What I write about here, and why

This is a working notebook for my real estate development practice. It is not a marketing site. It is not a publication of the firm. It is a place where I work out, in writing, the things I find myself explaining to clients and counsel often enough that they deserve a careful version.

A few topics I expect to return to:

• Deal structure. How JVs actually allocate risk in the development context, when promote structures break, and what the cap stack tells you about who is going to be loud at 11pm on closing eve.
• Entitlements. The long, illegible games that determine whether a project ever leaves paper. Where local procedure surprises out-of-market developers, and where it doesn’t.
• Construction and operating phase. The boring documents that turn out to be the loud documents when something goes wrong.
• The market. Only when I have something to add that the trades have not already said.

What I won’t do here is litigate live matters, name parties, or render advice to readers I don’t represent. None of this is legal advice; none of it should be relied on as such. If you have a deal that needs counsel, engage an attorney.

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