ZW RE
Commercial Real Estate Advisory

Asset management and independent diligence for institutional and family-office real estate capital.

ZW RE serves private equity funds, family offices, and high-net-worth investors across industrial and multifamily real estate - from acquisition underwriting through hands-on asset management, and from new fund commitments through follow-on capital-call decisions.

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$8B+
Real estate underwritten
$160M+
Senior loans closed
$300M+
Equity transactions
What I do

Two services. One principal-investor's perspective.

Underwriting, financial reporting, lender relationships, and partner-level decisions - at the standard expected by institutional LPs and family-office principals, executed by someone who has sat on every side of the table.

01

LP Diligence - New Commitments & Capital Calls

Independent underwriting for family offices, fund-of-funds, and high-net-worth investors - on new real estate commitments and on follow-on capital in existing positions.

  • New-investment underwriting before capital is committed
  • Re-underwriting of existing positions at current market
  • Stress-testing of sponsor business plans and base-case assumptions
  • Waterfall and dilution analysis on proposed follow-on capital
  • Clear read on whether you're protecting capital or chasing it
  • One-page IC-style memo and recommendation - paid by you, accountable to you, no sponsor relationship

Flat fee. No referral fees from sponsors. Independent by design.

02

Asset Management - Industrial & Multifamily

Outsourced asset management for sponsors and family offices holding industrial and multifamily real estate directly - the function of an in-house director without the cost or overhead.

  • Monthly reporting review and variance analysis to institutional standards
  • Construction draw and CapEx review and approval
  • Lease negotiation support and tenant-credit underwriting
  • Lender communication, covenant monitoring, and refinance preparation
  • Disposition strategy and broker selection
Who works with ZW RE

Institutional and family-office capital in U.S. real estate.

Engagements are scoped after an initial confidential conversation. ZW RE serves U.S. and international investors, including Israeli family offices and high-net-worth investors with positions in U.S. real estate.

  • 01 / 04

    Family Offices

    Direct industrial and multifamily holdings, and LP positions in syndicated real estate and funds.

  • 02 / 04

    Private Equity Funds & GPs

    Outsourced asset management on owned assets and independent co-underwriting on new acquisitions.

  • 03 / 04

    High-Net-Worth Investors

    Active LPs in real estate syndicates evaluating new commitments and follow-on capital calls.

  • 04 / 04

    Israeli Investors in U.S. Real Estate

    Family offices and private investors with U.S. real estate exposure. Services delivered in Hebrew or English.

Zvi Waldman, Principal

Zvi Waldman, Principal

About

Zvi Waldman

Principal investor and asset manager with experience across debt and equity for a New York-based private equity sponsor.

I have sourced, underwritten, and closed over $160M in senior real estate loans, and helped launch and deploy an equity opportunity fund that has invested across roughly $300M of transactions in industrial and multifamily assets, primarily in New York, Texas, and Florida.

Over the course of my career, I have screened and underwritten more than $8 billion of real estate opportunities across U.S. markets, presented debt and equity investments to investment committees, and managed assets post-closing. My asset management experience includes approving construction draws, reviewing lease agreements, analyzing monthly reporting, and working closely with lenders, partners, and property managers.

Earlier in my career, I conducted special-situation analysis at Harbor Group International focused on Israeli bonds secured by U.S. real estate.

I hold a Master of Science in Real Estate Development from Columbia University and a dual bachelor's degree in Business, with a concentration in Finance, and Law from IDC Herzliya. I am Argus Enterprise certified.

M.S. Real Estate Development
Columbia University
Dual B.A. Business & Law
IDC Herzliya (cum laude)
Certified
Argus Enterprise
Languages
English, Hebrew
Frequently asked

What investors ask before engaging.

Should I fund the capital call on my syndicated real estate deal?

Whether to fund a capital call depends on the property's current performance, the sponsor's revised business plan, and the alternative uses for that capital. ZW RE provides independent re-underwriting of the existing position at current market - stress-testing the sponsor's assumptions, modeling dilution from the new capital, and giving a clear read on whether the LP is protecting capital or chasing it. The deliverable is a one-page IC-style memo supporting a confident yes or no.

How do I underwrite an LP investment in a real estate fund before committing capital?

Pre-investment diligence at the LP level should mirror the rigor of a GP's internal underwriting - market analysis, sponsor track record, deal structure, fee economics, and downside scenarios. ZW RE provides independent underwriting and a written recommendation before capital is committed, with no relationship to the sponsor and no referral fees.

What does outsourced real estate asset management cost?

Asset management engagements are typically structured as a fixed monthly retainer per property or a basis-points fee on assets under management for portfolios. Pricing depends on asset class, complexity, and the level of involvement required - from reporting oversight only, to full hands-on management including lender, partner, and property-manager coordination. Engagements are scoped after an initial conversation.

Do you work with Israeli family offices and investors holding U.S. real estate?

Yes. ZW RE serves Israeli family offices and high-net-worth investors with positions in U.S. real estate. Engagements typically cover LP diligence on U.S. real estate funds and syndicates, capital-call decisions, and asset management for direct U.S. holdings. The site, written deliverables, and conversations are available in both English and Hebrew.

What is your background in real estate investing?

Since 2020 I have sourced, underwritten, and closed over $160M in senior real estate loans, and helped launch and deploy an equity opportunity fund investing across roughly $300M of transactions in industrial and multifamily assets, primarily in New York, Texas, and Florida. Over my career I have screened and underwritten more than $8 billion of real estate opportunities and presented debt and equity investments to investment committees. I hold an M.S. in Real Estate Development from Columbia University, and I am Argus Enterprise certified.

Get in touch

Tell me about the asset or the position.

Send a short note about the property or the commitment you're evaluating. Initial scoping conversations are complimentary and confidential.

Or email directly: Zvi@zwre.biz