We build in the places we intend to stay.
Four decades of development and ownership across mixed-use, commercial, industrial and multifamily property, much of it in communities where the firm's principals live and the buildings carry their name.
- Role
- Developer & owner
- Asset types
- Mixed-use · Commercial · Multifamily
- Core market
- Michigan
- Hold period
- Indefinite
Ground-up development, adaptive reuse and long-hold ownership across mixed-use, commercial and multifamily assets.
Buying stabilized property at market pricing is a financing exercise. Creating it is an operating one, and the operating one is where the return has historically been. WRG entitles, builds, leases and then holds, which changes how we underwrite, because we are the party who lives with every decision made during construction. It also makes us useful to sponsors: we have been on their side of the table and can move without a financing contingency when a site, a tenant or a closing date will not wait.
How we underwrite
Basis discipline
We would rather pass on a good building at a wrong basis than model our way into it. Cost per square foot at completion is the number that governs the hold.
Community-relevant assets
Downtown mixed-use, waterfront redevelopment, industrial and neighborhood-serving property in markets we know street by street.
Tenancy quality
Credit, use and durability of the rent roll, underwritten on renewal behavior rather than on a broker's absorption assumption.
Structures that outlast a rate cycle
Fixed where we can, unlevered where it makes sense, and never dependent on refinancing into a market we cannot predict.
How a position in this platform is actually built.
Structure, position and behavior after close, stated plainly, because that is what a counterparty is really evaluating.
- Transaction types
- Ground-up development, adaptive reuse and historic redevelopment, stabilized acquisitions, joint ventures with local sponsors, and preferred or structured positions behind experienced operators.
- Position
- Control equity in wholly owned assets; managing or capital partner in joint ventures where a sponsor brings the market knowledge.
- Speed
- No financing contingency and no outside credit committee. Where certainty of close is the value we are being paid for, we can deliver it.
- Exit
- Indefinite hold by default. Assets are sold when the asset, not the calendar, calls for it.
Sponsors with a site, a tenant or a redevelopment and a hole in the capital stack should call before the process is defined.