2013
Richmond, BC
Single-family · GP · LP capital placed
Luxury single-family build; placed LP capital, built, and sold.
Deal value ~$2.8M sale
Before 818 — my own capital
Tuition earned, navigating many deal structures.
Development, rezoning, syndication, bulk condos, construction draws, private debt — this is the full ledger, deal by deal, with the structure each one used and the lesson it taught. Some made money. Some taught me why the right lender matters more than the rate. All of it is what 818 underwrites with.
$80.9M
Deal value as principal
21
Transactions on the owner side
92
Units & homes bought, built & sold
10–18%
Coupons I paid private lenders
Canadian transactions denominated in CAD · aggregate reflects realized, appraised, and contracted values · personal record, held separately from 818 Capital's balance sheet.
Ground-Up Development
5 projects · $28M+ end value
2013–2014
Richmond, BC
Two single-family builds · Co-GP · LP capital
Two-home build on construction draws; investor returns realized.
Deal value ~$4.2M · ~$2.1M per home
2014–2018
Vancouver, BC (Norquay)
8-townhome development · Developer · GP — first syndication
Raw land → rezoning → construction → pre-sales → completion. 8 units, 8,510 sq ft.
In
$2.5M land
Out
$5.8M sell-out
2016–2018
Vancouver, BC (Norquay)
9-townhome development · Developer · GP
Second syndicated development — 9 units, 9,396 sq ft, bank construction debt.
In
$6.3M all-in cost
Out
$7.3M sell-out
2018–2020
Vancouver, BC (Nanaimo St)
Townhome development · General Contractor · Builder
Nanaimo Heights — nine-townhome project delivered as general contractor, from budget through sell-out.
Deal value $8M sell-out
Rezoning & Land
4 deals · $16M+ deal value
2016–2020→
Vancouver, BC
8-townhome rezoning · Developer · GP
Two-lot rezoning carried on 8.65–12% private money; recapitalized via JV when timelines ran long.
In
$2.7M land
Out
8 entitled units · JV recap (2020)
2016–2020→
Vancouver, BC
Triplex rezoning · Developer
Bought 2016, entitled, early exit fell through; land sold ahead of basis in 2020 — and the deal still lost money, because the carry ate it. The reason 818 exists.
In
~$900K (2016)
Out
$1.4M land (2020)
2018–2019
Vancouver, BC (Norquay)
4-lot land assembly · Developer · GP
Four-lot assembly on Norquay for a 36-unit build — a ~$40M project contracted while running three other developments; a capital source fell away and the position was unwound. The over-leverage lesson.
Deal value $10M
2014–2021→
Richmond, BC
Townhome development site · Developer · GP
Six-unit townhome project; long timeline, bought out my partner, sold 2021. Investor reporting from 2013.
In
~$1.2M
Out
$2.6M (2021)
Bulk Condo Programs
5 programs · $14M+ in units traded
2012–2013
Burnaby, BC
Condo units · Investor · Operator
Distressed units in a new tower; managed unit-by-unit sell-out.
Deal value $525K · 3 units
2012–2013
Surrey, BC
Condo units · Investor
Bought, held, and assigned units — including pre-sale contract assignments.
Deal value $450K · 2 units at $225K
2013
Metro Vancouver, BC
Condo units · Investor
Distressed developer inventory bought below market and resold.
Deal value $478K
2020–2021
Abbotsford, BC
15-unit condo block · Investor · Syndicate lead
Took down a distressed 15-unit block direct from the developer; coordinated the buyer group and financing, and ran the unit-by-unit exit.
Deal value ~$7M
2021–2022
Abbotsford, BC
13-unit condo block · Principal
Bulk purchase of 13 strata units direct from the developer; resold unit-by-unit.
Deal value $7.5M
Value-Add & Income
5 deals · $13M+ across two countries
2017–2022→
Richmond, BC
Single-family (mid-construction) · Developer
Stalled build bought from the foreclosing lender; completed and exited.
In
$1.9M (2017)
Out
$3.1M appraised
2019–2021
Vancouver, BC
3 strata townhomes · Investor
New-build strata bought below assessment; refi fell through, bridged privately, profitable 2021 exit.
In
~$3.4M
Out
$4.2M value
2020–2021
Coquitlam, BC
Single-family · Investor
Distressed 2020 buy closed with a vendor take-back; renovated, sold 2021.
In
~$2.4M (2020)
Out
$3.03M (Sept 2021)
2021–2025
Melville, NY (Long Island)
Single-family — gut renovation · Operator
Foreclosure purchase and full gut renovation, carried without institutional leverage when the credit box said no; sold at $2.215M all-cash in 2025. Proof the operating playbook travels across markets.
In
~$1.28M foreclosure (2021)
Out
$2.2M all-cash (2025)
2023–2024
Dix Hills, NY (Long Island)
Single-family — update & resell · Operator
Bought at $700K — my second New York deal. On paper it was solid; in execution, the renovation financing was not locked before close and the capital behind the deal was on its second-ever project. When the timeline slipped, inexperience at the money level pushed an early sale over the rental-hold pivot that would have kept the built-in equity. I picked the capital and I closed before the debt was locked — two mistakes I do not repeat, and two things 818 now checks for every borrower.
In
$700K (2023)
Out
$1.0M appraised
LP Positions & Private Credit
$2.5M+ documented principal
2013–2015
Vancouver, BC
Mixed-use LP · LP Investor
Essence — five-unit townhome development off Main Street; accredited-investor limited partnership, exited at completion.
Deal value $4M project
2013–2020
Metro Vancouver, BC
Private mortgage capital · Sponsor · Administrator
Raised and administered private 1st/2nd mortgage capital — 10–18% coupons, draw management, investor reporting from 2013.
$2.5M+ documented principal
What the tuition bought
What it cost me: I carried rezoning land at 12% private money while the city took its time.
What you get: 818 matches debt structure to entitlement timelines — and tells you when a deal should not be on hard money at all.
What it cost me: I pre-sold units at proforma into a rising market and capped my own upside.
What you get: 818 stress-tests your exit assumptions in both directions before you commit to one.
What it cost me: A committed capital source fell away mid-assembly, with three projects already running.
What you get: 818 verifies capital before you are exposed — and answers in hours, not weeks.
What it cost me: My best land trade still lost money, because years of double-digit carry consumed the spread.
What you get: 818 underwrites your carry as hard as your basis.
What it cost me: I closed a New York flip before the renovation financing was locked, and a quick flip became a long one.
What you get: 818 structures the whole capital stack — acquisition through rehab draws — before you close, not after.
What it cost me: I took capital from a partner on his second-ever project; when the plan slipped, the capital forced the exit.
What you get: 818's capital does not panic — institutional partners, and a pre-agreed plan for what happens when timelines slip.
Bring me the deal everyone else is slow on.
Every lesson on this page is now a check 818 runs for you — structure, capital, timeline, exit. That's the point of the tuition.