How we work
We underwrite first, we approach a curated list of lenders, and we tell you what we think.
What we do
North Sound Capital is a commercial real estate capital advisory firm. We represent owners, developers, and sponsors in structuring and arranging debt and equity: senior mortgage, construction, mezzanine, preferred equity, and joint-venture equity.
We are an advisor and intermediary. We do not lend, invest alongside you, or hold a balance sheet. When we bring you an execution, we are not also selling you a product.
We stay on the transaction from application through closing. That means coordinating third-party reports, working the lender's diligence list, holding legal and the closing checklist to the schedule, and dealing with the items that surface late. After closing we remain available for servicing questions, draw requests, covenant tests and the next financing.
How we pick our spots
We take a deal to market once the file is ready. A complete file holds its pricing, where an incomplete one gets deprioritized, repriced or retraded, and the sponsor carries that in basis points for the life of the loan.
We do not take assignments that only close on an assumption we cannot defend. We do not represent both sides of a transaction.
How we underwrite and package
We build our own model from the rent roll, the operating statements, the budget, and comps we pull ourselves. Where our numbers differ from yours, we show you where and why before we approach a lender.
We stress the exit as well as the going-in. Most deals that fail were sound at close and came apart later on a refinance assumption.
Then we tell you where we land: take it to market now, or reshape the structure first so it clears.
When it goes to market, that underwriting becomes the offering memorandum, which we write ourselves. It carries the business plan, the rent roll and operating history, the market evidence behind every assumption, sources and uses, and the exit. A credit officer can take it to committee without rebuilding it first, and a package in that condition moves up the queue.
How we're paid
A success fee at close, paid by the sponsor and typically disclosed in writing before we go to market. It generally runs one percent of the financing amount, depending on the transaction.
Who we work with
Owners, developers, and sponsors with a record in the asset class they are financing. Deal sizes typically start at $5 million, with no upper limit. We look at every situation on its own facts. Concentrated in New England, with national capabilities.
We also work with capital sources: banks, debt funds, life companies, and family offices who want deal flow that has already been underwritten.