Case Studies

Work We've Shipped

Real engagements. Clients anonymized; our own platforms named. Capital-raise systems, underwriting, investment memos, financial review, and the lease schema we run at home.

Capital Raise

Helping a Sponsor Raise $2M in 3 Weeks on a Schema-Driven Page

A Denver multifamily sponsor needed a $2M friends-and-family raise live in three weeks. The memo, underwriting, and photos existed — Capistrano supplied the workflow, launched in 21 days, and left the system behind.

What We Built

  • •Schema-driven page with a 506(b) access gate
  • •IC memo distilled into page-ready highlights
  • •Investor data room with access codes
  • •5-email outreach sequence + reusable raise system
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Underwriting

Modeling a $33M Sell-vs-Refi Decision for a 300-Unit Owner

A private owner of a 300+ unit Texas multifamily asset had five structurally different paths — hold, HUD refi, two 721 exchanges, outright sale. Capistrano modeled all five and wrote the memo the family could act on.

What We Built

  • •10-tab sell-vs-refi model (exit timing, HUD sizing)
  • •All five alternatives underwritten vs a $33M+ BOV
  • •Head-to-head 721 platform comparison
  • •Portfolio strategy memo + market update memo
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Investment Memos

A 32-Page IC Memo, Brand System, and Deal Site for a Flex-Storage Acquisition

A sponsor under PSA on a $6.0M flex-storage acquisition — well below replacement cost — needed committee materials and an investor presence inside a 45-day diligence window.

What We Built

  • •32-page IC memo on the sponsor's brand
  • •Complete brand system: tokens, templates, deck
  • •Gated investor microsite on the sponsor's domain
  • •Delivered inside the diligence window
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Capital Raise

A $2M Friends-and-Family Raise on an Off-Market Note Acquisition

An institutional sponsor's first retail raise — $2M on an off-market West Coast note acquisition. They found Capistrano through a live Bluebird raise running the same system.

What We Built

  • •Gated offering page on the sponsor's subdomain
  • •Full brand kit: book, tokens, voice guide
  • •Preliminary underwriting collaboration with Bluebird
  • •SOPs + training videos — raise #2 ships in-house
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Underwriting

Underwriting an 8-Tenant Industrial Park in 4 Business Days

A mid-market sponsor under LOI on an 8-tenant industrial park in Lake St Louis had a committee meeting in five business days. Capistrano delivered committee-ready underwriting at LOI speed.

What We Built

  • •Full underwriting at the LOI price, 8-tenant roll-up
  • •Financing sheet with three debt scenarios
  • •Sensitivities at three exit caps, three rent-growth cases
  • •IC memo + private offering page on the sponsor's brand
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Lease Abstracts

A 47-Lease Portfolio Audited in 9 Business Days

An operator preparing a $42M refinance needed current abstracts for all 47 leases across the asset, with covenant-relevant flags surfaced. Capistrano ran the 20-field schema at refinance speed.

What We Built

  • •Capistrano 20-field schema across all 47 leases
  • •Two renewal options flagged for covenant impact
  • •Lender-ready summaries in nine business days
  • •Pre-refi renegotiation targets on two key tenants
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Investment Memos

Walking an Owner Through a $12M Hold-vs-Sell Decision

A family owner faced a $1.4M TI/capex cycle on a 2-tenant industrial building with two key leases rolling inside 18 months. Capistrano wrote the decision memo that became the family's reference document.

What We Built

  • •Hold scenario modeled through the TI cycle
  • •Sell scenario at three exit caps, three buyer types
  • •Decision memo with explicit assumptions + sensitivities
  • •90-minute working session through both paths
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Financial Review

26 Findings Across Five Years of Statements for a Boutique Resort Owner

A boutique resort with five years of statements that didn't reconcile. Capistrano rebuilt the numbers, documented 26 findings, and reset the valuation conversation.

What We Built

  • •Five-year financial review, rebuilt from source records
  • •26 findings documented (3 critical, 6 high)
  • •$5.5M appraisal pressure-tested to $4.0–4.5M
  • •Recap + exit scenarios on corrected numbers
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Lease Abstracts

The 20-Field Schema Runs at Summit and Bluebird First

The schema wasn't built for a client — it was built for Bluebird CRE's own portfolio, managed by Summit Real Estate Services. 50+ leases run on it, and it ships unchanged on every engagement.

What We Built

  • •50+ leases on the 20-field schema
  • •Underwriting Handoff block on every abstract
  • •Repair-vs-Replacement on Roof, Structure, HVAC
  • •Same schema ships in the free toolkit
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