Portfolio snapshot
Where the book stands
Assets
13
605 units under management
Weighted occupancy
88.3%
unit-weighted, latest month
NOI run-rate
$5.37M
sum of current annualized run-rates
Senior debt
$78.88M
operating assets · full book $80.71M
$39.07M
Common equity value (marked deals)
$116K
Delinquency outstanding
8 / 13
Distributing
34
High / watch items
Portfolio at a glance · click any asset to open its full dashboard
| Asset | Units | Occ. | NOI run-rate | Equity mark | Senior debt | Distrib. | |
|---|---|---|---|---|---|---|---|
| Lucas Portfolio Meritus |
137 | 83.2% | $1.43M | $8.87M at cost |
$17.01M | Active | Open → |
| Clay & Tiffany Meritus |
62 | 80.6% | $231K | $3.25M at cost |
$6.31M | Active | Open → |
| Manchester Arms Nordic Real Estate |
60 | 90.0% | $290K | $3.23M at cost |
$6.93M | None | Open → |
| Division Street Apartments Lombard Management Group |
59 | 96.6% | $770K | $5.09M mark |
$8.30M | Paused | Open → |
| The Imperial Arms Lombard Management Group |
54 | 94.4% | $551K | $3.48M mark |
$4.10M | Active | Open → |
| Pine Street Townhomes Meritus |
53 | 83.0% | $656K | $5.82M at cost |
$13.95M | Active | Open → |
| Grandview Apartments Meritus |
46 | 87.0% | $328K | $1.55M mark |
$3.13M | Active | Open → |
| Goldie Apartments Nordic Real Estate |
34 | 91.2% | $456K | $3.06M mark |
$4.54M | Active | Open → |
| Glen Ellen Apartments NWCREI |
30 | 93.3% | $190K | $2.20M at cost |
$3.75M | Active | Open → |
| Richardson Court Apartments Lombard Management Group |
23 | 87.0% | — | n/a | $3.45M | None | Open → |
| Everett Street Apartments Lombard Management Group |
19 | 89.5% | — | n/a | $1.57M | None | Open → |
| Vernon Street Apartments Kasa Properties |
15 | 100.0% | $211K | $1.29M mark |
$2.55M | Active | Open → |
| Staten Crest Apartments Kasa Properties |
13 | 100.0% | $260K | $1.24M mark |
$3.28M | Pending | Open → |
| Portfolio | 605 | 88.3% | $5.37M | $39.07M | $80.71M |
Occupancy
Current occupancy, ranked
Weighted portfolio occupancy is 88.3%. Bars are colored green ≥95%, navy 88–95%, red <88%.
Trend
Occupancy over time · by building
Lucas Portfolio83.2%
12 mo · Meritus
Clay & Tiffany80.6%
12 mo · Meritus
Manchester Arms90.0%
12 mo · Nordic Real Estate
12 mo · Lombard Management Group
The Imperial Arms94.4%
5 mo · Lombard Management Group
12 mo · Meritus
Grandview Apartments87.0%
12 mo · Meritus
Goldie Apartments91.2%
12 mo · Nordic Real Estate
12 mo · NWCREI
12 mo · Lombard Management Group
6 mo · Lombard Management Group
Vernon Street Apartments100.0%
12 mo · Kasa Properties
Staten Crest Apartments100.0%
12 mo · Kasa Properties
Delinquency
Bad debt & 30+ delinquency
Bad-debt formation % = the rent that newly went bad that month (per-resident 30+ balances that grew) ÷ that month’s billed resident rent. It is always ≥ 0, so a worsening account stays visible even when someone else pays off. Cleared (green) is the offsetting reduction — payments plus move-out write-offs, which the aging report can’t yet tell apart. The net of the two is the change in the accumulated 30+ balance shown below. Filter by manager to judge a management company’s collections performance.
Monthly bad debt — formed vs cleared · % of billed rent
Bad debt formedCleared (payments + write-offs)
30+ day balance ($) · accumulated hardened delinquency
Financials
Financial performance & expenses
Monthly P&L, NOI vs plan, and category-level expenses with anomaly detection — filterable by property or management company. Full time-series where a workbook is loaded (13 of 13 assets today); the rest show run-rate NOI and light up as their financials flow in.
Debt, coverage & maturities
Debt-service coverage
DSCR = NOI run-rate ÷ annual debt service. Leveraged cash flow = NOI − debt service, the cash left for equity after the lender. Interest-only loans use interest; amortizing loans estimate P&I on a 30-year schedule. Below 1.0x (not covering debt): Pine Street Townhomes, Clay & Tiffany.
1.21x
Portfolio DSCR
$4.54M
Annual debt service
$945K
Leveraged cash flow / yr
$78.88M
Operating-asset debt
Coverage by property · worst first
| Property | Balance | Rate | Debt svc/yr | NOI run-rate | DSCR | Lev. CF/yr | LTV |
|---|---|---|---|---|---|---|---|
| Pine Street Townhomes P&I est | $13.95M | 5.98% | $1.00M | $555K | 0.55x | -$447K | n/a |
| Clay & Tiffany P&I est | $6.31M | 5.62% | $436K | $265K | 0.61x | -$170K | n/a |
| Richardson Court Apartments P&I est | $3.45M | 3.39% | $183K | $187K | 1.02x | $3K | n/a |
| Manchester Arms | $6.93M | 6.50% | $450K | $527K | 1.17x | $77K | 137% |
| Division Street Apartments | $8.30M | 6.35% | $527K | $629K | 1.19x | $101K | 62% |
| Staten Crest Apartments P&I est | $3.28M | 4.49% | $199K | $260K | 1.31x | $61K | 73% |
| Lucas Portfolio | $17.01M | 5.13% | $872K | $1.38M | 1.58x | $506K | n/a |
| Grandview Apartments | $3.13M | 5.90% | $185K | $295K | 1.59x | $110K | 67% |
| Goldie Apartments | $4.54M | 6.35% | $289K | $576K | 2.00x | $287K | 60% |
| The Imperial Arms | $4.10M | 5.94% | $244K | $499K | 2.05x | $256K | 48% |
| Vernon Street Apartments | $2.55M | 5.83% | $149K | $310K | 2.08x | $161K | 66% |
| Glen Ellen Apartments | $3.75M | 0.00% | rate n/a | $148K | — | — | 113% |
Monthly NOI vs. debt service · green = cash to equity, red = shortfall
Maturities
The maturity wall
$80.71M
Total senior debt
5.69%
Wtd. avg rate
58%
Interest-only
$20.88M
Maturing ≤ 2028
Loan balances by maturity year
Red bars mature on or before 2028 — the near-term refinance exposure. Manchester (6/1/2027, over-levered) is the acute one.
$6.93M
2027
$13.95M
2028
$11.44M
2029
$4.54M
2030
$10.41M
2031
$6.00M
2032
$17.01M
2033
$3.28M
2041
$1.82M
2054
$5.32M
n/a
Loan-by-loan · authoritative debt matrix · refreshed 2026-07-17
| Property | Lender | Amount | Structure | Rate | Maturity |
|---|---|---|---|---|---|
| Vernon Street Apartments | JP Morgan Chase | $2.55M | IO | 5.83% | 2032-08-01 |
| Ward Street Apartments | JP Morgan Chase | $1.82M | Amortizing | 6.37% | 2054-08-01 |
| Clay & Tiffany | CBRE - SBL Agency | $6.31M | Amortizing | 5.62% | 2031-05-01 |
| Staten Crest Apartments | CBRE - SBL Agency | $3.28M | Amortizing | 4.49% | 2041-07-01 |
| Manchester Arms | Coastal Community Bank | $6.93M | IO | 6.50% | 2027-06-01 |
| Division Street Apartments | CMBS - Trimont Servicing | $8.30M | IO | 6.35% | 2029-09-15 |
| Goldie Apartments | Everbank | $4.54M | IO | 6.35% | 2030-05-20 |
| Imperial Arms Apartments | Everbank | $4.10M | IO | 5.94% | 2031-02-17 |
| Grandview Apartments | Everbank | $3.13M | — | 5.90% | 2029-11-21 |
| Glen Ellen | Seller Financing | $3.75M | IO | — | — |
| Lucas Portfolio - Loan 1 | BECU | $6.91M | IO | 5.09% | 2033-03-10 |
| Lucas Portfolio - Loan 2 | BECU | $731K | IO | 5.09% | 2033-03-10 |
| Lucas Portfolio - Loan 3 | BECU | $2.53M | IO | 5.22% | 2033-03-10 |
| Lucas Portfolio - Loan 4 | BECU | $522K | IO | 5.22% | 2033-03-10 |
| Lucas Portfolio - Loan 5 | BECU | $5.49M | IO | 5.13% | 2033-03-10 |
| Lucas Portfolio - Loan 6 | BECU | $826K | IO | 5.13% | 2033-03-10 |
| Pine Street Townhomes | Coastal Community Bank | $13.95M | Amortizing | 5.98% | 2028-04-25 |
| Richardson Court Apartments | Pacific West Bank | $3.45M | Amortizing | 3.39% | 2032-01-15 |
| Raleigh Apartments | OnPoint Community CU | $1.57M | Amortizing | 5.75% | — |
Full book is $80.71M across 19 loans and includes Richardson Court, Ward Street, and Raleigh — financed but not yet onboarded, so they don't appear on the coverage table above. Operating-asset debt is $78.88M.
Invested capital
Equity in the deals & preferred
Invested common equity totals $34.90M across the book (from the Comprehensive Portfolio Data deck). Cash-on-cash = distributions to common ÷ invested equity, life-to-date.
Capital stack · invested equity, preferred, and returns to date
| Asset | Invested equity | Common pref | Preferred equity | Distributed | Cash-on-cash |
|---|---|---|---|---|---|
| Lucas Portfolio | $8.87M | 5% | — | $882K | 9.9% |
| Pine Street Townhomes | $5.82M | 5% | Preferred Equity · 18% | $187K | 3.2% |
| Division Street Apartments | $3.65M | 5% | Investor Loan | $219K | 6.0% |
| Clay & Tiffany | $3.25M | 8% | — | $118K | 3.6% |
| Manchester Arms | $3.23M | 5% | — | — | — |
| Goldie Apartments | $2.73M | 8% | — | $170K | 6.2% |
| Glen Ellen Apartments | $2.20M | 8% | — | $25K | 1.1% |
| Grandview Apartments | $1.91M | 8% | — | $214K | 11.2% |
| Vernon Street Apartments | $1.70M | 5% | — | — | — |
| The Imperial Arms | $1.54M | 8% | Seller 2nd Lien · 5% | $53K | 3.4% |
Equity & valuation
Common equity marks (mark-to-market)
Valuation matches each deal's lifecycle stage: stabilized assets are marked at a cap rate on in-place NOI; value-add and distressed/stabilization deals are held at invested cost, because a trailing-NOI cap mark mid-execution is not meaningful (it understates value while units lease up). Cap-rate marks are model-implied, not appraisals.
Equity by asset · valuation matched to lifecycle stage
| Asset | Gross asset value | Senior debt | Equity | Basis |
|---|---|---|---|---|
| Lucas Portfolio | n/a | $17.01M | $8.87M | At cost · Value-Add |
| Pine Street Townhomes | n/a | $13.95M | $5.82M | At cost · Value-Add |
| Division Street Apartments | $13.39M | $8.30M | $5.09M | Cap-rate mark |
| The Imperial Arms | $8.48M | $4.10M | $3.48M | Cap-rate mark |
| Clay & Tiffany | n/a | $6.31M | $3.25M | At cost · Distressed/Stabilization |
| Manchester Arms | n/a | $6.93M | $3.23M | At cost · Distressed/Stabilization |
| Goldie Apartments | $7.60M | $4.54M | $3.06M | Cap-rate mark |
| Glen Ellen Apartments | n/a | $3.75M | $2.20M | At cost · Value-Add |
| Grandview Apartments | $4.69M | $3.13M | $1.55M | Cap-rate mark |
| Vernon Street Apartments | $3.84M | $2.55M | $1.29M | Cap-rate mark |
| Staten Crest Apartments | $4.52M | $3.28M | $1.24M | Cap-rate mark |
No stage/valuation yet for: Richardson Court Apartments, Everett Street Apartments.
Distributions & capital
Who is paying — and who is calling
8
Distributing
1
Paused
4
None / pending
$1.87M
Distributed to date
Distribution status & capital calls
| Asset | Status | To date | Recent capital calls |
|---|---|---|---|
| Lucas Portfolio | active | $882K | — |
| Clay & Tiffany | active | $118K | — |
| Manchester Arms | none_to_common | $0 | 2026-04: $44K; 2026-05-25: $792K |
| Division Street Apartments | paused | $219K | — |
| The Imperial Arms | active | $53K | — |
| Pine Street Townhomes | active | $187K | — |
| Grandview Apartments | active | $214K | — |
| Goldie Apartments | active | $170K | — |
| Glen Ellen Apartments | active | $25K | — |
| Richardson Court Apartments | — | — | — |
| Everett Street Apartments | — | — | — |
| Vernon Street Apartments | active | — | — |
| Staten Crest Apartments | pending | — | — |
Performance vs. plan
Actual NOI vs. underwritten NOI
Where a plan NOI exists in the record, this shows how far current run-rate is from the underwriting. Value-add deals mid-execution (Manchester, Glen Ellen, Grandview) are intentionally below plan.
NOI achievement
| Asset | Current NOI | Plan NOI | % of plan | Progress |
|---|---|---|---|---|
| Lucas Portfolio | $1.43M | $2.28M | 63% | 62.7% |
| Manchester Arms | $290K | $504K | 58% | 57.5% |
| The Imperial Arms | $551K | $476K | 116% | 100.0% |
| Grandview Apartments | $328K | $436K | 75% | 75.3% |
| Goldie Apartments | $456K | $516K | 88% | 88.4% |
| Glen Ellen Apartments | $190K | $410K | 46% | 46.4% |
| Vernon Street Apartments | $211K | $224K | 94% | 94.1% |
Underwriting NOI not yet captured for: Clay & Tiffany, Division Street Apartments, Pine Street Townhomes, Richardson Court Apartments, Everett Street Apartments, Staten Crest Apartments. Pine Street's model is broken (#NAME?) and needs a clean re-model before it can be scored.
Leasing efficiency
Leasing scorecard · screen & compare
X · Captured = dollar-weighted rent change on units we actually repriced (renewals + trade-outs). Trade-out / Renewal / Reno = average % by type. Time-to-lease uses actual move-out→move-in days where the rolls carry them. Screen by manager and/or by property — tick two or more properties to run a side-by-side comparison over the same window.
Screen by property · tick two or more to compare side by side
Per-asset scorecard · click a column header to sort
| Asset | Manager | X · Captured | Trade-out | Renewal | Reno | Time-to-lease | Rent Δ | Events |
|---|
Events are attributed to the manager in place at the event date. Time-to-lease is regular trade-outs only (renovation turns excluded), using actual move-out→move-in dates where available and snapshot months otherwise.
Management
Manager scorecard & analysis
Each management company graded on a composite of what they control — financial efficiency (margin, opex ratio, controllable cost/unit, and all-in management load — fee plus every billback, as a share of revenue; the base fee is shown but never scored, because a low fee funded by billbacks is not a cheap manager. Note the base-fee column excludes the leasing / lease-up fee, which IS counted inside all-in load — that charge is 22% of Kasa's entire load and near-zero for everyone else), leasing, occupancy, plan adherence, and collections — scored relative to peers. Leasing is judged chiefly on time-to-lease for regular (non-renovation) turns — an apples-to-apples read that isn't skewed by how much value-add/renovation work a manager carries; Trade-out — the rent on a unit before a resident left versus what the next resident pays — is scored: it is the P&L reality. It is shown next to the average rent before, because the only real confound is a manager starting from a different rent level; where starting rents are comparable, the trade-out gap is the manager. Leased at/above asking is displayed but not scored — the asking rent is a figure the manager enters on the roll, so grading against it is partly circular (set asking low, clear it easily). Renewal rent growth is also unscored (it tracks how far below market a building's legacy residents sit); renewal rate is scored. Leasing is credited to whoever managed the asset at the time. Collections score only where delinquency data exists (currently the Lombard book). Strengths/weaknesses are auto-derived vs the peer median.
Grades · composite of the dimensions below, ranked best-first
| Manager | Grade | Margin | Opex/EGI | Ctrl/unit | Base fee % rev | All-in load % rev | Occ | vs plan | Days-to-lease* | Renewal rate | At/above asking | Rent before → after | Trade-out | Delinq/unit |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kasa 2a · 28u | A | 72% | 23% | $6K | 4.7% | 6.5% | 100.0% | 138% | 38d (29 · 29 dated) | 66% (66) | 83% (23) | $2,675 → $2,681 | +1.4% | n/a |
| Lombard 4a · 155u | B+ | 57% | 41% | $4K | 5.5% | 6.8% | 93.5% | 90% | 53d (23 · 23 dated) | 62% (48) | 59% (17) | $1,476 → $1,479 | +0.6% | $1 |
| Nordic 2a · 94u | D | 69% | 32% | $5K | 7.9% | 8.1% | 90.4% | 108% | 59d (42 · 41 dated) | 29% (17) | 68% (38) | $1,457 → $1,356 | -3.2% | $531 |
| Meritus 4a · 298u | F | 45% | 53% | $6K | 3.6% | 8.2% | 83.2% | 62% | 95d (173 · 171 dated) | 47% (208) | 68% (157) | $1,780 → $1,678 | -5.1% | $525 |
| NWCREI 1a · 30u | F | 36% | 79% | $7K | 5.4% | 9.2% | 93.3% | 36% | 104d (16 · 16 dated) | 41% (17) | 94% (16) | $1,456 → $1,542 | +6.0% | n/a |
* Time-to-lease on regular market turns only (count in parentheses). Two exclusions keep it apples-to-apples: renovation turns are dropped so a manager isn't penalized for deep value-add work, and vacancy inherited from a prior manager (units already empty at takeover) is dropped so an incoming manager isn't charged for its predecessor's backlog. Measures vacancy downtime between residents, from monthly occupancy.
Where each manager is good, bad, and trending
AKasa
2 assets · 28 units · Vernon Street Apartments, Staten Crest Apartments
Where they're strong
✓ noi margin (72.5%)
✓ opex efficiency (22.6%)
✓ all-in management load (% of revenue) (6.5%)
✓ occupancy (100.0%)
✓ noi vs plan (138.2%)
✓ time-to-lease (regular turns) (38 days)
✓ renewal rate (retention) (66%)
Where they lag
✕ controllable opex/unit ($6,443)
Open risk items: 3 high · 1 watch.
• Vernon Street Apartments — Common equity marks below cost at current NOI; base-case common 0.88x/-2.6% IRR at a 5.5% exit cap (1.16x/3.0% at 5.0%). Returns hinge on rent capture
• Staten Crest Apartments — Chase loan payment past due ($8,105.08) for Ward St — Next: Confirm whether the July payment was made; remit if not.
• Staten Crest Apartments — CBRE loan #010433028 (Staten Crest) converted fixed → floating effective 7/1; insurance escrow shortage of $6,855.29 — Next: Remit the $6,855.29 short
• Staten Crest Apartments — Chase loan #200704460 — FINAL NOTICE for certificates of insurance + invoice (2231 Ward St) — Next: Confirm Chase records management logged the COI an
Recent reporting themes: FINANCING 2 · VALUE-ADD 1 · LEASING 1 · RETURNS 1 · FINANCIALS 1
B+Lombard
4 assets · 155 units · Division Street Apartments, The Imperial Arms, Richardson Court Apartments, Everett Street Apartments
Where they're strong
✓ controllable opex/unit ($4,117)
✓ all-in management load (% of revenue) (6.8%)
✓ time-to-lease (regular turns) (53 days)
✓ renewal rate (retention) (62%)
✓ collections (delinq/unit) ($1)
Where they lag
no standout weaknesses vs peers
Open risk items: 1 high · 4 watch.
• Division Street Apartments — Senior $8.3M IO at ~6.23% (~$43,921/mo), 2021 bridge vintage; current rates constrain refinance — the core reason the hold was extended.
• Division Street Apartments — Now targeting a Sep-2029 exit; value highly sensitive to terminal cap (5.5% → 1.82x / 8.06%; 6.0% stress → 1.56x / 5.93%).
• The Imperial Arms — Laundry income far below budget (May $535 vs $2,386, -78%); investigate machines/pricing/collection.
• The Imperial Arms — URM earthquake-insurance premium is a structural cost drag.
Recent reporting themes: OPS 2 · CREDIT 2 · WATCH 2 · EXPENSES 2 · NOI 1
DNordic
2 assets · 94 units · Manchester Arms, Goldie Apartments
Where they're strong
✓ noi margin (69.1%)
✓ opex efficiency (32.1%)
Where they lag
✕ renewal rate (retention) (29%)
✕ trade-out (rent before -> after) (-3.2%)
✕ collections (delinq/unit) ($531)
Open risk items: 7 high · 2 watch.
• Manchester Arms — Debt ($6.93M) exceeds implied asset value (~$5.0-6.1M); common equity underwater; refinance/maturity (6/1/2027) is the principal solvency risk.
• Manchester Arms — CMBS take-out sizes to ~$6.33M at a conservative 5.75% cap / 70% LTV - a ~$600K gap to the $6.93M payoff, likely a further pref draw.
• Manchester Arms — Fire-alarm inspection overdue — Fire Marshal requirement was due in June — Next: Authorize/schedule the Washington Alarm inspection immediately.
• Manchester Arms — Brent Brown partner pressure — five-point status request (HELOC/BMO, property listings, ~$125k capital commitments, CMBS three-scenario analysis); COB
Recent reporting themes: LEGAL 3 · DELINQUENCY 2 · LEASING 2 · CAPEX 1 · OPEX 1
FMeritus
4 assets · 298 units · Lucas Portfolio, Clay & Tiffany, Pine Street Townhomes, Grandview Apartments
Where they're strong
no standout strengths vs peers
Where they lag
✕ noi margin (44.8%)
✕ occupancy (83.2%)
✕ noi vs plan (61.6%)
✕ time-to-lease (regular turns) (95 days)
✕ trade-out (rent before -> after) (-5.1%)
✕ collections (delinq/unit) ($525)
Open risk items: 12 high · 1 watch.
• Lucas Portfolio — NOI ~37% below underwriting - renovation stalled (61/134 done vs plan). The gap is pace, not thesis; 62 legacy units are the upside.
• Lucas Portfolio — Leasing funnel — ~5% lead-to-tour conversion — Next: Ask Meritus: lead-handling process, speed-to-lead, follow-up cadence.
• Lucas Portfolio — Renovation tracker — BECU does not show Williamsburg units 22 & 34 as funded — Next: Reconcile the Williamsburg 22/34 funding discrepancies with BECU;
• Lucas Portfolio — Williamsburg #38 (Smith Ventura) — $14,914 legal AR — Next: Ask Meritus: status, timeline, expected recovery.
Recent reporting themes: LEASING 4 · OPS 3 · DEBT 3 · DELINQUENCY 2 · FINANCING 2
FNWCREI
1 assets · 30 units · Glen Ellen Apartments
Where they're strong
✓ trade-out (rent before -> after) (6.0%)
Where they lag
✕ noi margin (35.6%)
✕ opex efficiency (79.5%)
✕ controllable opex/unit ($7,208)
✕ all-in management load (% of revenue) (9.2%)
✕ noi vs plan (36.2%)
✕ time-to-lease (regular turns) (104 days)
Open risk items: 3 high · 0 watch.
• Glen Ellen Apartments — Opex ~1.9x UW; PM fee stack ~$64K (13% EGI); insurance under-underwritten; tax reassessed
• Glen Ellen Apartments — ~$315K of 2025-26 capital untagged; risk of capital expensed
• Glen Ellen Apartments — Chronic outages persist despite $58K upgrade (reversed); patched not fixed; investigate Moss Bay reversal
Recent reporting themes: GL forensics 1 · Operations 1 · Verification 1
Data scope: this analysis is built from the financials, leasing, delinquency, occupancy, and the asset-management flags & weekly notes in each property's record. Call logs and Outlook/email threads are not connected, so the qualitative layer reflects the structured AM reporting on file — not verbal or email communications. Operational logs (work orders, GL logs) exist for some assets and could be folded in to score maintenance responsiveness next.
Total management load
What each manager actually costs, per door
Management load = the headline fee plus everything the manager bills back: R&M labour (all maintenance/turn/cleaning labour, manager crew or 3rd-party contractor — materials excluded; the manager-billed slice is tracked separately), site payroll, and admin (software, mileage, office, licences, admin fees). Classified at GL leaf level and scoped to each manager's own era. The GP's asset-management fee is excluded. A low fee is not a cheap manager — the billback stack is where the money is.
Cheapest all-in
$1,108
Lombard · fee $893 + billbacks $214
Most expensive all-in
$1,833
Kasa · fee $1,311 + billbacks $522
Spread
$725
per door / yr between best & worst
Billback ratio
0.4×
Kasa billbacks vs its own fee
Load composition · navy = fee · blue = leasing fee · gold = site payroll · teal = admin billbacks · R&M labour excluded
Lombard 4a · 155u
$1,108
NWCREI 1a · 30u
$1,279
Nordic 2a · 94u
$1,367
Meritus 4a · 298u
$1,532
Kasa 2a · 28u
$1,833
By management company · unit-weighted, annualized $ per door
| Manager | Fee | Leasing fee | Site payroll | Admin | Billbacks | MGMT LOAD | R&M labour* |
|---|---|---|---|---|---|---|---|
| Lombard 4a · 155u | $893 | $0 | $203 | $11 | $214 | $1,108 | $147 |
| NWCREI 1a · 30u | $750 | $0 | $395 | $134 | $529 | $1,279 | $801 |
| Nordic 2a · 94u | $1,341 | $0 | $0 | $26 | $26 | $1,367 | $342 |
| Meritus 4a · 298u | $669 | $78 | $578 | $206 | $862 | $1,532 | $739 |
| Kasa 2a · 28u | $1,311 | $452 | $0 | $69 | $522 | $1,833 | $192 |
By property · each scoped to its current manager's era
| Asset | Manager | Units | Fee | Leasing fee | Mgr R&M labour | Payroll | Admin | Charged | Window |
|---|---|---|---|---|---|---|---|---|---|
| Staten Crest Apartments | Kasa | 13 | $1,522 | $484 | $267 of $1,539 | $0 | $80 | $2,086 | 2021-07..2026-06 · 60mo |
| Pine Street Townhomes | Meritus | 53 | $881 | $0 | $522 of $522 | $850 | $256 | $1,987 | 2023-04..2026-05 · 38mo |
| Goldie Apartments | Nordic | 34 | $1,793 | $0 | $172 of $172 | $0 | $53 | $1,846 | 2025-07..2026-05 · 11mo |
| Vernon Street Apartments | Kasa | 15 | $1,128 | $425 | $127 of $2,175 | $0 | $60 | $1,613 | 2022-07..2026-06 · 48mo |
| Lucas Portfolio | Meritus | 137 | $609 | $0 | $616 of $616 | $699 | $173 | $1,482 | 2023-03..2026-06 · 40mo |
| Grandview Apartments | Meritus | 46 | $748 | $198 | $915 of $915 | $238 | $214 | $1,398 | 2024-12..2026-05 · 18mo |
| Clay & Tiffany | Meritus | 62 | $562 | $230 | $1,064 of $1,064 | $332 | $229 | $1,353 | 2024-03..2026-05 · 27mo |
| Glen Ellen Apartments | NWCREI | 30 | $750 | $0 | $801 of $801 | $395 | $134 | $1,280 | 2024-08..2026-06 · 23mo |
| Division Street Apartments | Lombard | 59 | $698 | $0 | $267 of $267 | $534 | $23 | $1,255 | 2025-11..2026-06 · 8mo |
| Richardson Court Apartments | Lombard | 23 | $1,192 | $0 | $-164 of $-164 | $0 | $9 | $1,200 | 2025-12..2026-05 · 6mo |
| Manchester Arms | Nordic | 60 | $1,085 | $0 | $439 of $439 | $0 | $11 | $1,096 | 2025-06..2026-05 · 12mo |
| The Imperial Arms | Lombard | 54 | $960 | $0 | $174 of $174 | $0 | $1 | $961 | 2026-02..2026-06 · 5mo |
| Everett Street Apartments | Lombard | 19 | $949 | $0 | $75 of $75 | $0 | $5 | $954 | 2026-02..2026-05 · 4mo |
Only the manager-billed slice of R&M labour counts as load (3rd-party contractors are arm's-length). City business licences and permits are statutory, not a manager charge. Per-door fees scale with rent level — a high-rent asset carries a bigger $/door fee at the same % of revenue. Windows differ by asset (a manager's era may be only a few months old), and short windows can under-capture annual items such as seasonal maintenance or once-a-year software charges. Managers also code costs differently — treat the total as the reliable figure and any single column as directional.
Watch list · as of 2026-07-17
What is actually open right now
Open items
54
across 15 entities
High priority
23
need a decision this week
Quantified exposure
$3,674,356
where a $ figure is known
Entity-level
15
no single asset
Leasing · 9Insurance · 9Expenses · 8Reporting · 7Financing / Loan · 6Delinquency · 5Legal · 4Renovation · 3Other · 3
High priority · 23 items
| Priority | Asset | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|---|
| High | Lucas Portfolio | Leasing | Leasing funnel — ~5% lead-to-tour conversion | Meritus | Ask Meritus: lead-handling process, speed-to-lead, follow-up cadence. | — | 2026-06-29 |
| High | Lucas Portfolio | Renovation | Renovation tracker — BECU does not show Williamsburg units 22 & 34 as funded | Meritus | Reconcile the Williamsburg 22/34 funding discrepancies with BECU; finalize the renovated-unit master list. | — | 2026-06-29 |
| High | Lucas Portfolio | Delinquency | Williamsburg #38 (Smith Ventura) — $14,914 legal AR | Meritus | Ask Meritus: status, timeline, expected recovery. | $14,914 | 2026-06-29 |
| High | Pine Street Townhomes | Financing / Loan | Loan payment $86,731 due 6/30 + late-fee dispute | Lender | Confirm the 6/30 payment was made; pursue reversal of late fees. | $86,731 | 2026-06-29 |
| High | Manchester Arms | Legal | Fire-alarm inspection overdue — Fire Marshal requirement was due in June | Vendor | Authorize/schedule the Washington Alarm inspection immediately. | — | 2026-07-01 |
| High | Pine Street Townhomes | Financing / Loan | Potential sale — Berkadia BOV; ~70% complete value-add, ~$20M needed to clear all investors; rents/leasing strong, AR weaker | Me / Lombard Equities | Firm up the Berkadia BOV / target sale price; decide whether to market. | — | 2026-07-01 |
| High | Manchester Arms | Legal | Brent Brown partner pressure — five-point status request (HELOC/BMO, property listings, ~$125k capital commitments, CMBS three-scenario analysis); COB 7/7 deadline passed | Partner | Respond to Brent's five-point request; the CMBS sensitivity analysis is still outstanding. | — | 2026-07-03 |
| High | Manchester Arms | Delinquency | Brent's four watched accounts: Mauhan (109, $2,795) and Estill (209, $3,116) rolled into 30+ despite cashier's checks reportedly ready 6/23; Correll and Prudnick also rolled (Prudnick's agency payment 'pending' 3 weeks). 30+ bucket grew $23K -> $31.8K. | Lombard PM | Get Nordic's account-by-account plan on these four; confirm what happened to the Mauhan/Estill cashier's checks. | — | 2026-07-03 |
| High | Hall Street | Delinquency | JH Kelly invoice 546405 past due since March — escalation risk | Vendor | Provide/confirm a payment date for JH Kelly. | — | 2026-07-03 |
| High | Staten Crest Apartments | Financing / Loan | Chase loan payment past due ($8,105.08) for Ward St | Lender | Confirm whether the July payment was made; remit if not. | $8,105 | 2026-07-04 |
| High | Richardson Court Apartments | Expenses | Waste Solution Services invoice 87620 unpaid ($1,409.29); new invoice 98770 ($1,709.29) issued | Vendor | Pay 87620; review/schedule 98770. | $1,409 | 2026-07-05 |
| High | Portfolio / Other | Expenses | Waste Solution Services invoice 87619 unpaid ($1,430) — no property named | Vendor | Pay 87619; identify the property; schedule 98769 ($1,585) and Tabor West 98771 ($819). | $1,430 | 2026-07-05 |
| High | Tacoma | Insurance | Tree fell — garage/roof damage; insurance claim open + CRITICAL roof WO #356-1 | Insurer | Reply to Shane with incident date, confirm tree/property; dispatch tree removal and address roof WO. | — | 2026-07-06 |
| High | Manchester Arms | Insurance | Insurance renewal 8/1/26 — Alliant needs 2022–2024 loss runs to remarket (needed by 7/10) | Insurer | Forward all loss runs to Alliant and review renewal quotes before the 8/1 expiry. | — | 2026-07-08 |
| High | Staten Crest Apartments | Financing / Loan | CBRE loan #010433028 (Staten Crest) converted fixed → floating effective 7/1; insurance escrow shortage of $6,855.29 | Lender | Remit the $6,855.29 shortage to CBRE Loan Services (wire, overnight check, or borrower portal). Arie has asked Alliant whether a monthly pay plan is available. | $6,855 | 2026-07-08 |
| High | Portfolio / Other | Insurance | Lombard Equities Group Manager LLC — CGL CANCELLED 7/8 for non-payment; Travelers prof-liability #108499149 pending cancellation. No reply sent to Alliant since 7/8. | Insurer | Reply to Danielle Black today and authorise the underwriting reinstatement request with Cincinnati. Confirm Travelers status. The management entity is currently uninsured. | — | 2026-07-08 |
| High | Lucas Portfolio | Reporting | Portfolio meeting 7/9 — contractor (Oregon Painting) will not start until the deposit clears | Meritus | Confirm the deposit checks actually went out (Ashley checking Friday EOD). | — | 2026-07-09 |
| High | Manchester Arms | Financing / Loan | Refinance gap — capitalized T12 implies a ~$3.5M proceeds shortfall vs. the $6.93M extended loan; more granularly ~$430k loan shortfall + ~$280k deal costs to cover. Loan extended to June 2027 with a $500k paydown ($7.43M -> $6.93M). | Partner | Berkadia (Mackinley Robinson) canvassing 100+ banks/credit unions at 1.20-1.25x DSCR; pursue stretch-senior and pref-consolidation options to avoid a capital call. Move to biweekly reporting in the fall. | $3,500,000 | 2026-07-09 |
| High | Clay & Tiffany | Delinquency | McGuire Sponsel past-due invoices 408849 & 408654 — Paul flags as overdue priority | Me / Lombard Equities | Confirm balances owed, schedule payment, reply to Paul. | — | 2026-07-10 |
| High | Staten Crest Apartments | Insurance | Chase loan #200704460 — FINAL NOTICE for certificates of insurance + invoice (2231 Ward St) | Lender | Confirm Chase records management logged the COI and invoice so the final notice clears. | — | 2026-07-10 |
| High | Portfolio / Other | Insurance | Crown Point — Insur3Tech proposal, decision needed before the 7/27 effective date | Insurer | Decide paid-in-full vs. financed; confirm mortgagee / loss-payee details to Nicolas before 7/27. | — | 2026-07-10 |
| High | Pine Street Townhomes | Leasing | Lead engine impaired: unpaid Zillow invoice suppressed the listing; Apartments.com cancelled for low ROI; no weekend leasing coverage. Eviction units show-ready by Friday except 2901A (roach infestation). A military-family applicant on an unrenovated 2BR is pending signature. | Meritus | Force the Zillow invoice payment to reinstate the listing; arrange weekend leasing coverage; close or release the 2BR applicant. | — | 2026-07-14 |
| High | Lucas Portfolio | Leasing | No-cause eviction program — implement a comprehensive process to move roughly 20 of the lowest-rent residents, clearing the way to re-lease at market and lift the rent basis across the portfolio. | Me / Lombard Equities | Stand up the no-cause process with counsel and Meritus; target the ~20 lowest-rent units. | — | 2026-07-17 |
Everything else · 31 items
| Priority | Asset | Theme | Item | Owner | Next step | $ impact | Raised |
|---|---|---|---|---|---|---|---|
| Medium | Grandview Apartments | Leasing | Weekly update — Cassy asked Meritus to confirm which units are vacant vs. rent-ready; 5 of 6 vacants are 74–156 days on the board | Meritus | Get a unit-by-unit vacant/ready confirmation from Meritus. | — | 2026-07-01 |
| Medium | Manchester Arms | Expenses | Radiator repair — a $4,500 bid plus two pending quotes and a diagnosis question dropped off the weekly report entirely this week. | Lombard PM | Nordic to re-surface the radiator bid status. | $4,500 | 2026-07-03 |
| Medium | Manchester Arms | Renovation | Unit 312 — report says tenant 'has still not responded'; unclear whether mold mitigation completed and this is now floor-replacement scheduling, or the mitigation stalled. | Lombard PM | Get a clear mold/floor status on 312 from Nordic. | — | 2026-07-03 |
| Medium | Manchester Arms | Legal | Ryan Haase eviction-attorney bills sent to the accountant | Partner | Confirm the eviction bills are booked/paid as an entity expense. | — | 2026-07-08 |
| Medium | Clay & Tiffany | Reporting | CBRE/Fannie Mae Q2 2026 loan reporting (Ln 01-0719319) — blocked on the June close | Lender | Close June financials so Cassy can upload the Q2 package. | — | 2026-07-09 |
| Medium | Clay & Tiffany | Insurance | Two loss-control recommendation letters (Preferred Reports) on policy ARMB000210-25 — 1110 SW Clay St and 1515 SW 11th Ave | Insurer | Respond to recresponse@preferredreports.com before the carrier's deadline. | — | 2026-07-09 |
| Medium | Manchester Arms | Leasing | Tenant screening recalibrated — automatic credit cutoff lowered 620 -> 600 (tweener band 600-650) to balance occupancy against the sub-600 Nordic legacy placements that drove 5-6 evictions. Arie and Brent personally reviewing applications. | Lombard PM | Hold the 600 floor and Arie/Brent app review through stabilization; watch bad-debt trend. | — | 2026-07-09 |
| Medium | Manchester Arms | Expenses | Property tax — 2H 2026 King County installment ~$43,854 due 10/31; Seattle assessment jumped ~$61K -> $84-90K. 1H already paid 7/10. | Me / Lombard Equities | Calendar the 10/31 payment; pursue a penalty waiver with WA treasury and a reassessment appeal next year. | $43,854 | 2026-07-09 |
| Medium | Manchester Arms | Other | Deferred maintenance / turns: electrical faults in units 106/107/108 (107 complicated by hoarding); unit 307 floor fix or lease break; Cascade boiler contractor to be engaged. Entrada PMS migration underway. | Lombard PM | Track electrical re-inspection (107/108), 307 resolution, and the boiler contractor engagement. | — | 2026-07-09 |
| Medium | The Imperial Arms | Reporting | Global Guru bookkeeping queries — T-Mobile billback landed in the SD account and does not reconcile | Vendor | Answer the remaining T-Mobile billback reconciliation queries. | — | 2026-07-09 |
| Medium | Pine Street Townhomes | Reporting | Q2 2026 investor report draft — renovated-unit count contradicts itself (32 renovated vs 'renovation complete'; Paul recalls ~45+3) | Me / Lombard Equities | Reconcile the renovated-unit count with Meritus, fold in Paul's edits and the June financials, finalize. | — | 2026-07-09 |
| Medium | Staten Crest Apartments | Leasing | Lease ready to countersign — 2231 Ward St Unit E | Me / Lombard Equities | Countersign the Unit E lease in AppFolio. | — | 2026-07-09 |
| Medium | Portfolio / Other | Expenses | Heilig Development invoice 1049 ($5,756.95) — cleaning labor + dump fees, no property named | Vendor | Identify the property, confirm scope, approve/schedule payment. | $5,757 | 2026-07-09 |
| Medium | Portfolio / Other | Expenses | Agora — QuickBooks subscriptions expired; bookkeeper requested card/bank details by emailed attachment | Vendor | Renew the subscriptions, but supply payment credentials through a verified secure channel, not an emailed document. Send Agora the Q2 cash-flow statements. | — | 2026-07-09 |
| Medium | Lucas Portfolio | Financing / Loan | LOC / renovation reimbursement reconciliation — earlier read of a ~$210k un-reimbursed gap is NOT confirmed; business partner indicates there is no true shortfall. Reconciling LOC draws vs. reno invoices in Yardi to close the books cleanly. | Partner | Finish the Yardi reconciliation to confirm no shortfall; no action assumed until reconciled. | — | 2026-07-10 |
| Medium | Lucas Portfolio | Renovation | Williamsburg — $800 permanent roof repair approved; crawl-space mold concern raised | Meritus | Confirm the crawl-space inspection result and get the contractor's scheduled date. | $800 | 2026-07-10 |
| Medium | Division Street Apartments | Legal | Franklin Brooks (unit 6472) — non-payment eviction in process; intake form returned to Oregon Landlord, court date set for Aug 4. Now the only material 30+ balance at Division; likely to cure via rental assistance. | Lombard PM | Proceed to the 8/4 hearing; pursue the rental-assistance cure in parallel. | — | 2026-07-10 |
| Medium | The Imperial Arms | Insurance | Insurance renewal options — Insur3Tech captive quoted 10% below existing; Manna pitching admitted market | Insurer | Compare the captive proposal against Manna's admitted-market options and the current placement. | — | 2026-07-10 |
| Medium | The Imperial Arms | Other | CRITICAL work order #365-1 — resident locked out, unit 308 (key retrieval, not replacement) | Lombard PM | Confirm Lombard PM resolved the unit 308 lockout. | — | 2026-07-10 |
| Medium | Everett Street Apartments | Expenses | Outstanding property-tax status query — prior payment covered through 7/1/26 | Vendor | Confirm the post-7/1/26 property tax position for Raleigh 29 LLC and reply to Global Guru. | — | 2026-07-10 |
| Medium | Portfolio / Other | Insurance | Beagle renters-insurance rollout — lease addendum + non-compliant resident list issued | Vendor | Lombard PM to adopt the addendum for new leases/renewals and work the non-compliant list. | — | 2026-07-10 |
| Medium | Portfolio / Other | Insurance | McKinney Apartments — Insur3Tech proposal (9/30/26 effective) | Insurer | Review the McKinney proposal against the PSA closing timeline. | — | 2026-07-10 |
| Medium | Kearney | Expenses | Rodent treatment + chimney entry-point exclusion (WO #361-1) awaiting approval | Vendor | Approve the Morgan's Pest rodent treatment + exclusion scope. | — | 2026-07-10 |
| Medium | Portfolio / Other | Leasing | Zillow listing errors — leads still not flowing into AppFolio (Imperial, Everett, Richardson affected) | Lombard PM | Get Zillow to fix AppFolio lead syndication; leads are currently visible only by email. | — | 2026-07-10 |
| Medium | Portfolio / Other | Reporting | Investor R. Patrick Hanlin asking whether there is a July distribution / financial | Me / Lombard Equities | Reply with the distribution / reporting status for his investment. | — | 2026-07-10 |
| Medium | Portfolio / Other | Other | Likely phishing: 'Rebecca Keller' pitching a $2M–$35M family-office allocation from investstrategyworkmodel.shop — a throwaway domain, unsolicited, pressing for engagement | Me / Lombard Equities | Do not reply or click. Block the sender and the domain. Treat any follow-on wire or credential request as fraudulent. | — | 2026-07-10 |
| Medium | Portfolio / Other | Delinquency | PayReady onboarded as collections provider — first accounts going over are Carlos Nash (Division, written-off balance) and one resident from another property. A dashboard view of recoveries is coming. | Me / Lombard Equities | Confirm both accounts are loaded; stand up the PayReady dashboard view. | — | 2026-07-17 |
| Medium | Portfolio / Other | Reporting | Requested outstanding-collections reports from ALL property managers to build a full portfolio delinquency picture. | Lombard PM | Chase the PMs for their collections reports — pending. | — | 2026-07-17 |
| Low | Manchester Arms | Reporting | Reporting hygiene: chronic late-payer report (due 6/29) and removed-tenants/collections list dropped off the weekly; renewal-tracker date-fill error (expirations reading 2027-2033). | Lombard PM | David to send the two lists on return from vacation and fix the tracker dates. | — | 2026-07-03 |
| Low | Goldie Apartments | Leasing | Strong week: 34 inquiries, 2 approved apps, one vacancy left; delinquency improved to ~$10K. New SHA rule requires 30-day (not 14-day) notices for voucher tenants — prior notices being reissued. Entrada migration underway. | Lombard PM | Reissue SHA 30-day notices; monitor unit 5 noise-complaint eviction path. | — | 2026-07-10 |
| Low | Everett Street Apartments | Leasing | Leasing activity — unit 102 showing scheduled Tue 7/14 4:30pm (prospect via AppFolio); Zillow inquiries arriving by email | Lombard PM | Hold the showing; confirm Zillow leads are being captured despite the AppFolio syndication break. | — | 2026-07-10 |
Source: Notion — Property Issues & Conversations Tracker + Outlook sweep. Regenerated each refresh from
_watchlist_src.json; every row carries a named owner and a next step.Insights & action items