Developer Exit Strategy
How DES Works

A clear, seven-step process.

DES follows the same disciplined approach on every multifamily project — rent-restricted or market-rate — from intake to exit.

The Transaction Roadmap

How a typical DES engagement flows.

Every step corresponds to real documentation, underwriting, escrow instructions, and closing conditions — so every party at the table underwrites the same transaction.

  1. STEP 1
    Project Review

    Property, covenants, capital stack, and current state.

  2. STEP 2
    Fundable Term Sheet

    Economics and sequencing every capital source can underwrite.

  3. STEP 3
    Underwriting & Valuation

    NOI, cap rates, BPOs, and independent appraisals.

  4. STEP 4
    Structure

    JV, recapitalization, and nonprofit / P3 where appropriate.

  5. STEP 5
    Capital Stack

    Bridge, C-PACE where available, reserves, and replacement equity.

  6. STEP 6
    Stabilization

    Lease-up, controls, and lender-grade monthly reporting.

  7. STEP 7
    Permanent Takeout / Exit

    Bond financing, refinance, sale, or disciplined hold.

  1. 1

    Project Review

    We review the project, covenants, capital stack, and current state to identify what is possible.

  2. 2

    Covenant / Rent / NOI Analysis

    We model AMI tiers, rent restrictions, expense load, and realistic stabilized NOI.

  3. 3

    Capital and Structure Strategy

    We design bridge, C-PACE, refinance, bond exit, and nonprofit or tax-advantaged structures as relevant.

  4. 4

    Tenant Pipeline and Lease-Up Plan

    We build a pre-screened, AMI-targeted pipeline with reusable housing packages.

  5. 5

    Resident Risk and Rent Protection Controls

    We add documentation, inspections, security, and rent protection where available.

  6. 6

    Monthly Reporting and Stabilization

    We deliver lender-grade monthly reporting through stabilization.

  7. 7

    Refinance, Sale, Bond Exit, Fund Strategy, or Long-Term Hold

    We execute the exit path — or hold with discipline.

Ready to start with a project review?

Step 1 begins with a confidential intake.

Submit a Project