Asset management
Stabilization, operations, capital events and reporting, from the certificate of occupancy to exit.
The firm does not leave at the certificate of occupancy. Asset management is an L3 function, not an outside relationship: the same team that structured the investment in Capital carries it through stabilization, refinancing, distributions and exit, and the partner keeps one point of contact from the first capital call to the last distribution.
The operating budget; a quarterly report in one format from acquisition to exit; distribution notices; and, at each capital event — refinancing, recapitalization, sale or hold — the analysis against the exit case the partner signed in Capital.
Called, deployed, returned.
Every investment follows the same curve: capital goes out against milestones, comes back at a capital event or through operations, and is reported on the whole way. Asset Management owns the right-hand half.
Representative curve. Shape and timing depend on the business plan.
From building site to operating building.
The handover is a list, worked through in the weeks around the certificate of occupancy. Each item moves from the construction file to the operating file, and the first operating budget is issued before the first operating month.
The partner deals with L3. L3 deals with everyone else.
Property management, building systems, insurance, leasing and accounting are outside parties the firm engages, directs and replaces when it has to. None of them reports to the partner, and the partner never has to find them.
Day-to-day operations, tenants, repairs
Mechanical, elevators, façade and local-law compliance
Property, liability and umbrella, renewed by the firm
YC Real Estate, where the plan calls for income
Books, audit support, K-1s on the partner's calendar
Covenants, reserves, reporting to the bank
Every quarter, in the same format.
The reporting cadence fixed in the venture documents runs for the life of the investment. Capital events sit on the same calendar, each run against the exit case the partner signed.
Quarterly report
Operations, budget against actual, leasing or sales, debt, and distributions — in the same format from the first quarter after acquisition to the last.
Capital events
Refinancing at completion where the plan calls for it, recapitalization, sale or long-term hold. Each is analysed against the exit case in the business plan and taken to the partner as a decision, with the firm's recommendation.
Distributions
Per the agreement, in plain language: what came in, what was held back and why, what goes out, to whom.
Representative calendar. Figures and events are illustrative.