Capital structures
engineered for projects
that act as catalysts.
An integrated development group and strategic advisory firm. We engineer proprietary bond and alternative financing structures for complex commercial real estate projects — for developers building catalyst assets, and for public partners shaping the districts around them.
An Integrated Powerhouse
More than a capital provider. An integrated development group and strategic advisory firm.
Our leadership combines the precision of institutional underwriting with the discipline of development and the market sense of demographically driven marketing — three perspectives held inside one engagement.
The Mechanism
Why bonds outperform banks for catalyst projects.
Traditional construction loans were built for predictable assets. Catalyst projects — adaptive reuse, historic conversions, large-scale mixed-use — sit outside that box. Our bond and alternative financing-structured approach changes the math at four points in the capital stack.
Why this matters
Enhanced leverage based on DSCR, not LTC or LTV
Traditional banks typically cap participation at 65–75% of cost. Because our structures underwrite to Debt Service Coverage Ratio rather than Loan-to-Cost or Loan-to-Value, we can support higher leverage — reducing the initial equity required from the developer.
Why this matters
Fixed-rate certainty for 30+ years
Bank construction loans are almost exclusively floating-rate on 25-year amortization. Our structures lock fixed-rate financing from the first construction draw through the permanent life of the loan — taking interest-rate risk off the project before the first shovel hits the ground.
Why this matters
Single-close, construction-to-perm
Bank loans require a take-out — refinancing the construction loan once the project stabilizes. Our bonds are a single-close solution covering the entire project lifecycle, removing execution risk and the cost of a second financing event.
Why this matters
Tax-exempt structures, lower debt service
Where projects qualify, tax-exempt status yields interest rates meaningfully below conventional commercial rates. Lower interest expense means stronger operating cash flow and a larger DSCR buffer — particularly material for hospitality and mixed-use assets in lease-up.
The P4 Framework
Planning. Proprietary Underwriting. Positioning. Performance.
P4 isn't a slogan. It's the engine behind every structure we build. We don't just find a loan — we engineer the structure that reflects the demographic trends and catalyst potential specific to your project. That's how we secure financing for developments traditional lenders see as outside the box.
P1 — PLANNING
Project DNA first
Deep dive into the asset, the district, and the demographic case before a single financing assumption is made.
P2 — UNDERWRITING
Proprietary, not off-the-shelf
DSCR-based, layered with tax-exempt and alternative structures most lenders aren't paid to find.
P3 — POSITIONING
Narrative for the committee
A package tailored to the specific sensitivities of debt committees and private equity — not a generic deck.
P4 — PERFORMANCE
Built to clear & close
Term sheets, debt procurement, and execution support through to a single-close structure.
Our Methodology
Two phases. A clear engagement before we ever ask for a closing fee.
We do the strategic work first — identifying the hidden capital sources standard lenders overlook — before we put a package in front of a debt committee.
Phase 1
Strategic Research & Capital Stack Optimization
In close partnership with your development team, we evaluate available tax incentives, abatements, and grants — TIF and similar tax-sharing programs, Federal and State Historic Tax Credits, New Market Tax Credits, Opportunity and Enterprise Zones, Brownfields, and Community Redevelopment Areas.
- Incentive analysis & recommendations — a roadmap of available grants and abatements with projected timing and capital-stack impact
- 10-year operational proforma across all revenue and cost centers
- Proposed capital stack reflecting obtainable grants, tax incentives, and abatements
5–10 business days
$10,000 *
Phase 2
Bank & Investor Execution
We synthesize Phase 1 into a high-impact, narrative-driven package designed to clear debt committees and private equity investors — tailored to the specific sensitivities of your target audience.
- Investor & lender presentation — comprehensive, delivered in PDF, Word, and PPT formats
- Bond financing application — submission-ready for our proprietary structures
- Debt procurement — term sheets from one or two qualified lenders for competitive options
15–20 business days
$10,000 *
* Phase I and Phase II fees are credited against other fees due at closing.
Project Portfolio
Catalyst projects. Proof of concept for complex capital.
Our portfolio represents high-value, complex developments that needed more than traditional financing — projects that act as economic engines, revitalizing historic districts and anchoring new mixed-use ecosystems.
The Mercy Hotel
A $120MM adaptive reuse converting a landmark hospital into a luxury hospitality destination.
The Capital Stack
TIRZ Bonds (Tax Increment Reinvestment Zone) layered with Federal and State Historic Tax Credits — a structure designed to unlock multiple specialized financing tiers in a single close.
Catalyst Impact
Preserves a historic community pillar and serves as the primary anchor for downtown Laredo's revitalization — proof that distressed assets can be transformed into high-yield institutional holdings.
SoLa
A $300MM+ transformative mixed-use development designed to redefine the regional urban landscape.
The Capital Stack
Proprietary P4 framework securing EID Bonds (Economic Improvement District) combined with significant QOZ (Qualified Opportunity Zone) Equity — a structure built around district-scale impact.
Catalyst Impact
Designed to stimulate long-term economic growth through a sustainable live-work-play environment, attracting new commercial tenants and high-net-worth demographics to the Indiana market.
Covington Riverfront Hotel
A $90MM dual-branded hotel development on a riverfront site.
The Capital Stack
Community Bonds combined with local development incentives — bridging the gap between traditional debt and total project cost where conventional financing falls short.
Catalyst Impact
A cornerstone of the Covington riverfront expansion, supporting regional tourism revenue and the broader hospitality and convention infrastructure.
Project capital stacks and impact statements reference publicly disclosed or sponsor-provided information. Specific deal terms, rates, and timing are subject to confirmation and remain confidential to engagement.
The P4 Ecosystem
We don't engineer alone.
A capital structure is only as strong as the team that executes against it. We collaborate with specialist architectural and management partners on catalyst projects — including Campo Architecture & Interior Design on HTC-driven historic conversions, and Taylor Hospitality on stabilized hotel and resort operations.
Campo Architecture & Interior Design
New Orleans, LA · Founded 1985
Taylor Hospitality
Waynesboro, VA · Top-25 hospitality management
Diverse Asset Experience
Beyond the flagship developments.
Our track record extends across multifamily, hospitality, senior housing, and retail — from bridge facilities to full bond-structured capital stacks.
Multifamily at Scale
A portfolio of 2,500 apartment units financed with $30MM of JV Equity, $20MM of LIHTC Equity, and $150MM of Tax-Exempt Bonds.
Bridge Financing
A $10MM bridge facility secured for high-priority hospitality assets — closed on the timeline the project required.
Feasibility Discipline
Over 20 Market and Feasibility Studies in the last 24 months across hotel, senior housing, retail, and multifamily — viability tested before the first bond is issued.
Leadership
Three disciplines. One engagement.
Financial engineering, market innovation, and development discipline — held inside the same team, from underwriting through closing.
Financial Engineering
Rob Powell
30+ years
Underwriting, acquisition, financing, development, asset management, and disposition of commercial real estate — locally and nationally. Special expertise in bond financing for real estate projects. Rob has financed commercial real estate with an underlying value exceeding $5B as a lender and an owner.
Market Innovation
Ken Stern
40+ years
End-to-end marketing and real estate, focused on ROI through deep reads of market demographics and current trends — with a bias toward innovation that maps to the specific market a project sits inside.
Development & Brokerage
Barry Schain
30+ years
Development and brokerage across hotel, single-family, townhomes, multifamily, and retail. Brokered over $2B in retail and mixed-use development projects, plus $500M in land transactions.
Scope of Engagement
What the basic assignment covers — and what it doesn't.
Plainspoken on boundaries, because the work is cleaner when expectations match.
Not included in the basic assignment
(1) Applying for or obtaining tax incentives, abatements, or grants — though we can support developers in this work as needed. (2) Additional reports, data, or surveys required to complete loan applications — for example, broker opinions of value, appraisals, market reports such as Smith Travel Research or CoStar, environmental reports, and similar items.
Start a Conversation
Tell us about the project.
Whether you're a developer building a catalyst asset or a public partner shaping the district around it, start by contacting us about the project and the capital question on the table. We'll be in touch.
ENGAGEMENT
Phase 1 typically begins within one week of a signed agreement.
FEES
Phase 1 and Phase 2 fees are credited against closing.
CONFIDENTIALITY
All project details shared with P4 are treated as confidential.
P4 Capital Engineering is an advisory firm. Nothing on this site constitutes an offer to sell or a solicitation of an offer to buy any security. Engagement terms are governed by an executed agreement.