Institutional-grade waterfall modeling and equity structuring advisory for sponsors building deals and LPs protecting their capital. Project-based. Flat-fee. Principal-minded.
12 years closing deals on the principal side. Now working for yours.
Whether you're a sponsor structuring a deal or an LP reviewing what you're signing, every engagement is flat-fee and project-based. You know the full cost before we begin. All engagements include a complimentary 30-minute scoping call.
Schedule a Scoping CallCustom multi-tier waterfall structures covering preferred returns, promote splits, and catch-up mechanics. Built from scratch or audited against your operating agreement.
Sizing, coupon analysis, PIK mechanics, and exit waterfall positioning for preferred equity tranches across the capital stack.
Full capitalization analysis across senior debt, mezz, preferred equity, and common equity. Optimized for target returns and market execution.
Economic terms review covering waterfall language, dilution provisions, promote structures, and consent rights. Aligned against your modeled assumptions.
End-to-end review of development or acquisition pro formas covering assumptions, recovery structures, debt sizing, and returns benchmarked against the market.
A focused 60-minute session with a written memo. Ideal for a second opinion on structure, terms, or deal economics before signing.
Standard waterfall pricing applies to single-asset deals where all cash flows roll up into one structure. Multi-asset fund structures with deal-by-deal carry and a fund-level true-up are custom engagements priced based on scope.
| Service | Price |
|---|---|
| Model Audit | $750 |
| 2-Tier Waterfall | $1,500 |
| 3-Tier Waterfall | $2,000 |
| 4-Tier Waterfall | $2,500 |
| 5-Tier Waterfall | $3,000 |
| Preferred Equity Tab | $1,000 |
| Full Package (Audit + Waterfall + Pref) | $4,500 |
| Add-On | Price |
|---|---|
| Catch-Up Provision | +$250 |
| Lookback / Clawback | +$750 |
| Dual Promote Tracks (Refi vs. Sale) | +$500 |
| Multiple Capital Tranches | +$500/tranche |
| GP Co-Invest with Promote Carve-Out | +$500 |
| Operating vs. Liquidation Distributions | +$750 |
| Operating Agreement Interpretation | +$1,000 |
| Service | Price |
|---|---|
| Advisory Call / Structure Review | $500 |
| Written Memo / Recommendation | $750 |
| Call and Memo | $1,000 |
A sample of principal and advisory mandates across property types, capital structures, and transaction scales.
Developer engaged Peak Equity Capital to audit an existing development model and layer in two parallel capital structures: a 5-tier JV waterfall and a preferred equity alternative. Analysis modeled both against the project's IRR profile and hold period. The JV structure outperformed on percentage return metrics, but the preferred equity structure produced significantly more total profit for the sponsor given the deal's cash flow timing. A key trade-off in the analysis was sponsor equity required: the JV structure demanded substantially less out-of-pocket capital, while the preferred equity structure required a larger sponsor check in exchange for greater total upside. Delivered a side-by-side comparison enabling the sponsor to present both structures to capital partners with full transparency on return economics and capital requirements.
Sponsor engaged Peak Equity Capital to advise on optimal equity structure across a large-scale mixed-use development with a complex multi-year hold. Scope included multiple waterfall configurations modeled side-by-side across return profiles and hold period scenarios. A central challenge involved the land contributor. Analysis evaluated preferred equity, GP common equity without promote participation, and an LP structure where the promote was carved exclusively from LP common equity, preserving the land contributor's pari passu position. Final recommendation supported the LP structure based on alignment, simplicity, and investor appetite.
Sponsor engaged Peak Equity Capital ahead of a joint venture with an international private equity firm targeting $70M of equity across an 8-asset industrial portfolio. Scope began with a full operating agreement review that identified critical misalignments between agreed terms and legal drafting. Built a complete fund-level waterfall and financial model incorporating projected deal-level returns based on historical performance. A key structuring challenge involved the sponsor's $24M JV commitment, of which only $2M was proprietary capital. Designed a co-investment syndication structure to raise the remaining $22M, fully integrated into the waterfall. Served as ongoing liaison with counsel through subsequent OA revisions.
Peak Equity Capital is the independent advisory practice of Pablo Quintero, a CRE professional with over 12 years of institutional experience spanning acquisitions, development, and capital markets, with more than $19 billion in total transaction exposure and over $1 billion in directly closed acquisitions.
At Crown Realty Partners, Pablo led JV negotiations and co-GP structuring with institutional partners including Hillwood, Abrams Capital, and Greystar, developing deep expertise in how equity economics are drafted, negotiated, and modeled at the deal level.
At Hines, Pablo worked on industrial and mixed-use development in Mexico City, including a joint venture with BCImc, the Canadian pension fund managing over $200 billion in assets. At Realty Income, he focused on net lease acquisitions across institutional-grade assets nationwide.
The firm was founded on a simple conviction: Sponsors structuring deals and LPs evaluating them both deserve an advisor who has actually sat on the principal side of these transactions. Not just modeled them.
Most engagements begin with a scoping call. Reach out with a brief description of your deal and what you're trying to solve. Response within one business day.
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