02
DESIGN AND APPROVALS
Entitlement and permitting
We design for construction and operating costs in parallel, using standardized plans and repeatable details. Entitlement and permitting timelines are set by the cities we build in, and we plan around their process rather than around a date we would prefer. Approvals are never assumed. Â
04
construction
Vertical integration at work
KIRE Builders, Inc. (CSLB License No. 971499) is our in-house general contractor, so cost and schedule questions are answered by the people who own the assumptions.
06
REFINANCE
Transition to permanent financing
Construction financing is generally structured around the development and stabilization period. As a property approaches stabilized operations, KIRE evaluates longer-term financing options based on the asset’s operating performance, prevailing market conditions, lender requirements, and the broader business plan. The refinancing process typically includes updated property financials, valuation, lender underwriting, due diligence, and loan documentation. We consider this transition during the initial underwriting process so the financing strategy can evolve alongside the project.
How a KIRE project works
Seven steps, the same on every project, from site selection through stabilized operations.
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01
SITE SELECTION
Underwriting and acquisition
We look at infill sites in submarkets where housing is short and new supply is hard to add. We underwrite the downside first: what the site costs to build, what it costs to run, and what happens if rents soften or the schedule slips. If a site only works in the good case, we pass.
03
CAPITALIZATION
Sourcing equity and debt
KIRE funds predevelopment: land, design, entitlement, and permits, at times alongside a co-general partner. Limited partner equity and construction debt close together before construction starts, once the site, budget, and schedule are de-risked.
05
LEASE-UP AND STABILIZATION
Dedicated property management arm
Once construction is complete, the project is handed off to CMND Hospitality, which leads leasing and property operations through stabilization and ongoing management.
07
HOLD AND OPERATE
Asset and portfolio management
KIRE develops with long-term ownership in mind. Following stabilization, our asset and property management teams oversee leasing, operations, maintenance, budgeting, financial reporting, and ongoing capital needs. Operating performance is reviewed regularly against the original business plan, with property-level information informing decisions across the broader portfolio. Because development, construction, and operations remain closely connected, lessons from each completed project can be incorporated into the underwriting, design, and execution of future developments.
Proven, not theoretical
Disclaimer: Real estate investments involve a high degree of risk and are not suitable for all investors. Past performance is not indicative of future results. Content on this site is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. Qualified investors should review all subscription documents and risk disclosures before committing capital.