Case Study: Urban Core

Urban Core contacted Bullpen with a need for underwriting and advisory help. The company had an opportunity to partner with a landowner in Richmond, VA to build apartments and/or condominiums. Urban Core needed help determining the highest and best use of the land and the most advantageous debt structure. The complexity of the analysis made Urban Core unsure if they could adequately do the analysis, and they didn’t have the time to invest in figuring it out. The client thought about hiring but didn’t want to take on the financial risk of a full-time, experienced professional.

Bullpen’s Value

Urban Core contacted Bullpen for analyst help after a warm referral. Bullpen quickly connected an expert analyst from its talent network to Urban Core. The Bullpen analyst conducted a deep dive on the proposed project alternatives, calculating return metrics on apartment and condo development scenarios. The results were presented in an easy to understand model and discussed on a conference call. After deciding to proceed with the condo development alternative, Bullpen advised on the correct capital stack and debt structure to meet the needs of both Urban Core’s business plan and investment partners.


Using their Bullpen analyst, Urban Core was empowered to negotiate better partnership terms before proceeding with the condo development. Urban Core felt confident and equipped to act on the development opportunity.

Jeff Bunch


“Bullpen made it easy to find the analyst support we needed, helping us to negotiate better partnership terms on a condo development opportunity.”

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