Onora Capital underwrites, sponsors, and presents direct investment opportunities across hospitality, industrial, multifamily, and mixed-use assets. Every offering is fully documented, independently underwritten, and structured for sophisticated capital.
Onora Capital was built on a single premise: sophisticated investors deserve complete information, clean structures, and direct access — without the noise. We present every deal the same way we would want to see it ourselves: the upside, the downside, the structure, and the assumptions behind every number.
No intake forms designed to qualify you. If you are reviewing an offering and need clarification on structure, assumptions, or documentation — reach out directly.
Hotels are the most operationally intensive asset class in commercial real estate — which creates both the complexity and the opportunity. Onora Capital focuses on select-service, full-service, and boutique assets in supply-constrained markets with identifiable value-add or development catalysts.
Post-pandemic travel demand recovery has created a bifurcated market: over-leveraged sellers in secondary markets and a persistent undersupply of quality product in high-barrier coastal and urban-adjacent corridors. We underwrite specifically to RevPAR recovery trajectories, brand affiliation economics, and flag conversion opportunities — not generic market forecasts.
Development opportunities are evaluated on a replacement cost basis. We do not underwrite to peak-cycle valuations. Every pro forma is stress-tested at ADR 15% below our base case.
Last-mile logistics, bulk distribution, and cold storage assets benefit from structural tailwinds that are independent of interest rate cycles: e-commerce penetration, near-shoring, and the persistent undersupply of functional industrial product in infill locations. Onora Capital underwrites to in-place cash flow, not rent growth projections.
Industrial vacancy in infill markets remains below 4% nationally. Every 100bps of e-commerce penetration translates to approximately 1.2B square feet of incremental industrial demand. We underwrite to current rents, not growth, and focus on functional obsolescence opportunities where mark-to-market is the thesis — not speculative rent projections.
Multifamily is the most liquid, most financeable, and most institutionally understood asset class in private real estate. Onora Capital's edge is not in underwriting the obvious — it is in identifying assets with operational upside that is not yet reflected in asking prices: deferred maintenance, below-market management, and unit-turn opportunities.
We do not underwrite to continued rent growth. We underwrite to current occupancy at current rents, with value-add from renovation and operations. Our target is assets where the in-place NOI supports the debt, and every dollar of improvement is incremental — not required to make the deal work at acquisition.
Mixed-use development is underwritten by fewer capital sources, which creates pricing inefficiencies for experienced operators. Onora Capital focuses on urban infill and transit-oriented sites where the complexity of entitlement, phasing, and capital structure creates a barrier to entry — and a corresponding return premium.
The return in mixed-use development is not built during construction — it is built during entitlement. Projects that arrive at Onora Capital with approvals in hand, committed construction financing, and a defined retail or commercial anchor strategy are the ones we present. We do not bring pre-entitlement development risk to our investors.
The Meridian Select is a 187-key select-service hotel operating under the Marriott Courtyard flag, located in the Sky Harbor Corridor of Phoenix, Arizona — one of the highest-demand, supply-constrained lodging submarkets in the Sunbelt. The asset was constructed in 2008 and has operated continuously under Marriott brand standards with deferred FF&E investment that represents the primary value-add opportunity.
Onora Capital is acquiring the asset at a 12% discount to replacement cost. The investment thesis is straightforward: acquire a well-located, flagged asset at basis below new construction, execute a $3.1M FF&E renovation program, and allow stabilized NOI to drive a refinance event at Year 3 that returns estimated 60–70% of LP equity — with continued upside through Year 5 exit.