Kendall Norfork

28 years in commercial real estate capital. I read capital stacks for a living, mostly finding the structural assumption a deal is quietly resting on before a lender finds it at day 45. Most of what I see now is expense-driven, not rate-driven. Insurance doubling, taxes reassessed, rents flat, and a refinance that comes back short on a building that's full and well run. It was visible in the operating statements two years before anyone acted. I'm here mostly for the people moving up from residential into multifamily and small balance commercial, because almost nothing about the structure carries over. Order of capital, exit dependencies, what happens when a timeline slips a quarter. Nobody teaches that part. Happy to answer structure questions in the forums. Author of 12 books on real estate and lending. Based in Atlanta.