Junto Opportunity Fund I | Basis & Pipeline

BASIS & PIPELINE

Detailed fund mechanics, target asset profile, deal economics, execution timeline, and operator credentials. This is the operating layer beneath the thesis.

01 / Fund Terms

STRUCTURE & MECHANICS

European waterfall. Aligned incentives. Designed so that GP economics only activate after LPs are made whole and receive their preferred return.

VehicleJunto Opportunity Fund I LP
GP EntityJunto Management GP LLC
Initial Close Target$25M
Investment Period4 Years
Fund Term10 Years
Preferred Return8% (Compounded)
Carried Interest20%
WaterfallEuropean (Whole-Fund)
Clawback Escrow30%
GP Commitment≥ 2% of Commitments
Target Equity Multiple2.0X
Base Case IRR19.0%
02 / Target Asset Profile

THE PROTOTYPE

Every deal is underwritten against a single repeatable template. We buy the same building in a better neighborhood, not a better building in a worse one.

Physical Spec

TypePrewar Walk-Up
Stories5 – 6
Units24 – 36
Gross SF~19,200
Condition at AcquisitionVacant / Distressed
Renovation ScopeFull Gut

Acquisition Criteria

Entry Basis$275 – $325 / SF
Stabilized Basis$450 – $525 / SF
Market Comp$700 – $900+ / SF
Sub-MarketManhattan Core
RegulatoryFree-Market Rents Only
Sourcing ChannelAdversarial / Off-Market
03 / Deal Economics

THE MATH

Per-asset economics on the prototype building. The spread between entry basis and stabilized market value is where the return lives. Everything else is execution risk we control.

Acquire
$5.3M
Vacant distressed asset. Legal friction forces pricing below replacement cost.
Renovate
$4.8M
Full gut renovation. Concurrent unit buildout compresses timeline to 12–14 months.
Stabilize
$10.1M
All-in stabilized basis. Free-market leases with household guarantees.
Exit Value
$15–17M
Based on $700–$900/SF market comps and 4.5–5.0% cap rate.
04 / LP Economics

WATERFALL DISTRIBUTION

European structure. No promote until every LP dollar is returned plus the preferred return. Clawback escrow ensures alignment through the tail.

Tier 1
Return of contributed capital to all partners
100% → LPs
Tier 2
8% compounded preferred return to LPs
100% → LPs
GP Catch-Up
GP receives distributions until carry equals 20% of total profits
100% → GP
Residual
Remaining profits split between LP and GP
80 / 20
05 / Sourcing Edge

We capitalize on structural and legal distress in Manhattan real estate. Complexity is our moat. Distress is our discount.

ADVERSARIAL ACQUISITION

Distress Signals We Underwrite

  • Ownership deadlock — partnership disputes, contested estates, fractured LLCs with no operating agreement
  • Regulatory violations — DOB vacate orders, HPD lead paint liens, OATH judgments creating forced-sale pressure
  • Lender fatigue — matured bridge loans with no refinance path; sponsors who cannot post reserves
  • Title complexity — lis pendens, mechanic’s liens, tax lien certificates creating cloud that suppresses bid competition
  • Stalled construction — permitted renovations abandoned mid-execution by prior sponsors

Why Others Can’t Touch It

Institutional capital requires clean title, stable ownership, and regulatory clearance before closing. That eliminates them from exactly the assets where the discount is greatest.

Our integrated legal-construction team resolves the friction as part of the acquisition, not as a precondition. We close into complexity and exit into simplicity. That is the entire arbitrage.

The trial lawyer leads the sourcing — not the broker. Contested ownership, regulatory enforcement actions, and lender workouts are litigation problems disguised as real estate problems. We see them as opportunities to acquire at a basis no marketed deal can match.

06 / Execution Timeline

18-Month Gate Structure

Milestone-gated execution from sourcing through stabilization. Every gate has a decision point, a document deliverable, and a kill switch.

Gate 01
Mo. 0–2
Sourcing & Legal Diligence
Title search, lien analysis, ownership mapping, regulatory audit. IC approval gate.
Gate 02
Mo. 2–3
Acquisition & Closing
Contract execution, title insurance, lien resolution, closing. Capital call to LPs.
Gate 03
Mo. 3–4
Permit & Pre-Construction
DOB filing, scope finalization, GC mobilization. Hughes construction budget locked.
Gate 04
Mo. 4–14
Gut Renovation
Concurrent unit buildout on vacant asset. Monthly draw schedule tied to inspection milestones.
Gate 05
Mo. 12–16
Lease-Up
Pre-leasing begins at 60% completion. Brown Harris Stevens manages tenant qualification and household guarantees.
Gate 06
Mo. 16–18
Stabilization & Exit
90%+ occupancy. Refinance, hold, or opportunistic sale — exit is a choice, not a forced event.
07 / Operators

EXECUTION CONTROL

John H. Snyder
Co-Manager / Structuring & Adversarial Acquisition
John H. Snyder PLLC
Federal trial lawyer and fund co-founder. Fund co-manager. Controls adversarial acquisition strategy, contested resolution, and legal structuring. 7 years at Proskauer Rose LLP. Federal judicial clerkship (Hon. A. Richard Caputo, M.D. Pa.). Founded Agnes Intelligence, placing 4th of 1,000+ entries in the 2018 North America IBM Watson Build competition. Developed FRCP 2.0 scholarship over seven years of computational sensemaking research.
Harvard Law Brown (ΦΒΚ) Proskauer Rose Federal Clerkship
J.R. Chantengco
Co-Manager / Underwriting & Opportunities
Black Pearl Investments
Fund co-manager. Leads underwriting, deal origination, and opportunity identification. 30+ years in structured finance and institutional capital stacks. Oversees fund-level capital optimization, risk modeling, and the economics underlying the basis reset strategy. Responsible for LP relations, capital call mechanics, and distribution waterfall execution.
Structured Finance Institutional Capital Co-GP
John (RJ) Estiva
Co-Manager / Operations & Technology
Junto Opportunity Fund I LP
Fund co-manager. Owns operational infrastructure, technology systems, and data architecture across the fund lifecycle. Supports deal execution workflow, data architecture, and GP-side coordination between construction, leasing, and capital markets functions.
Fund Operations Technology Co-Manager
Sydney Lanyon
Chief of Staff
Junto Club USA LLC
Manages fund operations, investor communications, and execution coordination across legal, construction, and leasing workstreams. Co-author of Rocket Docket Practice. Oversees playbook execution, GP-side reporting, and cross-functional milestone tracking from sourcing through stabilization.
Fund Operations Chief of Staff
Brian Hughes
Construction & Cost Efficiency
J.F. Hughes Builders
Construction principal responsible for schedule compression and cost integrity across all fund assets. Specialist in concurrent vacant-building gut renovations in high-density Manhattan sub-markets. Controls GC selection, draw scheduling, inspection milestones, and punch-list closeout. The construction budget is his model — if the numbers do not work in Hughes v5, the deal does not close.
Manhattan Gut Reno Cost Control Schedule Compression
Amy Herman
Leasing & Tenant Strategy
Brown Harris Stevens
Manages lease-up execution and tenant qualification across all stabilization-phase assets. Secures high-quality tenancy with household guarantees to lock in durable rental income. Responsible for pre-leasing strategy, market-rate positioning, and the transition from construction completion to stabilized occupancy.
Brown Harris Stevens Manhattan Leasing
08 / Governance

CONTROL ARCHITECTURE

Institutional-grade governance embedded at the GP level. Dual-key investment committee, milestone-gated capital deployment, and a 30% clawback escrow that keeps GP economics honest.

Dual-Key IC
Investment Committee
Every deal requires both the Legal Key (Snyder — non-delegable) and the Capital Key (Chantengco). Neither can unilaterally deploy fund capital.
Gate System
14-Milestone Gates
Capital is deployed against milestones — not schedules. Each gate has a document deliverable, a decision checkpoint, and an explicit kill switch if conditions deteriorate.
LP Protection
Clawback & Escrow
30% of carried interest escrowed against clawback. European waterfall ensures no GP promote until full return of capital and 8% preferred return to all LPs.
Next Step

REQUEST ACCESS

Schedule a call with our team to discuss fund terms, current pipeline, and allocation availability.

Sydney Lanyon
sydney@juntoclubusa.com
Chief of Staff
John H. Snyder
john@jhs.nyc
Fund Manager
This document is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer would be made only pursuant to the Fund’s Confidential Private Placement Memorandum and related subscription documents. Past performance is not indicative of future results. Any projections, targets, or return metrics shown herein are illustrative only, are based on assumptions, and are not guarantees of future performance.