Outsourced Real Estate Analysts
Financial Modeling & Deal Analysis
Real estate advisory firm offering custom, 24/7, full service solutions.
Alkaline Advisors is an independently owned real estate consulting firm specializing in custom financial modeling, underwriting, and due diligence. Our "use-us-when-you-need-us" approach provides our clients 24/7 access to a team of high-touch real estate financial analysts. We can be as involved as you'd like, and are able to meet tight deadlines for when materials are needed "yesterday."
Financial Models
Fully dynamic & custom excel models for any scenario. Runs the gamut from timing & finance assumptions to structured lease-up schedules, sensitivity analysis, multi-tiered equity waterfall returns, and graphs.
Case Studies
We work across all property types (both acquisition & development) with all client types: sponsors, developers, family offices, P/E, lenders, brokers, asset managers, funds, & more. 100+ clients served across 30+ states & 5+ countries.
For Brokers
As a broker, whether you need assistance with financial analysis, deal structuring, or client pitches, we’re excited to free-up your time & help you win more business. Our team has two focuses for brokers: Leasing & Investment Sales.
The Team
Spencer Correnti
Spencer Correnti launched Alkaline Advisors in The Spring of 2022, and has since assisted 100+ organizations ranging from boutique investors to global institutions. Prior to launching Alkaline, Spencer helped launch a NYC-based Commercial Real Estate Investment Bank. He was the practice's first employee, and their team of 4 closed $1.5B+ of debt financings in their first 1.5 years in business. Prior, Spencer worked at a residential mortgage bank where he focused on new condo development loan originations, lender relations, and internal operations.Spencer is a graduate of the University of Florida with a bachelor's degree in Finance and a minor in Entrepreneurship. In his spare time, Spencer runs Compass Point Capital, a philanthropic advisory firm facilitating the preservation of American History & Nature. In addition to history and the outdoors, Spencer is a lover of experiences, such as hiking, listening to live music, eating memorable foods, and reading anything he gets his hands on.Founder & CEO
Jessy Gendelman
Jessy Gendelman has worked with various developers and investors structuring and underwriting transactions. He has underwritten over $4.5B of real estate and renewable energy transactions and arranged the acquisition and financing of businesses and other assets.Prior to pursuing the aforementioned ventures, Jessy was a member of the Project Finance and Consulting team within CohnReznick’s Real Estate and Renewable Energy practice. His focus was structuring and modeling real estate and energy developments as they pertain to the US tax credit programs.Jessy graduated from The University of South Carolina with bachelor's degrees in International Business & Finance and a minor in Arabic. He currently resides in Las Vegas, with his fiancé.In his free time, Jessy enjoys hiking, hockey, spending time with friends and family, and learning about/experiencing culture through food and travel.Executive Vice President
Pierce Watumull
Pierce Watumull joined Alkaline Advisors as a Senior Associate in the summer of 2023, and currently focuses on business development and deal analysis. Before joining Alkaline, Pierce spent five years at CBRE as an investment analyst in the Financial Consulting Group. He specializes in all real estate asset types and has underwritten 400+ deals in over thirty states.
In addition to his professional work, Pierce co-founded Surf for Impact, an annual philanthropic surf competition in San Diego that brings together real estate professionals for networking and charity. The organization raises money for the Challenged Athletes Foundation and connects hundreds of industry professionals across Southern California. Pierce is a passionate surfer and world traveler, enjoying trips to Fiji, Mexico and Hawaii.Director
Clients
Testimonials
“Working with Alkaline Advisors has been an exceptional experience for CentrePoint Properties. Their team consistently delivers high-quality work with a turnaround time that is unmatched in the industry. They have a clear understanding of our needs and always provide deliverables that exceed expectations. The professionalism, responsiveness, and attention to detail shown throughout our collaboration have made them a trusted partner. We look forward to continuing our relationship and would highly recommend Alkaline Advisors to any group seeking top-notch advisory services.”
— Tucker M, CEO, CentrePoint Properties, Fund
“Alkaline exceeded our expectations at every turn. Faced with a complex deal structure and an urgent timeline, their team delivered an advanced, fully dynamic financial model that provided deep insights across multiple forecasting scenarios. Their ability to distill complexity into a clear, actionable framework was invaluable to our decision-making process. Alkaline is efficient, highly responsive, and a pleasure to collaborate with. We've partnered with them on several projects and look forward to continuing our successful relationship well into the future.”
— Matt B, President, BPG | Developer
“Alkaline came to the rescue to build out a complex valuation model for a real estate portfolio when we had a fast deliverable timeline. In our initial meeting, they took the time to understand our objectives, ask very specific questions to help ensure the first deliverable met our needs, before building out a complex model that was user-friendly, allowing us to easily manipulate variables. They met our timelines, addressed tweaks as needed and delivered an impressive final product that met our objectives and more. Not only are they extremely competent, but they were really fun to work with as well.”
— Carolyn E, MD, RealKo | Asset Manager
“Alkaline has been a major asset to KDM and provided us access to a team of top-notch analysts. Their group tackled a challenging and intricate deal structure under a tight deadline with exceptional skill. They delivered a sophisticated, flexible financial model allowing us to make an informed decision after taking ownership of a low occupancy office building. We look forward to working with them on future projects.”
— Holly K, CEO & President, KDM | Lender
“Alkaline Advisors has been a great resource to our very lean investment team. Spencer and his team are responsive and proactive, and their modeling capabilities with quick turnaround helped us evaluate a deal more quickly than if we created the models in-house. Additionally, the Alkaline team helped us customize the model to sensitive specific variables unique to the particular deal. They have been great to work with.”
— Anna R, CIO, Family Office | Development
“Working with Alkaline was an absolute game-changer for us! We needed to complete a unique analysis for our LP within 24 hours. Not only did Alkaline deliver on time, but the product exceeded our expectations in terms of functionality and precision. Their quick turnaround made all the difference in getting the deal over the finish line. We're incredibly grateful for their expertise on this specific deal but also the value they have added for each ensuing transaction going forward. The team was a pleasure to collaborate with and exemplary partners.”
— Reed R, Principal, 90TEN | Brokerage
“An amazing job creating a complicated fund model & went way beyond expectations in execution. The presentation of the model was excellent. Easy to communicate with & made themselves available via Zoom to scope the project & present when completed. Exceeded my expectations, & I recommend them highly.”
— AG (Multi-Asset Fund Model)
“Really great to work with. We did a multifamily development model that was out of my skill set. The models are thorough and extremely professional. You are definitely getting what you pay for. I would definitely use them again for more complex excel tasks that has to be more on an institutional level.”
— JW (Multifamily Value-Add Model)
“HIGHLY RECOMMEND. Working with Alkaline was a real treat. They were extremely knowledgeable about the RE industry and were able to quickly adapt their work to meet our needs and schedule. Great value add to our project. We plan on collaborating with them soon for other projects.”
— MP (Office Development Model)
“They are intuitive and know how to model complex scenarios while producing clean spreadsheets. Perhaps their most valuable attribute is their strong work ethic and dedication to the project.”
— GJ (Industrial Acquisition Model)