strategic real estate consulting
Housing and Portfolio Analysis and Strategy
We can provide a knowledgeable, objective review of an organization’s real estate strategy and portfolio performance.
our organization has changed. should our real estate strategy change with it?
Nonprofit organizations grow and adapt to the evolving needs they see in their communities. Sometimes, a shift in organizational strategy calls for a new approach to real estate and housing ownership.
The first question any nonprofit leader must ask—whether they are looking to acquire their first property or operate a 500-unit portfolio—is:
Does real estate ownership contribute to, or detract from, our mission?
We see the profound importance of housing for our clients, but does it make sense to enter the housing space?
Whether real estate ownership or housing provision makes sense for a nonprofit depends on the organization’s mission, vision, and goals, as well as its financial and staffing capacity.
We work with you to assess:
Do we have the capacity to own and manage real estate, whether it be our headquarters, service space, or housing?
Do we have the financial capacity to manage month-to-month expenses?
Will we need to fundraise to meet expenses? If so, do we have the relationships in place to secure those funds?
Can we meet the same objectives by leasing space or partnering with housing providers, or does ownership provide additional value?
Does real estate ownership contribute to, or detract from, our mission?
We’ve been doing the same thing for so long, but it’s not working anymore. What is going wrong?
Nonprofit leaders often inherit a legacy real estate portfolio that has been managed from a distance. Property managers may have been hired to make operations easy and hands-off, or management may have been addressed only when leadership had time to spare. Over time, this can lead to operational and financial issues.
Every organization’s systems and processes need to adapt to changing environments—especially in real estate and housing.
There are many potential failure points in real estate management. We provide forensic asset management analyses to investigate your particular situation:
Where, specifically, are the failure points? Are they related to occupancy, mismatched rents, unregulated expenses, property management failures, or other issues?
Are the necessary changes minor adjustments or major interventions?
Do we have the staff capacity to make these changes? If not, can we afford to add staff or engage third-party support?
Do we need to reposition, consolidate, or refinance? Can we tap into equity for capital improvements or other uses?
We then help you explore broader, mission-driven questions:
Does the size of our portfolio align with our mission?
Do we need to right-size our portfolio? What disposition strategies make sense? Which properties should we sell?
Does real estate ownership contribute to, or detract from, our mission?
We’re ready to take the leap — how do we start?
We have extensive real estate financing experience and can help!
Financing Options
We can help you navigate opportunities such as Historic Tax Credits, Neighborhood Assistance Program credits, conventional loans, Fannie Mae/Freddie Mac/HUD programs, and public financing (CDBG, Affordable Housing Commission).
Joint Ventures
It may make sense to partner with a mission-aligned organization to bring in additional equity or capacity. We can facilitate and structure these opportunities.
Our Experience
Lucas Delort has a decade of experience in real estate project management and asset management. Prior to founding and growing Lintel and Cornice Development and Construction as a boutique historic rehabilitation company, Lucas worked at nonprofit organizations managing development projects utilizing Low-Income Housing Tax Credits, Historic Tax Credits, Community Development Block Grants, HOME funds, the Affordable Housing Trust Fund, HUD programs, and New Markets Tax Credits. He has helped build nonprofit rental portfolios, launch a property management program, and develop youth jobs programs. Lucas also worked at an investment firm, asset managing more than $100 million in real estate investments.
As both a staff and board member, Lucas has contributed to the growth and restructuring of nonprofit organizations with an eye toward efficient operations, long-term cash flow, strategic fundraising, and ensuring that cost centers support the organization’s mission. In addition to his focus on real estate development, Lucas has extensive knowledge of housing policy, homeless services and Housing First, and the broader nonprofit community in the region.
Lucas is a licensed real estate agent in Missouri, license #2023034385