page institutional-quality presentation with a full sensitivity grid and construction-vs-purchase comparison.

The Result

The client received a clear framework to evaluate the deal across multiple structures and make a confident acquisition decision with full visibility into conversion economics and long-term returns.

Deliverables: 15-page institutional presentation, 3 acquisition structures, 10-year FCF projections, sensitivity grid, risk analysis, conversion budget  ·  Client: Turning Tree Properties
Residential Portfolio · Refinance

Portfolio refinance analysis with actual lender term sheets.

3 Properties
2-Family, Montana
2.99% → 6.42%
Rate Comparison
50% LTV
Cash-Out Refi
30yr
Amortization Modeled

The Problem

Turning Tree Properties needed to evaluate a cash-out refinance across three 2-family properties in Montana. The question: does pulling equity at today's rates make sense, or does the higher rate destroy the cash flow?

The Solution

We built the analysis on actual lender term sheets, not generic rate assumptions — comparing the existing 2.99% loans against a 6.42% cash-out refinance at 50% LTV, with full 30-year amortization schedules showing the year-by-year cash flow impact per property.

The Result

The refinance would swing cash flow from +$3,138 to −$3,447 per property per year. The client had a clear, data-driven answer: the cash-out did not make sense at current rates — saving thousands annually across the portfolio.

Deliverables: Cash-out refinance analysis, 30-year amortization schedules, actual lender term sheet comparison  ·  Client: Turning Tree Properties
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